TAXES
Chamber and CPAs are backing a series of tax reforms
The Greater Boston Chamber of Commerce and the Massachusetts Society of CPAs have begun lobbying for a series of tax reforms on Beacon Hill, following the passage of the so-called millionaires tax and the Legislature’s failure to adopt a tax-reform package last year. The two business groups disclosed the suite of tax reforms that they are pushing on Wednesday. They include a proposal to mitigate the voter-approved millionaires tax (a 4-percentage point surcharge on top of existing taxes for any earnings above $1 million) by exempting “onetime millionaires” — people whose earnings jump above $1 million in one year because of the sale of a home or business. The chamber/CPA proposal would do this by exempting these sales from the state’s long-term capital gains tax and therefore exempting them from the new surcharge. The groups’ proposal would also raise the minimum threshold for the estate tax, so it would kick in for estates valued at $5 million instead of $1 million; currently only one other state, Oregon, has such a low threshold. Those are just two of the changes that were suggested to Governor Maura Healey and legislative leaders last week. “The business community at large is really concerned about the competitiveness of Massachusetts, both from a business perspective and a talent retention and attraction perspective,” said Jim Rooney, the chamber’s chief executive. “Boston and Massachusetts are competing nationally and globally, and others are playing a much more aggressive game.” — JON CHESTO
WIND POWER
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Mayflower Wind changes its name
Mayflower Wind has a new name: The wind-farm developer announced on Wednesday that it would now go by the name of SouthCoast Wind Energy LLC. The joint venture, co-owned by Shell and Ocean Winds North America, said the name change is aimed at better reflecting its commitment to the South Coast region. SouthCoast Wind currently employs more than 80 people and has offices in Boston and Fall River. The joint venture has long-term contracts with Massachusetts utilities to develop an offshore wind farm south of Martha’s Vineyard that could generate 1,200 megawatts, or enough power for nearly 750,000 homes. The developer plans to connect the wind farm to the region’s grid through a former power plant site in Somerset, after making landfall in Portsmouth, R.I., and is also working on plans for a second grid connection in Falmouth, although both transmission projects face local resistance. — JON CHESTO
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CYBERSECURITY
Rapid7 stock jumps on report of possible sale
Boston-based Rapid7′s stock surged on Wednesday after a report that the cybersecurity firm could be acquired. The news comes after Rapid7 disappointed investors last year with slowing sales growth. Even with Wednesday’s jump — up 31 percent on the day — Rapid7′s stock price is down 46 percent over the past year. Reuters reported on Wednesday that Rapid7 had hired investment bank Goldman Sachs after receiving potential acquisition interest. The company declined to comment. Rapid7 was founded in 2000 and went public in 2015. Under chief executive Corey Thomas, Rapid7 itself has been an active acquirer, including paying $335 million for threat intelligence firm IntSights in 2021. In January, Rapid7 hired Twitter whistle-blower and security expert Peiter “Mudge” Zatko as an executive in residence.— AARON PRESSMAN
EXERCISE EQUIPMENT
Peloton is back from the brink, CEO says
Peloton reported improved cash flow and a narrower net loss in the latest quarter, leading chief executive Barry McCarthy to say that questions about the viability of the business have been ‘’put to bed.’’ Though sales continue to slide at the fitness company, it remains on track to generate positive cash flow by the end of the fiscal year in June, Peloton said Wednesday. Its revenue forecast for the current period, the fiscal third quarter, also came in ahead of analysts’ estimates. Investors have grown more bullish on the company in recent weeks, betting it can get back on course after a dramatic rise and fall during the pandemic. — BLOOMBERG NEWS
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WIRELESS
T-Mobile beats profit expectations
T-Mobile exceeded Wall Street profit estimates and forecast 75 percent growth in free cash flow for 2023, sending a clear signal that its Sprint merger integration and 5G network lead are paying off. Coming off its highest mobile-phone customer gains in 2022, the second-largest US wireless carrier plans to add 5 million to 5.5 million new subscribers this year. — BLOOMBERG NEWS
SOCIAL MEDIA
Top EU official tells Musk to get Twitter ready for law targeting hate speech, misinformation
A top European Union official told Elon Musk that Twitter needs to make progress in preparing for a new law aimed at curbing hate speech, misinformation, and other harmful content, adding pressure on the company to ensure it complies. EU Commissioner Thierry Breton and Musk held a video call on Tuesday to assess Twitter’s readiness for Europe’s new rules, known as the Digital Services Act, that are set to take effect later this year. Breton, who oversees the EU’s digital policy, told Musk that he’s “vigilant” about the resources and tools that Twitter is devoting to tackle trust and safety issues across the 27-nation bloc, including in all its languages, according to a readout of the meeting. — ASSOCIATED PRESS
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SHIPPING
FedEx to cut more than 10 percent of management jobs
FedEx Corp. is cutting its global management jobs by more than 10 percent to become a “more efficient, agile organization,” chief executive Raj Subramaniam said in a memo to employees. Besides the reduction of officers and directors, FedEx plans to consolidate some teams and functions, according to the Feb. 1 message entitled, “Organizational Changes.” The changes will align the size of the network with customer demand, it said. — BLOOMBERG NEWS
INTERNATIONAL
UK high court sides with Tate Modern neighbors who feel spied on
The UK Supreme Court says people who live in glass houses have a right to privacy too. The court ruled Wednesday that a viewing platform at London’s Tate Modern art gallery made residents of glass-walled luxury apartments next door feel like animals in a zoo, and impeded “the ordinary use and enjoyment” of their homes. The justices overturned earlier lower court rulings that sided with Tate Modern in the long-running privacy battle between the gallery — one of London’s biggest tourist attractions — and residents of four apartments in the neighboring Neo Bankside complex. Justice George Leggatt said that the platform was visited by hundreds of thousands of people a year, who “frequently take photographs of the interiors of the flats and sometimes post them on social media.” — ASSOCIATED PRESS
BEER
German sales rebounded in 2022
German beer sales rose in 2022 after COVID-19 restrictions weighed on brewers in the previous two years, but the long-term trend remains down and the World Cup soccer tournament in Qatar didn’t get the taps flowing, according to official figures released Wednesday. The Federal Statistical Office said that German-based breweries and distributors sold about 2.3 billion gallons of beer last year, a 2.7 percent increase compared with 2021. Beer sales inside Germany — more than four-fifths of the total — were up 4 percent to 1.9 billion gallons. But that was still 5 percent lower than in 2019, the last year before the pandemic. — ASSOCIATED PRESS
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