Workers’ compensation rates to fall

Rates for workers’ compensation insurance will decrease by nearly 13 percent beginning July 1, as a result of an agreement between Attorney General Maura Healey and an organization representing insurers. The reduction in rates is expected to result in $150 million in statewide savings for businesses, Healey’s office said, in announcing the deal with the State Rating Bureau and the Workers’ Compensation Rating and Inspection Bureau. Insurers had originally requested an 11.1 percent reduction in rates, but agreed to the higher discount after negotiations with state officials. Mass. businesses are required by law to provide coverage for workers who were injured on the job, with rates set every two years by the Division of Insurance. — MARGEAUX SIPPELL



Citigroup limits gun sales by its business customers

Citigroup is putting new restrictions on firearm sales by its business customers, making it the first bank to announce changes to its policies in the wake of the school shooting in Florida. Citigroup will require its clients and business customers not to sell a firearm to anyone who hasn’t passed a background check or anyone under the age of 21. They also will not allow customers to sell what are known as bump stocks and high-capacity magazines. The restrictions apply to Citi clients with credit cards backed by Citigroup or who bank with the company, be it traditional banking services or activities like raising capital. Citi will also review any banking relationships it might have with gun manufacturers, the bank said Thursday. — ASSOCIATED PRESS


Steve Wynn sells remaining shares in Wynn Resorts

Steve Wynn has sold his remaining 8 million shares in Wynn Resorts Ltd., swiftly eliminating one of his last ties to the casino company he founded. Separately, Wynn Resorts sold 5.3 million newly issued shares of common stock to Galaxy Entertainment Group. Ltd., giving the competing Macau casino operator an estimated 5 percent stake in the company, according to a statement Thursday. The twin moves hint at the future of Wynn Resorts, post-Steve Wynn, who stepped down in February following allegations of sexual misconduct. The Las Vegas-based company is under investigation by casino regulators in Nevada, Macau, and Massachusetts. The sale of new shares to Galaxy, one of only six casino license-holders in Macau, positions that company as a potential suitor if Wynn Resorts were up for sale. The new shares were sold at $175 each, Wynn Resorts said, for a total of about $927.5 million. The company plans to use the proceeds to repay an $800 million loan it took out to settle a longstanding feud with Universal Entertainment, one of its original investors. Steve Wynn sold his remaining shares to two institutional investors who already hold Wynn Resorts stock, a spokesman said. His shares also went for $175 each, or $1.4 billion. The transaction followed the earlier sale of 4.1 million shares, also announced Thursday. Under new CEO Matt Maddox, several long-serving members of Wynn Resorts’ board have left the company. — BLOOMBERG NEWS



UK central bank mulls spring rate hike

The Bank of England is open to an interest rate hike in May to keep a lid on inflation pressures stemming from rising wages rather than from a Brexit-related fall in the pound. While maintaining its benchmark rate at 0.5 percent Thursday, the bank said rate increases are likely this year. Despite resisting an immediate hike Thursday, a majority in the BOE rate committee is ready to back another interest rate increase soon, minutes from the meeting indicated. As in February, the minutes showed that the ‘‘best collective judgment’’ of the rate-setting panel was that ‘‘an ongoing tightening of monetary policy over the forecast period would be appropriate to return inflation sustainably to its target at a more conventional horizon.’’ Rate-setters also said future increases were likely to be ‘‘gradual’’ and ‘‘limited.’’ —ASSOCIATED PRESS



Mortgage rates are on the rise

With another modest increase, the average rate for a 30-year fixed-rate mortgage came in at 4.45 percent, Freddie Mac said, while the average for a 15-year fixed-rate loan ticked up to 3.91 percent. As expected, the Federal Reserve increased its benchmark rate Wednesday, raising it to 1.75 percent, the highest in a decade. The central bank doesn’t set mortgage rates, but its decisions influence them, and the Fed’s confidence in the US economy is driving bond yields higher. When yields go up, home loan rates tend to follow. ‘‘In light of the Fed decision, buyers should start developing contingency plans for higher mortgage rates,’’ said Danielle Hale, chief economist for Realtor.com. — WASHINGTON POST


Olive Garden drops popular ‘Buy One, Take One’ deal

Olive Garden is dropping its popular ‘‘Buy One, Take One’’ offer this quarter, a sign that restaurant chains are willing to sacrifice some customer traffic in order to wean themselves off promotions. The company is pursuing an everyday value strategy, meaning it wants customers to feel like they’re getting a good deal on their food without a special offer, according to the Italian-food chain’s parent, Darden Restaurants Inc. The Buy One promotion had let customers order one meal to eat at the table and then receive a second one for later at home. ‘‘It may have a short-term impact on traffic,’’ Darden chief executive Gene Lee said on a conference call Thursday. But he expressed confidence that the chain could absorb the hit. ‘‘I'm encouraged by Olive Garden’s momentum,’’ he said. The move is a gamble for a business that posted disappointing results last quarter. Both Olive Garden and LongHorn Steakhouse, Darden’s two biggest brands, posted smaller comparable-sales increases than analysts predicted. — BLOOMBERG NEWS



Weather Channel acquired by comedian

Comedian and producer Byron Allen acquired the Weather Channel TV network as he looks to expand his film and TV production company into a major media business. Allen’s Entertainment Studios Inc. bought the network from Blackstone Group, Bain Capital, and Comcast Corp., according to a statement Thursday. The price was approximately $300 million, according to a person familiar with the terms who wasn’t authorized to speak publicly and asked not to be identified. Allen’s company produces and syndicates TV shows and has released films. The Comcast-Blackstone-Bain-led group had purchased the Weather Channel in 2008 for about $3.5 billion. — BLOOMBERG NEWS


China solar company closer to building plant in Florida

The largest publicly traded Chinese solar manufacturer is close to winning an incentive package for the first US panel plant since President Trump slapped tariffs on photovoltaic imports. JinkoSolar Holding Co. has already signed a lease in Jacksonville, Fla., and the city may vote as soon as Tuesday on a proposed incentive package, according to Nigel Cockroft, the manufacturer’s general manager for the United States and Canada. State regulators may issue consent within two weeks following city approval. The incentives includes a $3.2 million “Recapture Enhanced Value” grant, according to the city proposal. A US manufacturing site would ease the pain from US tariffs on solar imports. Trump in January approved duties of as much as 30 percent on solar equipment made outside the United States. JinkoSolar expects to invest about $50 million in the Jacksonville facility. JinkoSolar’s Jacksonville plant is expected to employ at least 200 workers. The company has about 35 employees in the United States. — BLOOMBERG NEWS



Video said to show failure of Uber’s tech in fatal crash

The pedestrian killed Sunday by a self-driving Uber Technologies Inc. SUV in Arizona had crossed at least one open lane of road before being hit, according to a video of the crash that brings fresh scrutiny to the ride-hailing company’s autonomous vehicle technology. Experts who reviewed video of the crash released by the Tempe Police Department on Wednesday say Uber’s self-driving sensors should have detected 49-year-old Elaine Herzberg as she walked a bicycle across the open road at 10 p.m., despite the dark conditions. Bryant Walker Smith, a University of South Carolina law professor who studies self-driving cars, said the video doesn’t fully explain the incident but “strongly suggests a failure by Uber’s automated driving system and a lack of due care by Uber’s driver (as well as by the victim).” — BLOOMBERG NEWS