Massport obtains the first sea route to Vietnam

FINANCE

NH Company to Pay $1.5M in Fee Structure Penalties

A venture capital firm in Manchester, NH, has agreed to pay about $1.5 million in penalties to the Securities and Exchange Commission and the office of Secretary of State Bill Galvin to resolve investigations into the company’s concerns that misled investors about its fee structure for the funds it manages. Alumni Ventures Group reached agreements last week to pay Galvin’s securities office $750,000 and the SEC $700,000, while AV founder Michael Collins agreed to pay an additional $100,000 to the SEC. Rather than spreading the company’s 2% annual management fee over the fund’s 10-year life, as some investors had been led to believe, the company was pricing an up-front management fee of 20%. AV also agreed to repay $4.7 million to the affected funds, which is essentially equivalent to the interest AV would have paid if he had borrowed the money from the funds during that period. AV said it clarified its marketing materials two years ago when contacted by regulators, and is happy “to reach that final resolution, add clarity, and move on.” before by supporting more big startups”. — JON CHESTO

UKRAINE

Iconic US companies pull out of Russia

McDonald’s, Starbucks, Coca-Cola and General Electric – ubiquitous global brands and symbols of American corporate power – all announced on Tuesday that they were temporarily suspending operations in Russia in response to the country’s invasion of Ukraine. “Our values ​​mean we cannot ignore the needless human suffering taking place in Ukraine,” McDonald’s President and CEO Chris Kempczinski said in an open letter to employees. The Chicago-based burger giant said it will temporarily close 850 stores but continue to pay its 62,000 employees in Russia “who have invested their hearts and souls in our McDonald’s brand.” Last Friday, Starbucks said it was donating profits from its 130 Russian stores – owned and operated by Kuwait-based franchisee Alshaya Group – to humanitarian relief efforts in Ukraine. But on Tuesday, the company changed course and announced it would temporarily close those stores. The Alshaya Group will continue to pay Starbucks’ 2,000 Russian employees, Starbucks Chairman and CEO Kevin Johnson said in an open letter to employees. Coca-Cola Co. announced it was suspending operations in Russia, but provided few details. General Electric also said in a Twitter post that it was suspending operations in Russia. GE said two exceptions would be essential medical equipment and support for existing food services in Russia. — ASSOCIATED PRESS

WIRELESS

Apple’s new budget iPhone will cost more

Apple on Tuesday unveiled a new version of its affordable iPhone capable of connecting to superfast 5G wireless networks, an upgrade that has already been available on the company’s high-end models for more than a year. The latest iPhone SE marks the first upgrade to the streamlined version of Apple’s most popular product in nearly two years. In the latest sign of inflationary pressures that have rocked the economy, the new iPhone SE will sell for $429 – an 8% increase from the $399 price for the last version that rolled out nearly two years ago. years at the start of the pandemic. The new iPhone SE will be available in stores on March 18. — ASSOCIATED PRESS

AVIATION

Breeze Airways adds flights to TF Green

Breeze Airways has added five new nonstop flights from Rhode Island TF Green International Airport, including the airport’s first flight to the West Coast, airline and state officials said Tuesday. The budget airline’s twice-weekly flights to Columbus, Ohio; Jacksonville, Florida; Savannah, Georgia; Richmond, Virginia; and Los Angeles are scheduled to begin in May and June. Breeze Airways already offers nonstop service to Pittsburgh: Charleston, SC; and Norfolk, Virginia of Green. — ASSOCIATED PRESS

ENTERTAINMENT

Amazon will offer a live audio app

Amazon is launching a live audio app designed to reinvent radio by letting people DJ, play songs and chat with listeners. Amp, as the application is called, will be available from Tuesday on the Apple App Store. Users will be able to access a music catalog that includes “tens of millions” of songs from Universal Music Group, Sony Music Entertainment, Warner Music Group and independent labels, Amazon said in a statement. The app, which is still in beta, will initially be invite-only and will require an access code, which Amazon will give out via a waitlist, on its social media channels and in a newsletter. — BLOOMBERG NEWS

CYBER-SECURITY

Google buys Mandiant for $5.4 billion

Google on Tuesday announced one of its biggest acquisitions, paying about $5.4 billion for cybersecurity firm Mandiant, a service provider that helps businesses prepare for and respond to cyberattacks. By adding more cybersecurity services, Google is trying to differentiate its cloud computing business from that of Amazon and Microsoft. Rival companies have taken a larger share of the cloud market for leasing servers, computing power and internet services to other companies. According to Dan Ives, analyst at Wedbush Securities. – NEW YORK TIMES

MORTGAGES

Better.com to lay off workers as lending slows

Better.com, the mortgage company, plans to lay off more than a third of its staff this week, the company said on Tuesday, a move that comes three months after its chief executive, Vishal Garg, sparked an uproar in laying off more than 900 employees on a Zoom call. The company, which is backed by SoftBank and has just over 9,000 employees in the United States and India, has been hiring aggressively during the pandemic, quadrupling in size, at a time when mortgage rates were low and the market expanding online lending. – NEW YORK TIMES

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