A New England classic approaches a century of sailing

The wooden Beetle Cat is little changed from its original design.

Bold Types

Boston Landing’s secret weapon

New Balance chairman Jim Davis had the vision to redevelop the 15 acres he acquired several years ago in this section of Brighton overlooking the Mass. Pike. But it’s Keith Craig’s job to turn that vision into a reality.

Berkshire Bank announced Monday that it plans to buy Worcester-based Commerce Bank and move its headquarters from Pittsfield to Boston.

Mass.’ new biggest bank: Berkshire Bank

Berkshire Bank just leapfrogged from a sleepy western Mass. regional financial institution to the biggest bank based in the state.

Scott Solombrino, a spokesman for Ride Safe Massachusetts, said drivers with felony convictions should not be alone with riders.

New ride-hailing rules under criticism

Business groups and social justice advocates say new background checks overreach by disqualifying too many drivers with minor offenses.

Latest Business headlines

Ford replaces chief executive Mark Fields

Jim Hackett, who has been leading the automaker’s moves into self-driving cars and ride sharing, takes over.

STAT

Trump budget proposes huge cuts to Medicaid, public health, and biomedical research

That blueprint prompted harsh blowback from scientists and public health professionals alarmed by the potential long-lasting damage of such dramatic reductions in funding.

Asian shares drift as blast in Britain rattles investors

“The latest development in Manchester threatens to derail the positive lead for markets in the Asia-Pacific region,’’ said an analyst.

EU approves tough Brexit talks stance, demanding UK pays

The European Union is refusing to discuss a future trading arrangement until there is agreement on other key topics.

GE faces probe over suspicions it misled EU in $1.7 billion deal

General Electric Co. is the latest US company to be investigated by the European Union for possibly turning in misleading information during a merger review.

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An afternoon recap of the day’s most important business news, delivered Monday through Friday.

Globe Magazine

Special section | Game Changers

//c.o0bg.com/rf/image_90x90/Boston/2011-2020/2017/05/11/BostonGlobe.com/Business/Images/gamechangershoriz-6383.jpg 51 bright ideas and breakthroughs for 2017

In a revolutionary place like Boston, innovators and innovations are as common as bad drivers. See who made our annual list.

More Business headlines

Citigroup agrees to $97.4m settlement in money laundering inquiry

Citigroup employees had, for years, suspected that millions of dollars that the bank was moving to Mexico might be suspicious.

Ford ousts Fields as CEO and installs Hackett

The company vowed to catch up in the race to build self-driving cars and define a new era in personal mobility.

Tuesday’s business agenda

Classes, office hours, and more notable events and things to know.

UMass Memorial Medical Center revises plans to cut psychiatric beds

Mental health advocates still oppose the Worcester hospital’s plan to close 13 beds.

MBTA app maker sued in San Francisco

Elerts Corp. of Weymouth, which makes a “see something, say something” security app for riders of MBTA buses and trains.

Cambridge-9/7/2010- Genzyme's Kendall Square location. Boston Globe staff photo by John Tlumacki (business) kendallsquare100

FDA approves Sanofi Genzyme rheumatoid arthritis drug

It’s the company’s second medicine to be OK’d this year.

Stocks bounce back as technology and defense companies climb

Strong gains for technology companies like software and chip makers helped lead stocks higher Monday.

** FILE ** The exterior of the Malden Mills factory in Lawrence, Mass. is shown in this Nov. 29, 2001, file photo. The firm seeking bankruptcy court approval to buy Malden Mills Industries Inc. plans to operate the century-old textile maker under the Polartec name, a brand better known than the maker of high-tech fabric for customers including Patagonia and the U.S. military. Polartec LLC will be the name of the privately held company after its expected emergence from Chapter 11 reorganization, expected to occur around March 5, Greg Segall, managing partner of Chrysalis Capital Partners, said Friday, Feb. 23, 2007. (AP Photo/Elise Amendola, File)

Former Polartec plant auctioned for $5.35 million

California real estate investors say they want to turn the nearly 600,000 square foot complex into an industrial innovation hub.

Gerald Chan, a billionaire real estate investor with holdings in Hong Kong, mainland China, and in Cambridge, has purchased a third property in Savin Hill.

Chan buys yet another property in Savin Hill

Billionaire investor Gerald Chan scooped up another slice of Savin Hill Monday, closing on a deal to buy a 4.7-acre site steps from the Red Line station.

Nirmal “Narv” Narvekar.

Harvard endowment chief was paid $3.1 million while at Columbia

Nirmal “Narv” Narvekar will likely earn even more at Harvard.

Mass. teachers union pushes state pension fund to divest

The Massachusetts teachers union has endorsed a bill in the state Legislature aimed at curbing investments in companies that contribute to climate change.

Apple Pay violates Boston company’s patents, suit alleges

The lawsuit, filed by Universal Secure Registry in US District Court in Delaware, says its chief executive, Kenneth P. Weiss, received 13 patents for authentication systems

“We certainly would not expect our riders to fund a bailout of this size,” said Brian Shortsleeve (above), the MBTA’s acting general manager

MBTA pension fund needs $1 billion, report says

Benefits paid to retirees over the past 10 years have exceeded money coming in from the transit authority and worker contributions.

Sodium bicarbonate solution, more commonly known as baking soda, is a critical component of cardiac surgeries.

A vital drug runs low in hospitals nationwide: baking soda

Sodium bicarbonate solution is used in open-heart surgery and in some types of chemotherapy.

Billy Exavier sat in a math class at Charlestown Adult Education, where he is taking classes to get his GED. Exavier, a security guard, hopes to become a police officer.

Young men falling to the bottom of the income ladder

Despite the fact that men aged 25 to 34 are better educated than they were four decades ago, their median income has fallen.

JPMorgan chief executive Jamie Dimon will announce the grants.

Teen job programs get $17 million boost

The Boston Private Industry Council is one of 19 programs nationwide getting money from JPMorgan Chase.

Uber driver Dean Johnson waited for a customer outside South Station last year.

Insurers pitch extra coverage for Uber and Lyft drivers

Insurance companies know many drivers work for Uber and Lyft on the down-low.

A developer wants to build 2,100 high-end apartments on the 28-acre site and use the proceeds to create 1,100 new homes for the poor.

In Charlestown, a clash over a public housing project

Officials are facing stiff pushback against their experimental approach to redevelop one of the city’s biggest public housing projects.

During Trump’s visit, GE announces $15 billion worth of agreements with Saudi Arabia

General Electric has announced it has reached a raft of agreements with Saudi Arabia valued at $15 billion.

Total Wine & More has four outlets in Massachusetts, including one in Everett. Many of its outlets approach 50,000 square feet, or more than the average supermarket.

For Total Wine, it’s total war against alcohol regulations

The sharp-elbowed chain’s next battle: convincing state legislators to allow coupons at package stores.

US stocks close broadly higher; oil rises

Industrial companies led US stocks higher Friday, giving the stock market its second gain in two days.

King Street Properties is working on a $200 million biomedical complex in Cambridge that doesn’t yet have tenants. Developers Tyson Reynoso (above left) and Stephen Lynch looked out over the work.

Tight life sciences lab market spurs speculative building in area

Several complexes are being built “on spec,” meaning developers didn’t sign up tenants before breaking ground.

A staffer monitored the spread of ransomware cyber attacks at the Korea Internet and Security Agency (KISA) in Seoul.

WannaCry fades, but worries remain

A week after it struck, the WannaCry ransomware attack appears to have been a financial bust for the hackers.

Kimberly Doheny, lab director at the Center for Inherited Disease Research at Johns Hopkins University, holds an example of a slide used for testing DNA , Friday, March 21, 2008, in Baltimore. The DNA scanners used in the lab, blue boxes each about twice as big as a desktop printer, will reveal what DNA

stat

FDA action on Vertex drug based on lab tests

Experts say the decision is unlikely to signal a loosening of standards at the drug regulator.

Though it’s hard for employees at a company going through a restructuring to focus, staying committed to work is vital.

Job Doc

Facing reorganization? Don’t give employees false hope

As a manager, telling people they have nothing to worry about is not the conversation you want to have.

Dehydration can zap energy. To compensate, drink regularly during the day.

Consumer Reports

Be more awake by day, sleep better at night

Timed right, small changes in your routine can give you a lift during the day and improve your sleep.

One awful day ruins week for S&P 500 as Trump drama gets serious

Financial markets ended a volatile week with a final bout of turbulence as Donald Trump’s troubles increased Friday.

Union: Up to 40K walking off the job at AT&T this weekend

Up to 40,000 AT&T workers have started walking off the job over contract fights with the phone company, union says.

Greg Galer, near the Northern Avenue Bridge.

Five things you should know about Greg Galer

The executive director of the Boston Preservation Alliance is a sort of advocate-in-chief for the city’s older buildings and public spaces.

A view of Deer Island in 2000.

Talking points

Waste not, want not

To some, the $4 billion Deer Island sewage treatment plant that opened 17 years ago is an engineering marvel.

The United States Treasury headquarters building in Washington D.C.

Trump’s pick for Treasury second-in-command withdraws from consideration

James Donovan cited personal reasons for declining President Trump’s nomination to be the next deputy Treasury secretary.

Nominate your company for Top Places to Work

Is your employer one of the best in Massachusetts? Here’s your chance to let everyone know.

Why did the MBTA bounce these mattress ads? Too spicy

The MBTA has removed four Bernie & Phyl’s mattress advertisements on subway cars because they were deemed sexually suggestive.

A construction worker walked through Assembly Square earlier this month.

Somerville strikes deal on Assembly Row affordable housing

After a standoff, Somerville officials will allow the developer to build fewer affordable units than city rule requires.

Steward opened an expanded emergency room in Taunton in 2015.

Steward merger would make it nation’s biggest private for-profit hospital system

Boston-based Steward would grow to 36 hospitals across 10 states, with revenues of nearly $8 billion.

Cambridge-05/17/2017- Soofa makes high-tech solar-powered information boards and park benches for charging smart phones. Sandra Richter is the co-founder and CEO, plugs her smartphone into one of their Cambridge benches. JohnTlumacki/ The BostonGlobe (business)

SCOTT KIRSNER | INNOVATION ECONOMY

These startups are building smarter furniture

Local companies are working on everything from desks that can be moved by voice command to benches equipped with solar panels.

The convention center authority controls about 30 undeveloped acres in South Boston.

A study will explore expanding Boston’s convention center

This authority is looking to hire a firm that will research the best way to expand the Boston Convention & Exhibition Center.

“You’re free to be yourself here and grow in so many ways,’’ said Phedorah, a worker at More Than Words bookstore.

On the former Medieval Manor site, a bookstore with a mission

In a part of the South End giving over to gentrification, a landlord is renting the former Medieval Manor to a nonprofit bookstore.

Forbes’ Under 30 Summit to return to Boston

The Forbes Under 30 Summit will return to Boston in October for a second year

The numbers are a sign that Walmart is making headway in its fight to be as dominant online as it is across the American landscape.

Walmart reports 63 percent rise in online sales

Now the question is whether the country’s largest retailer can sustain that growth to become a true competitor to the online juggernaut Amazon.

Robert Lighthizer is the US trade representative.

Trump notifies Congress he’ll renegotiate NAFTA, but details are scarce

The new US trade representative said the administration aimed to support better-paying jobs and economic growth by modernizing the 23-year-old agreement.

Tech Lab by Hiawatha Bray

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Bray writes about technology for the Business section. His Tech Lab column appears on Thursdays.

Shirley Leung

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Leung writes a business column every Wednesday and Friday. Previously she served six years as the business editor overseeing daily and Sunday coverage.