MANUFACTURING

Polartec workers want Patagonia to buy the company

A union representing about 250 Polartec workers facing layoffs and the shutdown of the Lawrence textile plant is petitioning California outdoor apparel company Patagonia to help save their jobs by buying Polartec. The New England Joint Board of Unite Here launched an online petition and sent a letter to Patagonia chief executive Rose Marcario Thursday asking her to buy Polartec from Philadelphia-based private equity investment firm Versa Capital Management LLC, which announced last December plans to close Polartec’s manufacturing operations in Lawrence and move the work to plants in Hudson, N.H., and Tennessee. Ethan Snow, chief of staff of the New England Joint Board of Unite Here, said the union reached out to Patagonia because the California-based company has been a Polartec customer for decades and because of that company’s commitment to social and environmental responsibility. Patagonia did not return requests for comment. Versa Capital Management, the parent company of Polartec LLC, declined to comment. Polartec LLC notified the state last month that it would lay off about 230 union and nonunion workers at the Lawrence complex starting July 18 and that all manufacturing operations there would cease by the end of the year. — KATHELEEN CONTI

FINANCE

Two former Deutsche Bank traders charged with rigging interest rates

Two former Deutsche Bank AG traders face federal charges in New York tied to the rigging of benchmark interest rates, as the Justice Department signaled that its investigation is reaching progressively higher within the German lender. The indictment, made public Thursday in federal court in Manhattan, shows that authorities are continuing to pursue individual bankers eight years after opening investigations into manipulation of the London interbank offered rate, known as Libor. Matthew Connolly, 51, who was a supervisor in New York, and Gavin Black, 46, a London trader, were charged with one count of conspiracy to commit wire and bank fraud, and nine counts of wire fraud. Connolly, who made his initial court appearance Thursday, pleaded not guilty and was released on a $500,000 bond, according to court records. Connolly, who lives in Basking Ridge, N.J., is the first US banker to be charged in the Libor investigation. — BLOOMBERG

BANKING

Eight of the largest US banks must meet stricter capital minimums

Eight of the largest US banks will have to meet stricter capital minimums in their annual Federal Reserve stress tests while regional lenders get some relief, Fed governor Daniel Tarullo said. The Fed’s Comprehensive Capital Analysis & Review, or CCAR, has become one of the most important annual events for the largest banks, determining whether these firms can survive a severe economic downturn. In the test, banks must demonstrate they can stay above minimum capital ratios even as their amount of equity is reduced by losses and planned dividends and buybacks. The eight banks deemed to be global systemically important financial institutions, or SIFIs, are: JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley, Bank of New York Mellon Corp., and State Street Corp. — BLOOMBERG

INTERNATIONAL

European Central Bank maintains status quo

The European Central Bank made no changes Thursday in its program to revive the eurozone economy, as it expressed slightly more optimism about the prospects for growth in the region. The lack of any significant policy moves was expected. Growth in the 19-member eurozone is neither so terrible that it requires a new burst of stimulus from the bank nor so torrid that there is a need to apply the brakes, analysts say. The European Central Bank’s Governing Council is now expected to pause for a while, after several years in which it pushed the boundaries of monetary policy. The bank left its benchmark interest rate at zero, where it has been since March. It also left intact a penalty rate of minus 0.4 percent on money that commercial banks keep at the central bank. The negative interest rate is designed to force commercial banks to lend money rather than hoard it. — NEW YORK TIMES

MORTGAGES

Rates rise for a third week

Long-term US mortgage rates rose this week for a third straight week yet remained near three-year lows as the home-buying season progresses. Mortgage buyer Freddie Mac said Thursday the average 30-year fixed-rate mortgage increased to 3.66 percent from 3.64 percent last week. That is well below its level a year ago of 3.87 percent. The average rate on 15-year fixed-rate mortgages rose to 2.92 percent from 2.89 percent. — ASSOCIATED PRESS

AUTOMOTIVE

GM recalling Takata inflators, but says they are safe

General Motors announced its largest recall of Takata air-bag inflators yet, but the nation’s biggest automaker says the parts are unique to its trucks and SUVs and don’t pose a safety risk. The government’s highway safety agency disagrees. The National Highway Traffic Safety Administration says GM must proceed with two recalls adding up to 1.9 million trucks from the 2007 through 2011 model years. The recalls were unveiled Thursday along with those from six other automakers totaling 4.4 million vehicles. They are part of the first round of a massive Takata recall expansion announced in May. A total of 17 automakers are adding 35 million to 40 million inflators to what already was the largest auto recall in US history. Takata inflators can malfunction and spew shrapnel into drivers and passengers when exposed to humidity and repeated hot-and-cold cycles. — ASSOCIATED PRESS

AIRPORTS

Airlines opposed to screening passengers outside

Airlines are opposed to screening passengers just before they enter an airport, saying such steps — widely proposed after the March 22 bombings in Brussels — likely would increase waiting times and prove ineffective in preventing attacks, the International Air Transport Association said. Carriers instead favor streamlining security through a risk-based approach and wider adoption of more modern systems including self-service technology that would raise the hurdles facing would-be terrorists, IATA chief executive Tony Tyler said Thursday. The trade body takes the view that curbside screening would not only lengthen lines and expose travelers to inclement weather outside the terminal, but also create large crowds that could themselves become the target of attacks. — BLOOMBERG

TECHNOLOGY

Snapchat surpasses Twitter in daily users

Snapchat has 150 million people using the service each day, said people familiar with the matter. That makes the four-year-old messaging app more popular than Twitter by daily active users. Snapchat has been growing quickly, boosted by its popularity among young people. The app had 110 million daily users in December, said the people, who asked not to be named because they weren’t authorized to speak about the numbers. Twitter, which was founded in 2006, has less than 140 million users interacting with the service daily, according to an average of analysts’ estimates surveyed by Bloomberg. — BLOOMBERG

UNEMPLOYMENT

Benefit claims drop for third week

Filings for US unemployment benefits declined for a third consecutive week, signaling sustained firming in the labor market. Jobless claims fell by 1,000 to 267,000 in the week ended May 28, a Labor Department report showed Thursday. The median forecast of economists surveyed by Bloomberg called for applications to edge up to 270,000. — BLOOMBERG