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Business Highlights: Jobs puzzle, debt deal

by The Associated. Press | October 10, 2021 at 4:00 a.m.

NEW YORK -- Barry Diller's IAC is buying Meredith, one of the country's largest magazine companies and the publisher of People, Southern Living and InStyle, in hopes of accelerating a digital shift as print fades. IAC's Dotdash, a collection of websites including Investopedia, Brides, Serious Eats and Simply Recipes, will join with Meredith, the companies announced Wednesday. IAC is paying $42.18 per share, or about $2.1 billion. It's a big turnaround for Des Moines, Iowa-based Meredith, which only four years ago bought the Time Inc. magazines for $1.8 billion to bulk up its own magazine business.

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BOSTON -- Microsoft says Russia once again accounted for most state-sponsored hacking, with a 58% share of intrusion attempts it detected in the past year. The targets were mostly government agencies and think tanks -- in the United States, followed by Ukraine, Britain and European NATO members. The devastating effectiveness of the long-undetected SolarWinds hack also boosted Russian state-backed hackers' success rate -- to 32%, compared with 21% in the preceding 12 months. China accounted for fewer than 1 in 10 of the state-backed hacking attempts Microsoft detected. Those are among findings of the Redmond, Washington-based company's annual Digital Defense Report, which covers the year ending June 30.

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A man who faked suicide and went on the run to avoid prosecution for fraudulently seeking hundreds of thousands of dollars in coronavirus pandemic relief loans intended for struggling small businesses was sentenced Thursday to nearly five years in prison.

David Staveley, 54, of Andover, Massachusetts, and an accomplice were the first people in the country accused of fraudulently seeking Paycheck Protection Program loans when they were first charged in May 2020, the U.S. attorney's office in Rhode Island said in a statement.

Staveley -- who also goes by Kurt David Sanborn or David Sanborn -- and David Andrew Butziger, 53, of Warwick, Rhode Island, filed four fraudulent loan applications with a Rhode Island bank, claiming they owned businesses with large monthly payrolls, prosecutors said.

Combined, they sought nearly $550,000 in loans for two Warwick, Rhode Island, restaurants and a third restaurant in Berlin, Massachusetts, as well as a wireless company.

Staveley had no ownership interest in the restaurants, which were closed at the time the loan applications were submitted, prosecutors said. The wireless company had no employees and no wages were ever paid by the business, prosecutors said.

Staveley originally pleaded not guilty in May 2020 and was released to home confinement, but he removed his GPS monitor and fled, according to a previous statement from the U.S. Marshals Service.

Print Headline: Business Highlights: Jobs puzzle, debt deal

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