Business in brief

03/06/2013 3:21 PM

03/06/2013 3:21 PM

Medical device company gets bioscience funds

The Kansas Bioscience Authority is investing $375,000 in an Olathe company that develops medical devices.

The authority’s executive committee approved the equity investment for Novita Therapeutics earlier this week.

Novita has received a total of $900,000 in equity investments from the KBA in 2011 and 2012. It’s based at the headquarters of the Bioscience Authority, which is an autonomous agency created by Kansas lawmakers to nurture and invest in emerging biotechnology.

Among Novita’s medical products being developed are devices to aid in dialysis and to treat brain aneurysms.

A Novita official says the company aims to provide the authority with a return of five to 10 times its investment.

Lawrence Journal-World

Bank of Kansas gets ‘satisfactory’ rating

Bank of Kansas was one of three Kansas-based banks to receive a satisfactory rating on its federal Community Reinvestment Act examination, the Federal Deposit Insurance Corp. said in a news release.

The Hutchinson-based bank operates two branches in Wichita and is owned by Stillwater, Okla.-based Southwest Bancorp.

The two other Kansas banks to receive satisfactory ratings were Solomon State Bank in Solomon and Stanley Bank in Overland Park.

The CRA is a 1977 law that encourages banks and thrifts to provide loans in their local communities, including to low- and moderate-income neighborhoods.

Banks can receive one of four grades from the FDIC: outstanding, satisfactory, needs to improve and substantial noncompliance.

Jerry Siebenmark

Ford shows new van at Kansas City auto show

Ford’s new Transit commercial van was unveiled Wednesday at the 2013 Kansas City Auto Show.

The 2014 Transit is being built at Ford’s Claycomo plant, and the auto show marked the first time for the vehicle to be on public display on its home turf.

Missouri assisted in a $1.1 billion investment by Ford to upgrade the Claycomo plant and add jobs.

The auto show officially opened to the public at 5 p.m. Wednesday. Organized by the Automobile Dealers Association of Greater Kansas City, the show runs through Sunday.

Kansas City Star

Microsoft faces fine in Europe over browser

European Union antitrust officials on Wednesday hit Microsoft Corp. with a $731 million fine for failing to live up to a promise to allow Windows users to easily choose a Web browser other than Internet Explorer.

In 2009, the European Commission’s competition directorate agreed to close an investigation into allegations that Microsoft abused its dominant position in desktop software by tying Internet Explorer to Windows.

Microsoft agreed to include a browser choice screen in Windows. But the commission said Wednesday that Microsoft failed to offer that screen in a Windows 7 service pack software update from May 2011 to July 2012, in violation of the agreement.

Microsoft said it took full responsibility for what it called a “technical error” and apologized for the problem.

Los Angeles Times

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