PyroTec creating 75 jobs in Charleston County

CHARLESTON A company that recovers and sells component materials is planning to create 75 new jobs in Charleston County. The South Carolina Department of Commerce announced on Wednesday that PyroTec Inc. is planning to spend $10 million to set up its domestic and global corporate headquarters. PyroTec extracts materials from scrap tires and plastics and sells them on the commodities market. The company says it plans to begin hiring for the new positions in July. Officials say PyroTec works closely with two other S.C. companies. Greenville-based TRC is the company’s global environmental engineering consultant. And Johnson Development, located in Spartanburg, consults with PyroTec on business construction and land management.

New car cost drops $500 as Japan inventories normalize

The average new car costs $500 less than it did a year ago, mainly because Japanese automakers now have normal inventories at their dealers. The companies, mainly Honda and Toyota, ran short of cars last year after a March earthquake and tsunami hobbled parts and assembly plants. Price drops include $2,500 for a Toyota Prius $1,550 for a Honda Civic and $1,250 for a Nissan Sentra.

Anti-obesity pill Belviq approved for long-term weight-loss

WASHINGTON The Food and Drug Administration has approved Arena Pharmaceutical’s anti-obesity pill Belviq, the first new prescription drug for long-term weight loss to enter the U.S. market in over a decade. The agency cleared the pill for adults who are obese or are overweight with at least one medical complication, such as diabetes or high cholesterol. The Food and Drug Administration denied approval for Arena’s drug in 2010 after scientists raised concerns about tumors that developed in animals studied with the drug. The San Diego company resubmitted the drug with additional data this year, and the FDA said there was little risk of tumors in humans.

Facebook stock nets mixed reviews from analysts

NEW YORK The Wall Street analysts who know Facebook best are giving the company’s stock a mixed review. Think: like, not love. A flood of analyst reports from 33 banks gave Facebook’s stock a mix of “Neutral” and “Buy” ratings on Wednesday. And there was at least one review that equated to a “Sell” rating. It marked the end of the 40-day quiet period following Facebook’s initial public offering, which landed with a thud on May 18, with the stock closing just 23 cents above its $38 IPO price. It hasn’t fared much better since and fell Wednesday $1.01, or 3.1 percent, to $32.09.

The Associated Press contributed.