By HOLLY DUTTON Six years ago, Opportunity Zones officially became a reality. The program was part of the Tax Cuts and Jobs Act of 2017, signed into law by former President Donald Trump in late December 2017. It was hailed as a success—a rare moment of bipartisanship that saw representatives on both sides of the […]
By Rachel Siegel and Jeff Stein After two years of relentless pressureover everything from sky-high inflation to a looming recession, the head of the Federal Reserve was asked this month what he does for fun. “For me, a big, big party — and I mean, this is really as fun as it gets — is a really […]
By Boston Restaurant Talk A new dining and drinking spot has come to Cambridge after being in the works for at least six years. According to an Instagram post from the place, Mothership is now open in the Alewife area of the city, moving into a building on CambridgePark Drive that is also home to a location […]
By Jeanna Smialek Federal Reserve officials left interest rates unchanged in their final policy decision of 2023 and forecast that they will cut borrowing costs three times in the coming year, a sign that the central bank is shifting toward the next phase in its fight against rapid inflation. Interest rates are now set to a range […]
By Will Parker When Tressy Coats looked to rent a somewhat worn-out, three-bedroom house in Virginia Beach, Va., two years ago, the market was so tight that 46 other people applied to rent the same home. This June, Coats found an ocean-facing, two-bedroom apartment in that city. The $2,100 a month rent was lower than she […]
By Rowan Walrath In a first for the Nobel Prize-winning gene-editing technology, a CRISPR-based drug has been approved in the U.S. The Food and Drug Administration gave the green light Friday to exa-cel, a drug made by two Boston-based companies, Vertex Pharmaceuticals Inc. (Nasdaq: VRTX) and CRISPR Therapeutics Inc. (Nasdaq: CRSP). It will be marketed under […]
By Rowan Walrath Somerville’s bluebird bio Inc. has won its third U.S. drug approval since splitting into two companies. On Friday, the Food and Drug Administration approved lovo-cel, a gene therapy for sickle-cell disease. The drug will be marketed under the name Lyfgenia. The FDA announced Lyfgenia’s approval at the same time it said it had approved […]
By Steve Matthews and Catarina Saraiva Federal Reserve officials shifted their tone this week, inching closer to the conversation markets have long been having: When will the central bank begin cutting interest rates? A litany of policymakers — including six who will vote on policy next year — indicated in recent days that they were comfortable with keeping rates […]
By Greg Ryan One year ago almost to the day, the Nissenbaum family was on the brink of becoming $150 million richer. Things did not go as planned. For much of 2022, the Nissenbaums had a tentative deal in place to sell their car-parts junkyard near Somerville’s Union Square to the real estate developers building the […]
By Steph Solis The creators of a new venture studio in Kendall Square aim to make Massachusetts the global center of the AI industry. Driving the news: CIC, which operates “innovation campuses” worldwide, partnered with C10 Labs, an MIT Media Lab spinout, to launch an AI venture studio space. Why it matters: The founders want to harness […]
