Business news briefs
N.Y. Times to sell
The New York Times Co. says it is selling The Boston Globe and its related assets in order to focus on its namesake newspaper. It said given the differences between the Globe and the Times, a sale is in the best long-term interests of both properties. The company also is selling the Worcester Telegram & Gazette; the Globe's direct mail marketing company, GlobeDirect; and its interest in Metro Boston, a free daily newspaper for commuters.
U.S. home building
slowed in January
U.S. homebuilders began work at a slower pace in January, though the level was still the third-highest since 2008. The pace of building was viewed as a sign of further strengthening in residential real estate. The Commerce Department said builders started construction at a seasonally adjusted annual rate of 890,000 last month, down 8.5 percent from December, which marked the best performance since June 2008.
More expensive food and soda helped drive up a measure of U.S. wholesale prices in January, though overall, inflation stayed tame. The Labor Department said the producer price index increased 0.2 percent last month, the first increase since September. Food prices rose 0.7 percent, after a steep decline in December. Gasoline and other energy prices fell.
cleared by board
An investigation by Chesapeake Energy's board into CEO Aubrey McClendon's dealings with company partners found he didn't benefit improperly. McClendon had a special arrangement with the company that allowed him to invest personally in the oil and gas wells the company drilled, according to the board. McClendon, nevertheless, will leave the company April 1 as announced last month over differences with the board.
Herbalife set to
Dietary supplements and multilevel marketing company Herbalife said it will provide more details about its customer base, amid a debate about its sales to its distributors, who also are major customers. Hedge fund manager Bill Ackman calls the company a fraud and is betting its stock will go down. Billionaire investor Carl Icahn heralds Herbalife as a great deal and last week disclosed a 13 percent stake in the company.
record $1 billion
Stanford University set a record for college fundraising, the first school to collect more than $1 billion in a single year. Stanford ranked first in the Council for Aid to Education's annual college fundraising survey for the eighth straight year. In 2012, roughly 3,500 U.S. colleges and universities raised $31 billion, up 2.3 percent from the previous year. The record is $31.6 billion raised in 2008.