Business & Tech


Deepwater Wind bought by Danish company

In this Aug. 15, 2016 , three of Deepwater Wind's turbines stand in the water off Block Island, R.I. Providence, R.I.,-based Deepwater Wind announced Monday, Oct. 8, 2018, that the Danish offshore wind company Orsted has entered into an agreement to buy it. The agreement must be approved by federal regulators.
Michael Dwyer/Associated Press/File
In this Aug. 15, 2016 , three of Deepwater Wind's turbines stand in the water off Block Island, R.I. Providence, R.I.,-based Deepwater Wind announced Monday, Oct. 8, 2018, that the Danish offshore wind company Orsted has entered into an agreement to buy it. The agreement must be approved by federal regulators.


Deepwater Wind bought by
Danish company

Danish energy giant Orsted has completed its $510 million purchase of Deepwater Wind, a former rival wind farm developer, from private equity firm D.E. Shaw & Co. Now, the two energy companies are allies under the Orsted umbrella. Deepwater built the first offshore wind farm in the United States, a five-turbine project off the coast of Block Island, and has proven to be more successful at landing big offshore contracts so far than Orsted. Deepwater’s top leader, Jeff Grybowski, will be co-CEO of Orsted US Offshore Wind and report to Thomas Brostrom, president of Orsted North America. Orsted US Offshore Wind will be headquartered in Boston, Brostrom’s base, and Providence, where Grybowski has led Deepwater, and will employ more than 75 people. — JON CHESTO


Local entrepreneur to become
venture partner
in Seattle company

He’s helped found at least seven biotech companies. This year he cofounded the New England Free Jacks, Boston’s first professional rugby team. Now Errik Anderson, a 40-year-old Hanover, N.H., entrepreneur, will become a venture partner in Biomatics Capital Partners. The Seattle-based health care and life sciences venture firm is turning to him because it wants to nurture more emerging companies. Anderson’s appointment was disclosed Thursday as Biomatics announced that it has raised another $300 million to support new firms. Biomatics had previously raised $200 million for its first fund. The money was invested in more than a dozen companies, including South San Francisco-based Denali Therapeutics. Anderson, the founder and managing partner of Ulysses Diversified Holdings, knows biotech companies well. He cofounded biotechs like Compass Therapeutics of Cambridge, Adimab of Lebanon, N.H., and Alector, also of South San Francisco. A onetime rugby player at Dartmouth College, where he earned his undergraduate degree and a master’s in business administration, Anderson recently cofounded the Free Jacks, a team in Major League Rugby. Biomatics already has an office with an investment associate at the Cambridge Innovation Center, and Anderson said he was eager to join her. — JONATHAN SALTZMAN


Local Domino’s looking to hire
laid-off Papa Gino’s workers

Local Domino’s Pizza restaurants are reaching out to Papa Gino’s restaurant employees who abruptly lost their jobs this week. The Ann Arbor, Mich.-based chain said Thursday that 115 locally owned locations are looking to hire 1,000 people throughout Greater Boston to fill various positions, including customer service, delivery, and management. The announcement comes just after Dedham-based Papa Gino’s and D’Angelo parent, PGHC Holdings Inc., filed for Chapter 11 bankruptcy protection following the closing of 95 under-performing restaurants. “When I heard about it, I felt that it just wasn’t fair that they had absolutely no notice,” said David Jenks, owner of 29 Domino’s franchises in Massachusetts and New Hampshire. “I feel terrible about the fact that these guys are out of a job right before the holidays.” The stores are offering a one-week Christmas pay bonus to any former Papa Gino’s employee who works for Domino’s for 45 days. Applications can be made online at Domino’s website. Participating locations include stores in Plymouth, Lowell, and several neighborhoods in Boston, such as Allston and West Roxbury. — ALLISON HAGAN


FDA to impose severe restrictions
on e-cigarettes


The Food and Drug Administration, alarmed by a huge increase in vaping among minors, is expected to impose severe restrictions on the sale of most e-cigarettes products throughout the United States — actions that will likely have a significant impact on an industry that has grown exponentially in recent years with little government oversight. As soon as next week, FDA Commissioner Scott Gottlieb is expected to announce a ban on the sale of flavored e-cigarettes — the majority of vaping products sold — in tens of thousands of convenience stores and gas stations across the country, according to senior agency officials. According to its officials, the agency will also impose such rules as age-verification requirements for online sales. The FDA moves are being spurred by preliminary government data showing e-cigarette use rose 77 percent among high schoolers and nearly 50 percent among middle schoolers in 2018. That means 3.5 million children were vaping in early 2018, up 1 million from 2017. — WASHINGTON POST


Magic 8 Ball, Uno, and pinball machine inducted into Hall of Fame

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Magic 8 Ball, Uno, and the pinball machine make up the National Toy Hall of Fame’s class of 2018, recognized Thursday for their staying power and influence. The honorees were chosen from a field of 12 finalists that also included American Girl Dolls, chalk, Chutes and Ladders, the Fisher-Price Corn Popper, Masters of the Universe, sled, tic-tac-toe, Tickle Me Elmo, and Tudor Electric Football. The latest inductees will be on permanent display at the Hall of Fame, located inside The Strong museum in Rochester, alongside 65 previous honorees that include playthings ranging from the stick and cardboard box to Barbie and Lionel Trains. — ASSOCIATED PRESS


Boom expected
for Thanksgiving

Higher wages and more disposable income trump more expensive gas prices to motivate the most Americans to travel for Thanksgiving since 2005. About 54.3 million Americans will travel 50 or more miles away from home this Thanksgiving, an increase of 4.8 percent compared with last year, according to data from AAA. About 48.5 million travelers will drive, nearly 5 percent more than a year ago. Air travel will also see a 5.4 percent increase. — BLOOMBERG NEWS


Black Friday starts early this year

Don’t look now, but Black Friday’s already begun. Walmart Inc. and Best Buy Co. are among the big retailers to unveil holiday deals Thursday on products like ultra-high-definition smart televisions, laptops, and gaming consoles. Inc. is also touting its Black Friday discounts early, while Target Corp. will roll out offers on home decor and bedding this weekend. Retail sales increased 6.1 percent in the week ended Nov. 3, providing additional momentum for US chains that are dangling free shipping and other enticements to grab bargain-seeking early shoppers. — BLOOMBERG NEWS


Ford acquires scooter-sharing company

Ford Motor Co. said it acquired Spin, a San Francisco-based scooter-sharing company. For Ford, the deal adds scooters to a sprawling array of future transportation services, which already include autonomous vehicles and on-demand shuttles. As for Spin, it has found a deep-pocketed acquirer after having been locked out of several key markets. — BLOOMBERG NEWS


Rates highest
in nearly
eight years


Strong employment numbers caused mortgage rates to take off with the 30-year fixed-rate average the highest it has been in nearly eight years. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average jumped to 4.94 percent. It was 4.83 percent a week ago and 3.90 percent a year ago. The 30-year fixed was last this high in February 2011. The 15-year fixed-rate average climbed to 4.33 percent. It was 4.23 percent a week ago and 3.24 percent a year ago. — WASHINGTON POST


jobless benefits claims near low

Filings for unemployment benefits held near an almost five-decade low, indicating a robust job market, Labor Department figures showed Thursday. Jobless claims decreased by 1,000 to 214,000 in the week ended Nov. 3, in-line with the median estimate in a Bloomberg survey of economists, from an upwardly revised reading the prior week. The four-week average of initial claims, a less-volatile measure, declined to 213,750. — BLOOMBERG NEWS