DEVELOPMENT
Part of New Balance’s Boston Landing site sold for life sciences project
New Balance’s development arm has sold another piece of its Boston Landing campus, this time for a life sciences project. JLL Capital Markets, which represents New Balance affiliate NB Development Group, said on Wednesday that the $67 million sale of just over one acre of land at 60 Guest St. has been completed. The buyer is a partnership of Australia-based Lendlease and Ivanhoe Cambridge, a Canadian real estate firm. The property is approved for a nine-story building with up to 320,000 square feet of office and lab uses, with an estimated completion date of 2024. The Boston Landing complex has been steadily developed over the past several years, including with new practice facilities for the Boston Bruins and Boston Celtics and a new headquarters for New Balance. The athletic shoe company, owned and led by chairman Jim Davis, also subsidized a new commuter rail station at the site; the station opened in 2017, along the Framingham/Worcester line. — JON CHESTO
FINANCE
Startup launches real-time feed for bond quotes
Bond traders at firms owned by minorities, women, and veterans have for years yearned to operate on a level playing field with Wall Street giants. A market-data startup just rolled out something that could help. BondCliQ, a New York-based firm that offers a centralized feed of real-time bond quotes, in the past two months got added to trading software developed by firms including State Street Corp.’s Charles River. This significantly increases the pool of money managers that can trade against quotes posted by dealers on BondCliQ by connecting them to products used by investors with trillions in assets. — BLOOMBERG NEWS
HOME CONSTRUCTION
Bad weather hampered building in February
Severe winter weather in much of the country pushed home construction down a sharp 10.3 percent in February while applications for new construction fell by 10.8 percent.The decline pushed h ome and apartment construction down to a seasonally adjusted annual rate of 1,42 million units last month, compared to a rate of 1.58 million units in January when housing starts had fallen 5.1 percent, the Commerce Department reported Wednesday. — ASSOCIATED PRESS
AUTOMOTIVE
BMW to speed up rollout of electric cars
German automaker BMW said Wednesday it intends to speed the rollout of new electric cars, vowing to bring battery-powered models to 50 percent of global sales by 2030. The company underlined the point by unveiling a new all-electric model three months ahead of plan. BMW declined however to follow General Motors and other automakers in saying it would completely phase out internal combustion cars by a specific date. Instead, the Munich-based carmaker said it would adjust production among battery, hybrid, and efficient internal combustion engines as different parts of the world adopt cars that produce zero emissions at different speeds. — ASSOCIATED PRESS
BANKING
Wells Fargo, BOA say no need for racial equity audits
Two of the biggest US banks are pushing back against shareholder requests for sweeping audits of how they handle racial equity as the industry faces mounting public scrutiny of its historic role in economic disparities. Boards overseeing Wells Fargo and Bank of America — the first two US banking giants to publish invitations to annual stockholder meetings this year — asked investors to vote against proposed audits, saying they aren’t needed because the firms already are identifying and addressing problems. A national debate over racial injustice that erupted last year after George Floyd’s killing by Minneapolis police has raised awareness of the industry’s role in economic inequality through decades-old practices such as mortgage redlining. Banking leaders have spent the intervening months pledging to provide more loans and services to neglected communities. They’ve also promised to make more progress in cultivating diversity within their ranks, especially in senior positions. — BLOOMBERG NEWS
SOCIAL MEDIA
Facebook imposes new rules on public and private groups
Facebook announced new rules to better police private and public groups, including harsher punishments for users and group administrators who repeatedly violate the company’s guidelines. Facebook users who break the rules within a group will be temporarily blocked from posting or commenting on any group, and will also be stopped from creating new groups. The temporary timeout could last a week, or as many as 30 days depending on the severity and quantity of violations, a company spokesperson said. Groups have been a hot-bed for many of Facebook’s biggest problems, including misinformation and hate speech. Conspiracy theorists from QAnon used groups heavily to organize and rally, for example, and groups have become a home for some users peddling misinformation on topics like vaccines and climate change. — BLOOMBERG NEWS
HOME REPAIRS
Angie’s List is now simply Angi
Angie’s List has a new name: Angi. The company said Wednesday that it changed its name to better reflect what it does now. Founded in 1995 as an online directory to research and rate local plumbers and other home contractors, it has evolved into a site where users can book, schedule, and pay someone to unclog a toilet or mount a TV to the wall. — ASSOCIATED PRESS
FOOD
Chobani teams up with Pepsi
Chobani is expanding its retail distribution through a partnership with food and beverage giant PepsiCo Inc., giving the maker of Greek yogurt a new avenue for growth as it gears up to go public. Starting this month, PepsiCo will distribute Chobani Complete yogurt drinks and other products to convenience stores, colleges, and universities in the northeastern part of the United States, according to Chobani. The pilot program could provide a model for a broader rollout. — BLOOMBERG NEWS
TRADE
US manufacturers want Biden to get tougher on China
The leading US manufacturers group urged President Biden to “rapidly develop and publicly release” a new strategy that strengthens the American economy’s ability to compete with China. Accusing Beijing of promoting “discriminatory industrial policies, forced technology transfer and intellectual property theft that harm manufacturers and workers” in the United States, the National Association of Manufacturers called on the Biden administration in a letter Wednesday to come up with a fresh approach. “The new strategy must include all available tools, including targeted bilateral engagement, assertive US leadership in global institutions and close, coordinated engagement with allies and partners,” the group, which counts 14,000 companies in every industrial sector as members, wrote. — BLOOMBERG NEWS
THEME PARKS
Disneyland to reopen next month
Walt Disney Co. plans to reopen its two California theme parks on April 30 after they were dark for more than a year, a key step in the entertainment giant’s recovery from the pandemic. Disneyland and Disney California Adventure, which closed their gates on March 14 of last year, are among the last of the company’s properties to welcome back customers. While Disney’s Paris resort is still shuttered, the four theme parks in Florida have been open since July. Hotels in California start reopening on April 29, the company said Wednesday. Disney has laid off 32,000 employees over the past year, most of them in the theme-park unit. Initially attendance at the California parks will be limited to state residents who book advance reservations. The company said it plans bring back more than 10,000 furloughed employees for the Disneyland reopening. — BLOOMBERG NEWS
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Part of New Balance’s Boston Landing site sold for life sciences project - BetaBoston
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