Chandler named head of Alabama authority
The Jackson County Economic Development Authority has hired the head of an economic development group in Mississippi to help recruit and grow industry in Northeast Alabama.
Gary Chandler, currently president and chief operating officer of The Alliance of chambers of commerce and economic development groups in Corinth, Miss., will become president and CEO of the Jackson County Economic Development Authority on Oct. 3. He succeeds the retiring Goodrich “Dus” Rogers.
A native of Tupelo, Miss., Chandler is a graduate of the University of North Alabama and has completed the New South Economic Development Course at the University of Oklahoma’s Economic Development Institute and TVA’s Rural Leadership Institute. Chandler previously worked for U.S Rep. Bud Cramer, D-Ala., for eight years as special assistant and field representative in the Muscle Shoals and Huntsville district offices.
“JCEDA board members know how very important this job is to Jackson County and we conducted a region-wide search to fill the position,” said David Campbell, chairman of the 7-member Jackson County Economic Development Authority board.
Airlines show better on-time performance
Airlines were running on time more often in June than they did last summer and travelers seemed to be finding less to complain about.
But that was before computer outages this month at Delta and last month at Southwest led to more than 4,000 flight cancelations, widespread delays and travel nightmares.
The Transportation Department said Wednesday that 78 percent of flights on major U.S. airlines arrived on time in June, up from 74.8 percent in June 2015. Hawaiian Airlines and Alaska Airlines had the best on-time ratings. American Airlines had the worst.
Investment banker guilty of insider trading charges
An investment banker was convicted of insider trading charges Wednesday after a jury concluded he gave tips about mergers and acquisitions to his father, enabling over $1 million in illegal profits.
Sean Stewart, 35, testified during the two-week federal court trial, insisting he had no idea his father was sharing secrets with a broker to make trades ahead of public announcements on five separate deals that he oversaw while working at JPMorgan Chase & Co. and Perella Weinberg partners LP. Sentencing was set for Feb. 17 for the Manhattan resident.
Remicade patent rejected, cheaper version looms
A cheaper version of Johnson & Johnson’s top-selling drug, the rheumatoid arthritis treatment Remicade, could be available in the U.S. two years early after a federal judge ruled a key patent on the drug invalid.
J&J, based in New Brunswick, New Jersey, said Wednesday it plans to appeal the ruling.
The appeal process could take a year or more. In the meantime, rival drugmaker Pfizer plans to begin selling its nearly identical version of Remicade, called Inflectra. This so-called “biosimilar” drug was approved by the Food and Drug Administration in early April. Pfizer can legally begin selling Inflectra Oct. 3, though J&J will attempt to block Pfizer’s launch through its appeal.
The patent that was ruled invalid would have covered the drug until September 2018.
Cisco lays off 5,500, or 7 percent of staff
Cisco Systems says it will lay off 5,500 employees as the internet gear maker scrambles to adapt to technology changes that have reduced demand for its main products.
The shake-up announced Wednesday means about 7 percent of Cisco’s roughly 74,000 workers will lose their jobs beginning this summer.
The purge is the latest example of the upheaval that has rocked some of the world’s oldest and biggest technology companies as the relentless march of innovation forces them to head in new directions in search of revenue growth.