News

BV Investment Partners raises $750m for latest fund





PRIVATE EQUITY

BV Investment Partners raises $750m for latest fund

BV Investment Partners, a Boston private equity firm, said it has raised $750 million for its latest fund. The firm’s Fund IX will invest in mid-size deals in business services and IT services. Its investors include global foundations, pension plans, family offices, and individuals, the firm said Monday. BV’s last fund raised $487 million in assets in 2014. The firm has invested $2.9 billion in 88 deals since its founding in 1983. — BETH HEALY

NON-PROFITS

Greater Boston chapter of SCORE named chapter of year

The Small Business Administration named the Greater Boston chapter of Service Corps of Retired Executives (SCORE) the national SCORE chapter of the year for 2017. SCORE is a national nonprofit association that offers free mentorship and educational opportunities for small businesses. Boston’s SCORE chapter counsels businesses in 15 locations in and around the city. The 70-member group will be honored in Washington, D.C., on April 30 during National Small Business Week. — SHELBY GREBBIN

AUTOMOBILES

Tesla’s value surpasses GM

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Elon Musk’s Tesla Inc. surpassed General Motors Co. to become America’s most valuable carmaker, eclipsing a company whose well-being was once viewed as interdependent with the nation’s. A week after topping Ford Motor Co., Tesla climbed 3.3 percent Monday, lifting its market capitalization to $50.9 billion. The electric car maker ended the day valued at about $64 million more than GM. Musk’s company is now within $1 billion of Honda Motor Co. and cracking the top-five automakers worldwide. The turnabout shows the extent to which investors have bought into Musk’s vision that electric vehicles will eventually rule the road. While GM has beat Tesla to market with a plug-in Chevrolet Bolt with a price and range similar to what Musk has promised for his Model 3 sedan coming later this year, the more than century-old company has failed to match the enthusiasm drummed up by its much smaller and rarely profitable US peer. — BLOOMBERG NEWS

GASOLINE

Prices up 5 cents in the past week

Massachusetts gas prices have jumped a nickel per gallon in the past week. AAA Northeast reported Monday that its weekly survey found self-serve regular selling for an average of $2.24 per gallon, 5 cents more than a week earlier. The in-state price is still 15 cents lower than the national average, but 24 cents higher than the Massachusetts price was a year ago. — ASSOCIATED PRESS

REGULATION

FCC wants to maintain ban on in-flight cellphone calls

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Federal regulators aim to maintain the ban on in-flight cellular calls. The Federal Communications Commission is looking to kill an effort it started in 2013 to give airlines the option of installing on-board cellular equipment for calls and other services. FCC chairman Ajit Pai appears to have enough votes to ax that plan, which he considers ill-conceived. Pei said that keeping the cellular ban ‘‘will be a victory for Americans across the country who, like me, value a moment of quiet at 30,000 feet.’’ Though telecom industry groups have supported lifting the ban, polls have shown that many passengers, particularly frequent fliers, oppose allowing cellphone calls by passengers. The move wouldn’t affect current rules that let passengers use their gadgets during flights, though with cellular connections turned off. — ASSOCIATED PRESS

AUTOMOBILES

Toyota to upgrade plant in Kentucky

In the latest move by a major automaker to enhance its US manufacturing operations, Toyota said Monday that it would invest more than $1.3 billion to upgrade its assembly plant in Kentucky. The announcement follows a push by President Trump for auto companies to expand in the United States, and it follows similar actions by General Motors, Ford Motor, and Fiat Chrysler. The investment will not add jobs at Toyota’s plant in Georgetown, Ky., but a company spokesman, Scott Vazin, said the investment “solidifies its commitment” to manufacturing vehicles in the United States. Asked if Trump’s policies played a role in the decision, Vazin said, “No, but we do share his goal of growing the economy and jobs in the US.” The Georgetown plant is Toyota’s largest in the world, and it employs 8,200 people. Last year, it added 700 employees to support the introduction of a version of the Camry sedan, its top-selling vehicle. — NEW YORK TIMES

REGULATION

SEC cracks down on online stock promotions

‘‘Fake news’’ is not limited to presidential politics and conspiracy theories. Investors also have to be on alert for stock promotions masquerading as unbiased reports online. Federal regulators have brought civil fraud charges against 27 businesses and individuals for deceiving investors into believing what they were reading were independent, impartial analyses of stocks. The writers were secretly paid for writing the bullish articles, the Securities and Exchange Commission said Monday. More than 250 articles had false statements attesting that the writers hadn’t been compensated by the companies they were writing about, the agency said in a series of orders and lawsuits. One writer was said to have used at least nine pseudonyms as well as his own name. One of the phony identities was ‘‘an analyst and fund manager with almost 20 years of investment experience.’’ Of the 27 businesses and individuals charged, 17 agreed to settlements calling for penalties and restitution ranging from $2,200 to about $3 million. Cases are pending against the other 10. The 10 are Lidingo Holdings, CSIR Group, DreamTeam Group, Mission Investor Relations, QualityStocks, Dunedin, Galena Biopharma, ImmunoCellular Therapeutics, Lion Biotechnologies, and Lavos.
— ASSOCIATED PRESS

TELECOMMUNICATIONS

AT&T to buy Straight Path to get ahead
in the 5G race

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AT&T Inc. agreed to buy embattled spectrum-license holder Straight Path Communications Inc. in an all-stock deal valued at $1.6 billion as the phone giant seeks to take the lead in the 5G network race. Straight Path is one of the largest holders of 28 gigahertz and 39 GHz millimeter-wave spectrum — frequencies the Federal Communications Commission has already approved to power the fifth generation of wireless services, or 5G. With 5G, faster connections and greater capacity will help carriers like AT&T offer Internet speeds competitive with cable TV operators while relieving congestion created by consumers who demand Netflix video and live sports streamed directly to their phones. — BLOOMBERG NEWS


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