Verizon-FairPoint landline deal wins N.H. approval

The $2.35 billion deal to spin off Verizon Communications Inc.'s landline business in New Hampshire, Maine, and Vermont to FairPoint Communications Inc. will close at the end of March, Verizon said. The deal was approved Monday by the New Hampshire Public Utilities Commission in a split vote, with some added conditions. The sale of 1.7 million phone and Internet lines has already been approved by regulators in Maine and Vermont, and from the Federal Communications Commission. (Carolyn Y. Johnson)

Fidelity Investments, the world's largest mutual-fund company, lost more money to outflows than any rival in January as investors pulled $9.9 billion from stock and bond funds, according to data compiled by Financial Research Corp. of Boston. Vanguard Group collected $8 billion in deposits last month, the most of any US fund firm. Investors had deposited $2.3 billion into Fidelity's funds in December and $2.9 billion in all of 2007. FRC's data doesn't include money-market funds, said Vin Loporchio, a spokesman for Boston-based Fidelity. Clients deposited $20.3 billion into Fidelity's money funds last month, he said. All told, Fidelity added $86.1 billion in 2007. (Bloomberg)

Comcast Corp. acknowledged hiring people to fill seats before the start of a federal hearing on how the company manages its broadband network, allowing its employees to take those seats when the filled-to-capacity hearing started. Many people were turned away before Monday's Federal Communications Commission hearing at Harvard Law School, leading critics to accuse Comcast of stifling debate over the company's practice of favoring some forms of Internet traffic over others. Comcast said it hired people to hold seats only after an advocacy group called Free Press urged its backers to attend. (AP)

L.L. Bean said it plans to open a store in the Chicago area in September. It would be the Freeport, Maine-based outdoor gear and outfitter's first store in the Midwest. The store will be located at the Arboretum in South Barrington, Ill., a retail center under construction. The company plans to grow to 32 stores by 2012. It now has 10 full-priced retail stores in nine states from Maine to Virginia, and 16 smaller outlet stores. (AP)

At the urging of lawmakers concerned by recent drug recalls, the Food and Drug Administration will monitor the use of medicines once they've been approved and are in the hands of doctors and consumers. As part of a larger safety initiative revealed to staffers, the agency will urge doctors and patients to more closely follow safety guidelines when prescribing and taking drugs. Influencing real-world use of drugs marks a shift from FDA's traditional role as gatekeeper for new medical products. The agency develops labeling detailing how drugs are supposed to be used, but leaves the final prescribing decisions to doctors - who are not required to follow federal guidelines. (AP)

US Airways Group will join United Airlines in charging some passengers $25 to check a second piece of luggage, helping counter the carrier's higher fuel costs. The charge, which will apply to coach-cabin passengers who are not among US Airways' most frequent fliers, is expected to generate $75 million a year in added revenue and savings, US Airways said. The carrier will assess the fee starting May 5. The shift follows US Airways' projection for a first-quarter loss because of rising fuel prices and slowing demand. (Bloomberg)

The White House promised to veto a bill seeking to follow up the recent economic stimulus package with several proposals to shore up the housing market and reduce foreclosures. The Democratic housing bill would change bankruptcy laws to allow judges to cut interest rates and reduce what's owed on borrowers' mortgages, provide $4 billion to communities to purchase and rehabilitate foreclosed homes, and improve disclosure of subprime mortgage loans in hopes that borrowers won't be surprised by big payment increases. But the White House said the $4 billion is too expensive and "would constitute a bailout for lenders and speculators, while doing little to help struggling homeowners." (AP)