Steven Wright named senior vice president, general counsel of Boston Fed


Steven Wright named senior vice president of Boston Fed

The Federal Reserve Bank of Boston named Steven Wright, the executive partner overseeing management of Holland & Knight’s Boston office, as senior vice president and general counsel. Wright succeeds Cynthia Conley, who retired in December after a nearly 40-year career at the Fed. Wright earned his law degree from Boston College Law School and a bachelor’s degree in business administration from East Carolina University. Prior to joining Holland & Knight in 1999, he served in the offices of the mayor of the City of New York, the New York City public advocate, and the Massachusetts attorney general. — GLOBE STAFF


Como Audio seeking to raise $3m via crowdfunding

Como Audio, the smart-speaker company founded by industry veteran Tom DeVesto, is seeking to raise $3 million through a crowdfunding investment, offering people the chance to buy a stake in the company for as little as $300 via wefunder.com. The Boston company has raised nearly $5 million from investors and puts its pre-deal valuation at $10 million. DeVesto, who has done two previous Kickstarter campaigns for Como, founded Cambridge SoundWorks in 1988 and Tivoli Audio in 2000. — GLOBE STAFF


McDonald’s buying tech company in digital push

McDonald’s, in its largest acquisition in 20 years, is buying a decision-logic technology company to better personalize menus in its digital push. The world’s biggest restaurant chain is spending more than $300 million on Dynamic Yield, according to a person familiar with the matter. With the new technology, McDonald’s restaurants can vary their electronic menu boards’ display of items, depending on factors such as the weather — more coffee on cold days and McFlurries on hot days, for example — and the time of day or regional preferences. — BLOOMBERG NEWS



Aldeyra Therapeutics’ stock soars on clinical trial results

They’re not seeing red at Aldeyra Therapeutics. The small Lexington biotech had a big day Tuesday, as its stock closed nearly 36 percent higher on the news that its first treatment for eye allergies had succeed in a late-stage clinical trial. The topical solution, reproxalap, is intended for patients with allergic conjunctivitis who struggle to find relief for itchy red eyes with other ointments. The stock closed at $9.71 a share on the Nasdaq exchange. Dr. Todd Brady, chief executive of Aldeyra, said he was “thrilled to announce positive results” from the late-stage trial. The company plans to meet with regulators from the Food and Drug Administration in the second half of the year to discuss applying for approval of the medicine. Aldeyra was founded in 2004 and went public a decade later. The biotech, which has 20 employees, is working on medicines to treat problems with the body’s immune response. — JONATHAN SALTZMAN



Harvard to put about $150m into private equity fund

Harvard University is helping to anchor one of the biggest private equity fund launches in the United States in almost a decade. Harvard Management Co., which oversees the university’s $39 billion endowment, allocated about $150 million to Arcline Investment Management’s debut buyout fund, according to a person with knowledge of the matter, who asked not to be identified because the information wasn’t public. Arcline in September spun out of Golden Gate Capital, a San Francisco-based buyout firm managing more than $15 billion for investors including Princeton University. The new firm is led by Rajeev Amara, a former managing director who was with Golden Gate for 18 years and oversaw acquisitions of industrial companies like specialty lab equipment maker Cole-Parmer in 2017. — BLOOMBERG NEWS



Home prices rise at slowest pace in more than six years

US home prices rose at their slowest pace in more than six years in January, as higher mortgage rates last year weighed on sales. The S&P CoreLogic Case-Shiller 20-city home price index increased 3.6 percent in January from a year earlier. That’s down from a 4.1 percent pace the previous month. — ASSOCIATED PRESS


some iPhone imports may be banned

A trade court judge will recommend banning some iPhones from being imported into the United States after concluding Apple’s best-selling device infringed on technology owned by mobile chip maker Qualcomm. The US Trade International Trade Commission decision is the latest twist in a bitter legal dispute between Qualcomm and Apple over the rights to some of the technology that enables the iPhone to connect to the Internet. McNamara’s recommendation still must be weighed by the full trade commission. — ASSOCIATED PRESS


New Hampshire company recalling sausage products

A New Hampshire food company is recalling over 2,600 pounds of ready-to-eat sausage products that could contain metal. The US Department of Agriculture announced the recall Saturday for North Country Smokehouse, of Claremont. The recall includes: 1-pound vacuum-packed packages of ‘‘old-fashioned Polish-style kielbasa’’ with a use-by date of May 9; 12-ounce vacuum-packed packages containing ‘‘natural old-fashioned Polish-style kielbasa’’ with a use-by date of April 23; and 1-pbound vacuum-packed packages containing ‘‘Kilchurn Estate Smoked Kielbasa’’ with a use-by date of May 9. The products subject to recall bear the code ‘‘EST. 5390A’’ inside the USDA mark of inspection. — ASSOCIATED PRESS


Average bonus falls $30k but is still over $150k

New York state’s comptroller says the average bonus paid to Wall Street security industry employees dipped by more than $30,000, despite an 11 percent increase in securities industry profits in 2018. Comptroller Thomas DiNapoli’s annual estimate of the average bonus paid to security industry employees was released on Tuesday. The Democrat’s report says the average bonus fell 17 percent, from $184,400 in 2017 to $153,700 last year.



Home building down in February

The number of homes under construction fell 8.7 percent in February, as groundbreakings for single-family houses plunged to their lowest level in nearly two years. The Commerce Department said that builders started construction at a seasonally adjusted annual rate of 1.16 million units last month, down from a 1.27 million pace in January. The setback stems from a 17 percent drop in the building of single-family houses, which posted the weakest pace since May 2017. — ASSOCIATED PRESS


Uber buys Mideast company for $3.1b

Ride-hailing service Uber announced on Tuesday it has acquired Mideast competitor Careem for $3.1 billion, giving the San Francisco-based firm the commanding edge in a region with a large, young, tech-savvy population. Uber said the purchase consists of $1.7 billion in convertible notes and $1.4 billion in cash. It marks the largest technology transaction in the Middle East — outside of Israel — and propels the Dubai-based firm to legendary status among the region’s budding tech startup scene. — ASSOCIATED PRESSS


Proposed legislation in New York would ban robocalls

Robocalls would be effectively banned in the state of New York under legislation proposed by lawmakers who say the irritating, relentless calls are a top complaint from constituents. The measure, which passed a Senate committee Tuesday, would prohibit telemarketers from using automatic dialing technology to contact a New Yorker for commercial purposes if they don’t have the person’s prior consent. Companies that violate the rule could face fines of up to $2,000 per call. Additionally, telephone companies would be required to offer free services to consumers allowing them to prescreen and block robocalls.