fb-pixelWhat you may have missed Friday from the world of business - The Boston Globe Skip to main content
Talking points

What you may have missed Friday from the world of business

TECHNOLOGY

Pay drops to $11.2m for EMC’s chief Tucci

Jason Grow/Globe Photo/File 2009/Jason Grow

EMC Inc. chief executive Joe Tucci took a pay cut last year, according to data from the company’s latest proxy statement. Tucci, who is expected to retire this year, received total compensation of $11.2 million in 2014, compared to $12.6 million in 2013. He got about $1 million less in EMC stock and received no stock options. EMC is the world’s leading provider of high-end data storage hardware and software for big businesses and government agencies. It is solidly profitable, with 2014 net income of $2.7 billion, but insurgent shareholders note that the value of the company’s stock has barely increased over the past five years.

Advertisement



HIAWATHA BRAY

RETAIL

Burger King will sell beefy cologne in Japan

TOKYO — For hamburger aficionados who want the smell even when they can’t get a bite, Burger King is putting the scent into a limited-edition fragrance. Burger King said Friday the cologne scented like the Whopper, will be sold only in Japan and only on April 1 — no joke. The limited ‘‘Flame Grilled’’ fragrance will sell for about $40, including the burger. There will be only 1,000 of them. Burger King said it hopes the scent would also seduce new grill-beef burger fans.

ASSOCIATED PRESS

AIRLINES

Lufthansa strikes enter third day; several Boston flights canceled

DPA/ASsociated Press

BERLIN — Lufthansa canceled hundreds more flights Friday as pilots at Germany’s largest airline went on strike for the third consecutive day and announced they would continue the walkout over the weekend. Nearly 800 short- and medium-haul Lufthansa flights were canceled Friday. Lufthansa said it would also have to cancel 74 long-haul flights Saturday and multiple cargo flights. The airline canceled two flights scheduled to depart from Boston’s Logan International Airport Friday and two scheduled to arrive at the airport on Saturday. Lufthansa operates two round-trip flights, one to Munich and one to Frankfurt, out of Logan each day.

STAFF AND WIRE REPORTS

RETAIL

Simon Property boosts its bid for Macerich to $16.8 billion

NEW YORK — Mall operator Simon Property boosted its hostile bid for rival Macerich by 5 percent to $16.8 billion and says that will be its best and final offer. Simon says it is willing to pay $95.50 per share for Macerich, up from its previous offer of $91 per share. Macerich rejected Simon’s first bid, saying the deal undervalued the company. The new offer, with debt included, is valued at $23.2 billion. Simon Property Group Inc., an Indianapolis real estate investment trust, went hostile earlier this month after saying that Macerich refused to negotiate a deal that would combine the two largest US mall operators.

Advertisement



ASSOCIATED PRESS

CONSUMER SAFETY

Graco fined for delayed reporting of seat-buckle complaints

ATLANTA — Graco has agreed to pay a $3 million fine to the government for being too slow to report complaints about difficulty opening car seat buckles. The company also must spend $7 million on measures to improve child seat safety, including better programs to register seat owners so they can be notified of safety problems and better procedures to identify problems and speed up recalls. The fine stems from a National Highway Traffic Safety Administration investigation into the company’s behavior in the largest child seat recall in US history. Graco Children’s Products recalled 6.1 million car seats last year because the buckles could get stuck.

ASSOCIATED PRESS

AGRICULTURE

FDA approves genetically engineered potatoes, apples

AP

BOISE, Idaho— Potatoes that won’t bruise and apples that won’t brown are a step closer to grocery store aisles. The Food and Drug Administration on Friday approved the genetically engineered foods as safe, saying they are as nutritious as their conventional counterparts. The approval covers six varieties of potatoes by Boise, Idaho-based J. R. Simplot Co. and two varieties of apples from the Canadian company Okanagan Specialty Fruits Inc. The agency’s review process is voluntary, and both companies asked for a review to ensure their products met safety standards.

Advertisement



ASSOCIATED PRESS

CURRENCIES

Dollar suffers worst week since 2011

PHILIPPE HUGUEN/AFP/Getty Images

NEW YORK — A gauge of the dollar headed for the steepest weekly slide since October 2011 on speculation the Federal Reserve isn’t in a hurry to raise interest rates. The Bloomberg Dollar Spot index, which tracks the greenback against 10 major currencies, is retreating just a week after reaching the highest level since Bloomberg began compiling the data in 2004. The dollar tumbled Wednesday after the Fed indicated it will raise rates more slowly than it previously predicted. HSBC Holdings PLC, one of Wall Street’s biggest proponents of the dollar, said the rally may be over. The Bloomberg Dollar Spot index declined 1,195.01 at 4 p.m. in New York. The gauge fell 2.2 percent this week, the first five-day decline since the week ended Feb. 13.

BLOOMBERG NEWS

AGRICULTURE

Fire sweeps through N.Y. barn, killing 50,000 chickens

CHAZY, N.Y. — Officials say about 50,000 chickens have been killed in a fire that swept through a barn at a northern New York poultry farm. Fire department officials in the Clinton County town of Chazy told local media that the blaze was reported around 11:30 a.m. Thursday in a barn at Giroux’s Poultry Farm, located about 10 miles south of the Canadian border. The flames spread quickly through the two-story structure, which had been built last summer. The farm’s owners says the 50,000 chickens killed in the fire were moved into the barn in January. The cause of the fire is under investigation.

Advertisement



ASSOCIATED PRESS

INSURANCE

BlackRock, Ace seek up to $1.3B for insurance venture

BlackRock Inc., the world’s largest money manager, and Evan Greenberg’s Ace Ltd. are forming a reinsurance venture that is seeking to raise $800 million to $1.3 billion. The business is named ABR Reinsurance Capital Holdings Ltd. and is based in Bermuda, according to a regulatory filing Thursday from the company. Money managers are pushing into reinsurance to expand the pool of funds they oversee and to diversify into investments that aren’t correlated with stock or bond markets. While primary carriers often turn to reinsurers to share the largest risks, Greenberg has said Wall Street offers an alternative partner.

BLOOMBERG NEWS

PERSONAL FINANCE

What did people do with the money they saved on gas?

Gas prices have fallen 33 percent in the past year, down to an average of $2.39 per gallon last week. What are consumers doing with those savings? Well, according to a recent poll by American Consumer Credit Counseling, pretty much the same things they always spend money on. No splurging on Caribbean vacations or high-definition TVs, apparently. About 29 percent said they used the money for daily expenses, another 29 percent reported using it for paying down debts, and 11 percent reported putting the money in their savings. The savings have added up. A full 39 percent of people reported saving between $10 and $20 every time they fill up, while 26 percent say that they save between $20 and $40.

Advertisement



EDEN SHULMAN