WEEK IN REVIEW
Monday Hospital will close
For the second time this month, a Houston-area Kindred hospital has announced it will close. The Kindred Hospital at 2130 W. Holcombe Blvd., near the Texas Medical Center, will shutter in October, and all 204 positions will be eliminated, according to a letter sent to the Texas Workforce Commission last week. The health care company confirmed the news Monday.
Maker of Xtandi sold
Medivation, which makes the big-selling drug Xtandi to treat prostate cancer, has finally found its buyer in a fellow U.S. drugmaker, Pfizer. Pharmaceutical companies from all over the world placed bids for Medivation in an auction after it rebuffed an offer by French drugmaker Sanofi. On Monday, Pfizer said that it had prevailed, with a $14 billion agreement to acquire Medivation, representing $81.50 a share in cash. The frenzy over Medivation shows what pharmaceutical companies are willing to pay for oncology deals.
Foxand Playboy?
In her retaliation lawsuit against Fox News, former cohost of “Outnumbered” Andrea Tantaros describes the unit of 21st Century Fox as a “sex-fueled Playboy Mansion-like cult, steeped in intimidation, indecency and misogyny.” The lawsuit, which also names Fox News’ ousted leader Roger Ailes and its top executives, says Tantaros was removed from her on-air role in retaliation for making a sexual harassment complaint.
Tuesday ‘The Young Invincibles’
The number of young adult Texans with health insurance is rising, a new survey shows. That is seen as good news for the Affordable Care Act because the 18-to-34 age group is important for the broader risk pool.
The rate of uninsured in that age bracket dropped to 21 percent across the state in March, down from 33 percent in September 2013, a report released Tuesday by the Rice University’s Baker Institute for Public Policy and Houston’s Episcopal Health Foundation found.
Best Buy’sgoodday
Talk about rising above low expectations. Best Buy Co.’s shares soared 20 percent on Tuesday — its biggest one-day gain in more than a decade — after reporting a surprising uptick in quarterly comparable sales when investors were expecting a slight drop. “Best Buy continues to defy the skeptics,” David Magee, an analyst with SunTrust Robinson Humphrey, wrote in a research report.
Golden parachute
Philippe Dauman, the ousted CEO of Viacom, will get $75 million in exit payments. Add his bonus for this year and other benefits, and he walks away with even more. Dauman’s golden parachute comprises a $58 million cash severance, $12.9 million in restricted stock and an estimated $3.45 million in options that vest early, according to a regulatory filing Tuesday. He’ll also get $1.1 million in additional benefits, including the services of secretary Rosemarie Cresswell for three years, and Viacom will pay for an office off-site.
Wednesday State insurer criticized
The Insurance Council of Texas calls out the state’s insurer of last resort for not increasing rates next year, saying it could hinder the insurer’s ability to pay claims after a catastrophe and may ultimately result in surcharges for coastal policyholders. The trade group’s declaration comes three weeks after the board for the Texas Windstorm Insurance Association, the insurer of last resort for wind and hail coverage along the coast, voted Aug. 2 to not raise rates for its residential or commercial policyholders.
$3.3 million for a home
Giorgio Borlenghi, the Italian-born developer known for erecting many of the luxury towers that dot the Uptown skyline, says he is building his first residential project inside Loop 610. The proposed Villa Borghese, named after a scenic park in Rome, would rise 26 stories along Bammel Lane, a quiet street near River Oaks. One of the building’s defining features will be its price tags: The average unit will sell for nearly $3.3 million.
IRAs for Uber drivers
The ride-hailing service Uber told drivers in four large Ameri- can cities Wednesday that it had teamed up with the robo-adviser Betterment to offer individual retirement accounts. Drivers in Boston, Chicago, Seattle and a New Jersey city can sign up for accounts through their Uber apps or online. The accounts are free of fees for the first year. The IRA product is being added to a rewards program Uber has for its drivers, who are self-employed. The program includes discounts at auto maintenance retailers and wireless communications carriers.
Thursday Self-driving taxis
The world’s first self-driving taxis picked up passengers in Singapore. Select members of the public will be able to hail a free ride through their smartphones in taxis operated by nuTonomy, an autonomous vehicle software startup. While multiple companies have been testing self-driving cars on public roads for several years, nuTonomy says it will be the first to offer rides to the public. It will beat ride-hailing service Uber, which plans to offer rides in autonomous cars in Pittsburgh, by a few weeks.
Key Energy’s plans
Key Energy Services said Thursday that it plans to file for bankruptcy in November, the latest in a long list of Texas energy companies that have sought Chapter 11 protection as the oil bust drags on.
Awin for craft brewers
Ajudge in Austin overturned a law that denied craft brewers the right to sell territorial rights for the distribution of their beers. The judge sided with three Texas breweries in ruling the 2013 law unconstitutional. The state regulating authority is considering an appeal.
Friday Squeezed by big rivals
Low online prices and convenience offered by Amazon. com usually hammer rival retailers. Now it’s happening in the world of corporate IT services. Apollo Global Management is buying Rackspace Hosting for $4.3 billion after the cloud services company failed to keep pace with cheaper and broader offerings from Amazon and other large technology companies like Microsoft Corp. and Google. The New York-based private equity firm agreed to pay $32 a share in cash for Rackspace, according to a statement.