YOUNG ENTREPRENEURS

Forbes summit to include pols and personalities

Hollywood personalities, business hotshots, and Massachusetts politicians will be among the speakers at Forbes third annual summit of young entrepreneurs being held in Boston Oct. 16 to Oct. 19, the media company announced Wednesday. Among the key speakers will be model and social media maven Chrissy Teigen (left). Tiegen will be joined by Jennifer Hyman, co-founder of Rent the Runway, Jonathan Gray, global head of real estate for the private equity firm Blackstone Group, Massachusetts Governor Charlie Baker, and sex therapist Dr. Ruth. The Under 30 summit is expected to bring together 5,000 young people from around the globe to exchange ideas, listen to influential leaders, and network. The events will take place around the city, including at Faneuil Hall, Harvard Business School, Northeastern University, and the Berklee College of Music. — DEIRDRE FERNANDES

MEDIA

WHDH to appeal ruling dismissing its lawsuit

WHDH-TV on Wednesday filed an appeal of a federal judge’s May decision to dismiss its lawsuit against media giant Comcast Corp. WHDH-TV (Channel 7) filed a notice of appeal with the federal appeals court in the hopes of reversing the judge’s decision in the station’s breach of contract and antitrust case. The decision has been watched closely and could shake up the Boston broadcast television market. WHDH has been running NBC programming since 1995, but the peacock network, which is owned by Comcast, said earlier this year that it would end its contract with the station at the end of 2016 and launch its own new Boston TV station in 2017. Edmund Ansin, the billionaire owner of the station, sued Comcast in March. Judge Richard G. Stearns ruled that WHDH had no legal grounds to demand contract renewal negotiations with Comcast, even though the end of the partnership would likely be a blow to the station’s profitability. — DEIRDRE FERNANDES

FINANCE

Lawyer says it’s folly that executives didn’t know about rate-rigging scheme

The idea that Barclays Plc executives weren’t aware of Libor-rigging is like being on a “nudist beach’’ and failing to realize people are naked, a lawyer for a former trader on trial for benchmark manipulation told jurors. To say these “multi-million-pound men’’ simply failed to detect it and stop it seems unlikely, Adrian Darbishire, a lawyer for Ryan Reich, said in his closing arguments Wednesday in London. A more reasonable explanation is that they didn’t think anything was wrong with the setup, Darbishire said. Darbishire’s speech comes at the end of a more than two-month trial of five former Barclays traders who are accused of conspiring to fix the London interbank offered rate, a benchmark tied to trillions of dollars in securities and loans. A number of senior executives, including Harry Harrison, now head of non-core assets at Barclays, testified they weren’t aware of Libor-rigging. — BLOOMBERG

MUSIC

Led Zeppelin’s Page said he hadn’t heard song group is accused of stealing

Led Zeppelin guitarist Jimmy Page (left) testified Wednesday that until a few years ago, he’d never heard a song that the megastar band is accused of ripping off for ‘‘Stairway to Heaven.’’ ‘‘Something like that would stick in my mind. It was totally alien to me,’’ Page said of the instrumental song, ‘‘Taurus,’’ by the band Spirit. A lawyer for the estate of Spirit’s late guitarist, Randy California, contends that the famous descending-chord guitar riff that begins 1971’s ‘‘Stairway’’ was lifted from the Spirit tune, which was released a few years earlier. An eight-member jury is hearing the copyright infringement case in federal court. Jurors must decide whether the two sequences are substantially similar. Earlier in the day, former Spirit member Mark Andes testified that riffs from both songs, played by an acoustic guitarist on a video aired in court, were the same. Musical experts not involved in the case have said the sequence is common and has appeared in other pieces from decades and even centuries ago. — ASSOCIATED PRESS

CYBER SECURITY

Criminals selling hacked info online

Cyber security firm Kaspersky Lab says it has uncovered an online marketplace where criminals from all over the world sell access to more than 70,000 hacked corporate and government servers for as little as $6 each. Kaspersky discovered the forum after a tip from a European Internet service provider. The market, called xDedic, is operated by hackers, who are probably Russian speaking, that have ditched their traditional business model of just selling passwords and have graduated instead to earning a commission from each transaction on their black market. — BLOOMBERG

JEWELRY

Owner of Kay Jewelers fights back after diamond-swapping allegations

Signet Jewelers Ltd., owner of the Kay, Zales, and Jared chains, is stepping up store promotions after diamond-swapping allegations tarnished the company’s reputation and dragged down its stock. Shares of the Hamilton, Bermuda-based jeweler have plummeted more than 20 percent since a May 25 BuzzFeed story spotlighting customer complaints. Shoppers in the report said their diamonds had been unknowingly swapped with cheaper stones when jewelry was brought in for repairs. The BuzzFeed story focused on a Maryland woman who said her $4,299.99 engagement ring — purchased at a Kay Jewelers — had its diamond swapped out for a manmade stone called moissanite while it was being serviced. CEO Mark Light said he met personally with the customer this week to resolve the matter. — BLOOMBERG

MUSIC

Twitter invests in music streaming business

Twitter Inc. has invested about $70 million in SoundCloud Ltd. to help the Berlin-based music streaming business expand its paid offering. The investment is part of a larger financing round expected to amount to about $100 million, valuing the company at about $700 million, according to a person familiar with the situation. While SoundCloud’s massive, engaged user base has tantalized the recorded music industry for years, it had been under increasing pressure to develop a paid service after failing to turn its reach into sustainable revenue streams. SoundCloud, which says it has 175 million monthly users, released the premium service in March and has completed deals with major music labels, as well as publishers and independent labels. — BLOOMBERG

MEDICARE

Commission calls for changes to Medicare’s drug program

Calling the rising cost of drugs ‘‘unsustainable,’’ congressional advisers on Wednesday recommended major changes to Medicare’s popular outpatient prescription program, now 10 years old. The proposal from the nonpartisan Medicare Payment Advisory Commission, or MedPAC, steers clear of calling for the government to negotiate drug prices directly, an option both presidential candidates advocate. For beneficiaries, the plan is a mixed bag. All seniors would get better protection from extremely high costs, but some may have to spend more. Echoing widespread concerns about drug costs, MedPAC said spending for Medicare’s prescription program grew by nearly 60 percent from 2007 through 2014, from $46 billion to $73 billion. The MedPAC proposal would protect all seniors by setting an annual limit on how much they can be required to pay for medications, a new safeguard. However, it would also raise costs by about $1,000 for some beneficiaries who land in the widely loathed coverage gap known as the ‘‘doughnut hole.’’ — ASSOCIATED PRESS