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Life sciences real estate investor buys Fenway lab and medical office building

A newly formed, deep-pocketed life science real estate investor is doubling down on The Fenway. IQHQ, a San Diego-based firm that just raised $770 million to invest in lab and life science buildings, said Wednesday that it bought 109 Brookline Ave., a 285,000-square-foot lab and medical office building near Fenway Park, from Equity Commonwealth. Equity, in a separate release, said IQHQ paid $270 million. That price, nearly $1,000 per square foot, is akin to prices paid recently for new buildings in the Seaport and Kendall Square and highlights the growing attractiveness of The Fenway, with its proximity to Longwood Medical Center, as a life science hub. It’s IQHQ’s second deal in the neighborhood. The firm recently signed on as investors in the long-awaited second phase of Fenway Center, which would put a 20-story tower atop the Massachusetts Turnpike. That project, which developer John Rosenthal hopes will start work this year, is being repurposed to remove housing and add office and lab space, another sign of booming demand from life science companies in the neighborhood. — TIM LOGAN


BP pledges to eliminate or offset all carbon emissions by 2050

Energy company BP said Wednesday it aims to eliminate or offset all carbon emissions from its operations and the oil and gas its produces by 2050, becoming the latest major company in the industry to set out its ambitions to combat climate change. To achieve the goal, London-based BP PLC said it would reorganize operations to make sure the company is focused on achieving its carbon-cutting goals while also ensuring it continues to meet shareholder demands. — ASSOCIATED PRESS



CVS Caremark HAS A new leader

CVS Health swung to a fourth-quarter profit and is starting the new year with a management shakeup for its largest business. The company’s CVS Caremark pharmacy benefit management segment will now be run by Dr. Alan Lotvin, a corporate executive vice president. CVS Health said Wednesday that he will replace Derica Rice as president. Rice, a former top executive with drugmaker Eli Lilly and Co., will leave at the end of the month. The Caremark business runs prescription drug plans for employers, insurers and other large clients. It pulled in more than $141 billion in revenue last year. — ASSOCIATED PRESS



Bed Bath & Beyond stock plummets

Bed Bath & Beyond Inc.’s new chief executive officer has his work cut out for him, and it appears even more challenging than expected, analysts say. The company may be “too far gone for a turnaround to ultimately succeed,” Loop Capital’s Anthony Chukumba said Wednesday, after the home goods retailer’s holiday sales decline and shrinking gross margin sent shares plunged nearly 21 percent on Wednesday, their biggest intraday decline since May 2010. — BLOOMBERG NEWS


Nissan sues former chairman Ghosn for $90 million

Nissan Motors filed a lawsuit in Japan on Wednesday seeking $90 million from its former chairman, Carlos Ghosn, who fled the country before his trial on charges of financial wrongdoing. The automaker says 10 billion yen, or $90 million, would cover the monetary damages it says Ghosn inflicted on the company through misconduct and fraud. Nissan said that it expected that amount to increase as it seeks to recover the fines paid to the Japanese Financial Services Agency and other penalties linked to Ghosn’s alleged misconduct. Ghosn has denied any wrongdoing. In an e-mailed statement, a spokesman said, “Nissan’s maneuvers continue,” noting that the lawsuit was made public one day before the automaker was scheduled to release its earnings report. — NEW YORK TIMES



Low rates spur rash of refinancing

Falling mortgage rates are spurring a surge in homeowners seeking to refinance their loans to lock in lower payments. A gauge of mortgage refinancing volume rose 5 percent last week, to the highest level since June 2013, according to a Mortgage Bankers Association report Wednesday. The report also showed such transactions accounted for 65.5 percent of all applications, the most in almost five years. — BLOOMBERG NEWS


7-Eleven may be in interested in buying Speedway

Marathon Petroleum Corp.’s Speedway gas-station division has drawn interest from potential buyers, including the owner of convenience-store chain 7-Eleven as well as TDR Capital, people familiar with the matter said. Seven & i Holdings Co., the Japanese company that controls 7-Eleven, is working with advisers as it considers a takeover of Speedway, according to the people. Any acquisition of Speedway could value the business at more than $20 billion, the people said, asking not to be identified because the information is private. — BLOOMBERG NEWS


Bank of America focusing on employee benefits

Bank of America Corp. is seeking to become a one-stop shop for employee benefits. The lender is uniting its offerings for employers — including retirement, health care savings, equity, and deferred-compensation plans — alongside its traditional banking and investing services. It’s also on a path to hire about 150 specialists in employee benefits across the US for its combined Financial Life Benefits services. — BLOOMBERG NEWS


Trade war takes a toll on overseas sales of US whiskey

President Trump’s trade war dampened the overseas market for American-made whiskey last year, diminishing exports even as the domestic market continues to thrive. Overall exports of bourbon, Tennessee whiskey, and rye whiskey tumbled amid a trade war-induced decline in exports to key European markets. At home, US sales posted solid gains, especially for pricier premium brands, the Distilled Spirits Council reported Wednesday. — ASSOCIATED PRESS



Ford recalling more than 240,000 cars and SUVs over suspension part

Ford is recalling over 240,000 SUVs and cars worldwide because a suspension part can fracture and increase the risk of a crash. The recall covers the Ford Flex, Taurus police car, Taurus SHO, and Lincoln MKT from the 2013 through 2018 model years. Most of the recalled vehicles are in North America. Ford says if the suspension moves a lot on the vehicles, the rear toe links can fracture. Toe links help keep the rear suspension stable and the tires on the pavement. — ASSOCIATED PRESS