Fenway Sports Group to open West Coast office

Fenway Sports Group will open a West Coast office as part of its first expansion, the agency said. Setting up an office in San Diego is a "natural progression" for the sales and marketing arm of New England Sports Ventures, said Mike Dee, FSG's president. Pat Connors will direct the new office as senior vice president. In addition to FSG, New England Sports Ventures owns the Boston Red Sox, Fenway Park, and 80 percent of New England Sports Network. (Elizabeth Campbell)

Federal regulators are working on a stronger label for Byetta, a widely used diabetes drug marketed by Amylin Pharmaceuticals Inc. and Eli Lilly & Co., after deaths continue to be reported despite earlier government warnings. The Food and Drug Administration said it has received six new reports of patients developing a dangerous form of pancreatitis while taking Byetta. Two of the patients died and four were recovering. More than 700,000 patients worldwide have used the injectable drug since it was launched in June 2005. Amylin shares fell $4.45, or 13 percent, to $29.76. Lilly shares fell 11 cents, to $48.67. (AP)

Brinker International Inc., owner of the Chili's Grill & Bar chain, said it will sell a majority stake in Romano's Macaroni Grill to a private equity firm. Brinker will sell most of its stake to Mac Acquisition LLC, a unit of San Francisco-based Golden Gate Capital, for $131.5 million. Brinker will then turn over $6 million to Mac Acquisition in order to hold onto a 19.9 percent stake in the brand. Investors were largely expecting the sale, so the share prices were little changed yesterday. (AP)

Lowe's Cos. posted a better-than-expected second-quarter profit, but the faltering economy and sluggish housing industry still sent profit at the second-largest US home improvement chain down nearly 8 percent. For the three months ended Aug. 1, the results were boosted in part by consumers who undertook small outdoor gardening projects and bought freezers to accommodate bulk food purchases to cope with soaring grocery prices. Earnings were $938 million, or 64 cents per share, down from $1.02 billion, or 67 cents per share, in the year-earlier period. Sales rose 2.4 percent, to $14.5 billion. Analysts surveyed by Thomson Reuters expected a smaller profit of 56 cents per share on revenue of $14.1 billion. (AP)

Qwest Communications International Inc., the third-largest US local phone company, agreed to increase wages 9 percent over three years as part of a new contract with its two unions. The deal also includes a plan to lower healthcare costs, the Communications Workers of America said. The CWA and the International Brotherhood of Electrical Workers reached the deal after extending talks past the expiration of their old contracts. The agreement prevents a strike by about 20,000 employees, or 57 percent of Qwest's workers. The unions, which sought wage increases, healthcare benefits, and future union jobs, represent customer-service representatives and technicians who install and maintain lines. The healthcare changes mean employees will have a choice of plans and pay a modest monthly premium, a Qwest spokesman said. (Bloomberg)

InBev SA said the US Department of Justice is seeking additional information pertaining to its $52 billion acquisition of Anheuser-Busch Cos. InBev said it was cooperating with US regulators and would respond expeditiously to the so-called Second Request, which pertains to antitrust regulations. "InBev remains confident that the transaction will receive regulatory approval and continues to expect to close the transaction by the end of this year," the Belgian brewer said. (AP)

Homebuilders are a little more optimistic about the prospects for home sales over the next six months, but an index reflecting the sector's confidence overall remained at a record low, an industry trade association said. The National Association of Home Builders/Wells Fargo housing market index remained unchanged this month at 16, where it's been since July. But benchmarks for sales improved: The gauge of current sales conditions climbed one point to 16, while an index of builders' sales expectations over the next six months rose two points to 25. The slightly brighter outlook for sales comes as builders factored in the potential benefits from the landmark housing stimulus legislation enacted last month. (AP)