Prosecutors file Boeing’s plea deal to resolve felony fraud charge tied to 737 Max crashes - The Boston Globe (2024)

LEADERSHIP

Connors funeral set for July 30

A funeral for Jack Connors, the longtime Boston philanthropist and power broker who died Tuesday, will be held Tuesday next week, according to a statement by Boston College, his alma mater. The Mass will be celebrated at 10 a.m. at St. Ignatius of Loyola Church in Chestnut Hill, with a reception immediately afterwards. Visiting hours will be held from 3-8 p.m. on Monday. Connors died of cancer in his Brookline home yesterday. He was 82. The advertising executive became a legend in Boston thanks to his extensive philanthropic work, which touched everything from Boston College to Camp Harborview, a program for disadvantaged youth. Connors was also instrumental in the health care merger that created Mass General Brigham. The news of his passing elicited tributes and admiration from dozens of organizations and public figures in Massachusetts, including Governor Maura Healey, Cardinal Seán O’Malley, and former Boston mayor Marty Walsh. — CAMILO FONSECA

INVESTING

Crypto holders get long-awaited repayment

Mt. Gox creditors are receiving a portion of the roughly $8 billion worth of cryptocurrency they’ve been owed since a hack drove the Tokyo-based exchange into bankruptcy a decade ago. Kraken has distributed bitcoin and bitcoin cash from the Mt. Gox estate, according to a post on the X social media platform from the San Francisco-based exchange’s chief executive. A Kraken spokesperson confirmed the distribution and declined to comment on the specific amount. Bitstamp, another exchange that is working with the trustee Nobuaki Kobayashi, said in a statement Wednesday that it is starting to return bitcoin, bitcoin cash and ether tokens. Recipients will have full control of the assets within a week, the exchange said without providing a specific amount. The long-anticipated distribution of the billions in bitcoin from what was once one of the largest crypto exchange has weighed on the digital-asset market for weeks, raising concern that creditors would look to unload the tokens and overwhelm demand. The trustee notified creditors of the pending repayment while Germany was selling bitcoin that regulators had seized. — BLOOMBERG NEWS

TRADE

Mexico president says Trump bluffing on auto imports

Donald Trump’s threat to ban Mexican-made cars is a bluff that “isn’t serious,” according to the nation’s President Andres Manuel Lopez Obrador. Trump’s proposal won’t happen, since such a move would significantly raise prices for US drivers, Lopez Obrador told reporters. “A car imported from Mexico represents savings to a US buyer of between $10,000 and $15,000,” he said Wednesday during his daily press conference. Lopez Obrador said he’s not too concerned about comments made by Trump in the heat of an election campaign, since when he was in office he had supported the North American free trade agreement, known as USMCA. The president made his remarks in response to a question about Tesla Inc.’s decision to halt investment in its planned factory in northern Mexico until after the US election. The company cited political risk from Trump’s proposal to raise tariffs on Mexican-made goods. — BLOOMBERG NEWS

BANKING

Past-due credit card balances highest since 2012

The share of credit card balances past due reached a series high in Federal Reserve Bank of Philadelphia data back to 2012, adding to a variety of figures indicating emerging fissures in the US economy. Some 2.6 percent of credit card balances were 60 days past due in the first quarter, according to data published Wednesday. That’s up from a low of 1.1 percent reached in 2021, when consumers were bolstered by pandemic-era support programs. The share of credit card balances 30 days and 90 days past due also climbed in the first three months of the year to the highest levels in data back to 2012. Economists have been watching measures of consumer finances for signs of stress as the Fed keeps interest rates elevated in order to bring down inflation. Americans have now burned through the excess savings accumulated during the pandemic, a worrying sign that consumers — especially lower-income ones — may not be able to keep weathering high rates. The Philadelphia Fed’s credit-card series is based on data gathered from the country’s largest financial institutions. The report also showed that mortgage originations were at their lowest level since the Philadelphia Fed started publishing the data, as the high cost of housing and elevated mortgage rates damped consumer appetite. — BLOOMBERG NEWS

FINANCE

US warns startups on foreign investors

The United States is warning homegrown tech startups and venture capital firms that some foreign investments may be fronts for hostile nations seeking data and technology for their governments or to undermine American businesses. Several US intelligence agencies are spotlighting the concern in a joint bulletin Wednesday to small businesses, trade associations, and others associated with the venture capital community, according to the National Counterintelligence and Security Center. “Unfortunately our adversaries continue to exploit early-stage investments in US startups to take their sensitive data,” said Michael Casey, director of the NCSC. “These actions threaten US economic and national security and can directly lead to the failure of these companies.” Washington has ramped up scrutiny of investments related to countries it considers adversaries, most notably China, as advanced technologies with breakthrough commercial potential, such as artificial intelligence, can also be used to enhance military or espionage capabilities. — BLOOMBERG NEWS