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Markey and Warren propose tax credits for offshore wind manufacturing

Senators Ed Markey and Elizabeth Warren have cosponsored legislation, along with Cory Booker and Robert Menendez, that would provide tax credits to encourage the manufacturing of components and vessels for the nation’s nascent offshore wind industry. The hope is to spur the creation of a robust domestic supply chain, instead of relying on ships and parts from other countries to build wind farms off the coast. The bill, unveiled by Markey on Wednesday, would create an investment tax credit of 30 percent for investments in manufacturing plants in the United States, and a production tax credit based on generation capacity for blades, towers, and other wind farm components made in the United States. Markey said that offshore wind is becoming a booming market in the United States, but American workers will be left behind without an effective domestic manufacturing policy. The potential cost of these credits has not yet been determined. Markey and Warren are attempting to include the measure in a $3.5 trillion Democratic-led spending plan that is under consideration in the Senate, a budgetary framework with a section devoted to clean energy. Massachusetts is among several Northeast states with ambitious plans for offshore wind farms, to be financed through contracts with major electricity utilities. — JON CHESTO



Desktop Metal buys 3-D-printing rival for $575 million

Burlington-based 3-D printing company Desktop Metal has agreed to acquire ExOne of North Huntingdon, Pa., in a cash and stock deal valued at $575 million. The transaction will give Desktop Metal a full line of 3-D printing products suitable for everything from building product prototypes to full-scale industrial production. Founded in 2016, and based on technology developed at the Massachusetts Institute of Technology, Desktop Metal sells 3-D printers that can make objects out of metals like steel and copper. Its current product line features small and medium-sized printers suitable for small-scale production, but the company is set to release a high-capacity printer later this year. Desktop Metal went public last year by merging with Trine Acquisition Corp. in a special purpose acquisition company or SPAC deal valued at $2.5 billion. ExOne was founded in 1995 and is also based on technology licensed from MIT. The company makes industrial-grade printers that are used by a host of major manufacturers, including Ford Motor, Daimler, BMW, and Siemens. — HIAWATHA BRAY



Head of East Boston health center leaves for Blue Cross

The chief executive of East Boston Neighborhood Health Center, Manny Lopes, is leaving for a new job at the insurer Blue Cross Blue Shield of Massachusetts. Lopes, 52, has spent 28 years working at the health center, including as CEO since 2012. “The health center’s in a great place,” he said. “I’ve worked there for more than half my life and been part of this community for my entire life.” East Boston Neighborhood Health Center has grown to serve more than 120,000 patients, employs about 1,500 people, and is one of the largest community health centers in the country. At Blue Cross, where Lopes currently serves on the board, he will become executive vice president of public markets and government relations, starting Nov. 1. Blue Cross chief executive Andrew Dreyfus called Lopes a seasoned leader who has devoted his career to improving health access and outcomes for vulnerable populations. — PRIYANKA DAYAL MCCLUSKEY


Delta variant changes the future for Southwest Airlines

The highly contagious Delta variant has darkened the outlook for Southwest Airlines, one of the largest carriers in the United States, which said that it no longer expects to turn a profit in the third quarter as COVID-19 infections spread. The revelation, contained in a Wednesday filing with the US Securities and Exchange Commission, comes just three weeks after Southwest CEO Gary Kelly called the airline’s most recent quarter a “milestone” after turning a profit in June without government assistance. The airline said Wednesday that it was again profitable in July, but believes the recent negative effects of the pandemic on August and September revenue will make profitability less likely in the third quarter if the benefits of temporary, tax-funded salaries and wages relief are excluded. — ASSOCIATED PRESS



Boeing 737 Max takes a test flight in China

Boeing’s 737 Max jet took to the skies above Shanghai on Wednesday in a test flight for Chinese regulators, potentially a step toward lifting the plane’s more than two-year grounding in the country. The jet took off at 9:24 a.m. local time, flew southeast along the coast and then headed out to sea, according to FlightRadar24. The site didn’t show a scheduled landing time. The aircraft left Seattle last week on a multi-leg trip to China. China was the first country to ground the Max in March 2019 in the wake of disasters in Indonesia and Ethiopia that killed 346 people. Regulators in China have so far held off approving the plane’s return, long after the United States lifted its ban late last year, with Europe and others following soon after. — BLOOMBERG NEWS



JetBlue launches NYC-London route, Boston service coming

Just nine days after the UK granted vaccinated Americans quarantine-free entry, JetBlue Airways made its first foray into transatlantic service Wednesday, starting flights on the world’s most lucrative air route — from New York’s John F. Kennedy International Airport to London Heathrow. The airline is also set to begin service from Boston to London within the year. In coach, it’s possible to find a one-way ticket from JFK to Heathrow for as low as $202. — BLOOMBERG NEWS


Joby Aviation begins trading stock

Joby Aviation, which promises to build and operate a commercial fleet of aerial taxis by 2024, began trading Wednesday, testing the imaginations of public investors. Since its founding in 2009, Joby has sold the likes of Uber and Toyota on its plan to build a new kind of passenger drone and has raised more than $700 million in private capital. A merger this week with a special purpose acquisition company leaves Joby with more than double that amount on its balance sheet. Joby is the biggest among a group of upstarts, which also includes Volocopter GmbH and Beta Technologies Inc. They’re going up against Airbus, Boeing, and Lockheed Martin Corp. by seeking to leverage breakthroughs in battery technology to create a more environmentally friendly form of urban transportation free from earthbound traffic. — BLOOMBERG NEWS


Samsung unveils new lineup

Samsung launched its lineup of consumer devices for the latter half of the year Wednesday, positioning its new Galaxy Z Flip 3 as a direct rival to Apple Inc.’s upcoming iPhone release. The 5G-capable, Android-powered device dramatically lowers the entry price for the foldables category, coming in at $999 after its predecessor had cost $1,449 at launch. Flanked by a new Galaxy Z Fold 3 costing $1,799, a Galaxy Watch 4 at $249, and Galaxy Buds 2 at $149, the Flip 3 will be Samsung’s star attraction in the fall, with the company omitting its usual launch of a Galaxy Note device in the summer. The larger Fold 3 will be capable of using a stylus, effectively supplanting the Note’s position in the company’s premium range. — BLOOMBERG NEWS



MGM Resorts to sell Picassos

On Oct. 23, MGM Resorts will sell 11 Picassos that could bring in as much as $104 million. The sale, which will take place live at the Bellagio and be conducted by Sotheby’s, will include paintings, works on paper, and ceramics. The top lot is expected to be Picasso’s 1938 painting Femme au Béret Rouge-Orange, which depicts the artist’s lover and muse, Marie-Thérèse Walter, and carries an estimate of $20 million to $30 million. Like many of the other artworks for sale, the painting was acquired in the late 1990s under the Bellagio’s founder Steve Wynn, himself a notable art collector. The Bellagio’s parent company, Mirage Resorts, merged with MGM Grand in 2000, becoming an entity that would transition into MGM Resorts International in 2010. — BLOOMBERG NEWS