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MassBio to open training center in old Globe building

Nordblom is redeveloping the former Boston Globe building site in Dorchester with a big financial assist from Beacon Capital.David L. Ryan/Globe Staff


MassBio to open training center in old Globe building

The Massachusetts Biotechnology Council unveiled plans on Monday to open a workforce training center for the life sciences industry in the redeveloped Boston Globe building in Dorchester. Landlord Beacon Capital Partners will donate the 4,000-square-foot space for the center on the first floor of the redevelopment, now known as “Southline Boston,” and will pay for the initial buildout of the center as well. The MassBio Training Center is expected to open at the end of 2023, and offer certificate training programs to help people enter the life sciences field. MassBio is launching this center to address the huge shortage of workers needed to fill various jobs in the sector. MassBio is setting up a separate nonprofit to manage the center’s day-to-day operations and will subsidize a portion of its expected $1.5 million to $2.5 million annual budget. MassBio will also seek financial support from its members to help get the center off the ground, as well as possible public funding sources. — JON CHESTO



Resilient Coders gets a new director

Resilient Coders, a Cambridge-based nonprofit that teaches people of color software programming, named Ayanna Lott-Pollard as its next executive director. Resilient Coders runs 20-week “boot camp” programs to teach young people of color without college degrees how to code. Alumni have gone on to get jobs at companies throughout the area including Wayfair, Wellington Management, and Wistia. “I am energized by the opportunity to continue innovating, strategizing, and strengthening this pivotal movement of social justice through economic empowerment,” Lott-Pollard said in a statement. “Our ultimate goal is to flood the tech industry with brilliant budding software engineers from BIPOC communities.” Lott-Pollard has been an operations consultant at Virtua Health System for the past eight years. David Delmar Sentíes, who had founded and led Resilient Coders since 2014, decided to step down in February. Delmar Sentíes will join Resilient Coders’ board of directors starting in January. “What this organization needs now is a builder,” he said in a statement. “Ayanna is that builder. This organization needs systems and processes in order to make what we do replicable. Ayanna’s already been working on that.” — AARON PRESSMAN



DraftKings’ stock falls on report of unauthorized withdrawals from customer accounts

DraftKings stock tumbled on Monday after Action Network reported several instances of unauthorized withdrawals from customer sports-betting accounts. Shares of the company fell as much as 11 percent, before closing down 5.05 percent. The Boston-based company went public in April of 2020 via a reverse merger with Diamond Eagle Acquisition Corp., a special purpose acquisition company, surging more than 300 percent that year. In 2021, the stock fell about 40 percent. The Action Network report mentions three customers having unexplained withdrawals from their DraftKings user accounts. A DraftKings representative acknowledged the situation on Monday morning but could not immediately comment to Action Network. An e-mailed request for comment from Bloomberg News made to DraftKings’s media relations was not immediately answered. — BLOOMBERG NEWS

Pedestrians outside Twitter headquarters in San Francisco, California, on Thursday, Oct. 6, 2022. David Paul Morris/Bloomberg


The layoffs continue at Twitter

Elon Musk laid off more Twitter workers from the sales side of the social network’s business beginning late on Sunday, further trimming a staff that had already been decimated by cuts and resignations. Last week, Musk asked workers to commit to his more “hardcore” version of the company or leave. Sales employees signed on to his vision in greater numbers than workers on the technical side, which saw mass resignations, according to people familiar with the matter. Musk is using the cuts to balance out the remaining staff, said the people, who asked not to be identified discussing internal decisions. Twitter’s sales organization held an all-hands meeting on Sunday with Musk and the new head of sales, Chris Riedy, two people said. Many employees showed up expecting some announcement about cuts, after Bloomberg reported Saturday that more were coming. Instead, Musk used the time to talk about ongoing updates, including his decision to reinstate the account of former president Donald Trump, one of the people said. Then the layoffs came with no corporate memo, they added. — BLOOMBERG NEWS



FTX owes more than $3 billion to creditors

The failed cryptocurrency exchange FTX owes more than $3 billion to its largest creditors, the company disclosed in a court filing over the weekend. The list of the top 50 unsecured claims against FTX gives the public a first glance into the amount of money Sam Bankman-Fried’s companies may owe his customers. The top claim was more than $226 million. The names, addresses, and other information about the claims were redacted by the court. Bahamas-based FTX filed for bankruptcy on Nov. 11 after the exchange acknowledged that it had used customer funds to cover bad bets by Bankman-Fried’s trading arm, Alameda Research. Since it went into bankruptcy, the lawyers tasked with sorting through the aftermath have described in court filings a company with little risk controls that would use company funds to pay for personal purchases of its employees. FTX’s lawyers will appear in bankruptcy court on Tuesday for the first hearings. — ASSOCIATED PRESS



Banks tightening credit

The Federal Reserve isn’t the only one tightening credit. Commercial banks are too. And that spells trouble for the US economy. The proportion of US banks tightening terms on loans for medium and large businesses and commercial real estate rose last quarter to levels usually seen during recessions, according to a Fed survey of lending officers released earlier this month. Lending standards for credit cards and other consumer loans also became more restrictive, as the Fed raised interest rates and the economic outlook darkened. — BLOOMBERG NEWS

A book published by Simon & Schuster is displayed on July 30, 2022, in Tigard, Ore. Jenny Kane/Associated Press


Deal abandoned to combine book publishing heavyweights

Paramount Global is letting a deal to sell its Simon & Schuster book publishing group to Bertelsmann die, according to a person familiar with the matter, after a judge blocked the $2.18 billion transaction. Paramount could have appealed the verdict, but by failing to do so it can now seek a sale to another buyer, perhaps one less likely to raise the concerns of regulators. Bertelsmann will pay Paramount a $200 million break-up fee as a result of the deal falling through. A federal district court ruled last month in favor of the Justice Department, which sued last year arguing the tie-up would give Penguin Random House — the largest US book publisher owned by Bertelsmann — too much leverage over author payouts. Simon & Schuster is the fourth largest book publisher, owned by Paramount Global. — BLOOMBERG NEWS


Carvana stock down on plummeting used-car prices

Online car dealer Carvana’s shares are careening toward an all-time low as investors grow more concerned about the continuing decline in used-vehicle prices. The price of the company’s stock fell more than 12 percent Monday. Carvana, which was once touted as a disruptor in the used-car dealer industry for its online sales, has seen recession-wary investors flee this year from risky and expensive growth stocks. Carvana’s shares have plummeted 97 percent so far this year as potential buyers grapple with higher interest rates and stubborn inflation. — BLOOMBERG NEWS