Boston Scientific wins FDA OK for 2 defibrillators

May 14, 2008

Boston Scientific Corp., the second-largest maker of heart devices, won US approval for two models of implantable defibrillators, used to shock stopped hearts back into normal rhythm. The Natick-based company won Food and Drug Administration permission to market Cognis and Teligen defibrillators, which are smaller and have hardier batteries than previous models, the company said. (Bloomberg)

The owner of Pilgrim nuclear power plant in Plymouth said it would lock out workers if the company and union failed to agree on a new contract before the current pact expires tomorrow at midnight. The move by Entergy Corp. is the latest twist in tense negotiations with the Utility Workers Union of America, which represents about 250 workers at the plant. Union members today are expected to authorize a strike. David Leonardi, a union vice president who leads the Pilgrim unit, called the lock-out threat an unusual and "peculiarly aggressive tactic." David Tarantino, an Entergy spokesman, said the company couldn't allow the workers to work without a contract, given the risk of them suddenly walking off the job. (Robert Gavin)

A former UBS AG banker was charged in Florida with helping a billionaire real-estate developer evade US taxes on $200 million in Swiss and Liechtenstein bank accounts. The one-count conspiracy indictment, unsealed in Fort Lauderdale, accuses Bradley Birkenfeld, a "director of key clients" for UBS from 2002 to 2006, and Mario Staggl of Liechtenstein of falsifying documents, failing to prepare tax forms, and using other tactics to help the billionaire evade taxes. Birkenfeld, 43, made an initial appearance in court; Staggl, 43, remains at large, the Justice Department said. The indictment was the latest action in an investigation into whether UBS helped clients evade taxes. (Bloomberg)

News Corp.'s MySpace and closely held Facebook Inc., the two most popular social-networking sites, may see lower-than-predicted sales as the economy slows and marketing efforts sputter, EMarketer Inc. said. The research firm lowered its estimate for ad spending at US social-networking sites, which allow users to share information about themselves with friends. Advertisers will spend $1.4 billion on the sites this year, down from an earlier forecast of $1.6 billion, EMarketer said. (Bloomberg)

JPMorgan Chase & Co. might cut as many as 4,000 of its employees worldwide as the bank prepares to take on staff from Bear Stearns Cos. at the same time it deals with turmoil in financial markets, people familiar with the situation said. In addition to roughly 2,000 JPMorgan employees who will be replaced by counterparts acquired through its takeover of Bear Stearns, the sources said that an additional 1,000 to 2,000 JPMorgan employees may lose their jobs because of the slowdown in investment banking activity and credit market crisis. Final decisions dealing with specific employees have not been made, though JPMorgan is expected to decide on market-related cuts by early June, the sources said. (Reuters)

The parties in a dispute over financing Clear Channel Communications Inc.'s $20 billion buyout have reached agreement in principle on settling the case and striking a deal at a lower price of $36 a share, a source familiar with the situation said. A second source familiar with the matter confirmed the $36 price, and a third source familiar with the situation said an announcement could come last night. Clear Channel struck the deal to be bought for $39.20 a share by Boston-based private equity firms Thomas H. Lee Partners and Bain Capital at the peak of the private equity boom last year. The deal went into litigation this year when THL and Bain filed complaints in New York and Texas against six Wall Street banks to enforce their agreement to fund the buyout. (Reuters)

EarthLink Inc., the fourth-largest US Internet-service provider, is ending its $17 million wireless network in Philadelphia on June 12, after efforts to sell it failed. EarthLink said it's seeking a declaration in federal court that liability for removing its equipment from streetlights won't exceed $1 million. The shutdown will have "no material impact" on its financial forecast, the company said. EarthLink was unable to reach an agreement with either Philadelphia or a nonprofit to assume ownership of the network. (Bloomberg)