SHORT-TERM RENTALS
Vote on new rules postponed
The Boston City Council will likely spend at least two more weeks hammering out new rules governing short-term rentals in Boston, according to the measure’s leading advocate on the Council. Councilor Michelle Wu said late Tuesday that a vote on the plan — which would sharply rein in popular by-the-night rental of apartments and homes in the city — “won’t happen’’ Wednesday, as originally planned. She and other advocates are hoping for a vote June 6. A spokesperson for Mayor Martin J. Walsh, who proposed the bill, did not immediately return messages seeking comment. A hearing Monday highlighted sharp divisions on the 13-member Council over the plan, which Walsh hopes will help dent Boston’s high cost of housing but which some on the Council worry is too restrictive and will hurt middle-class residents who earn extra cash renting their homes by the night. Short-term rental hosts and industry giants such as Airbnb have been lobbying for looser rules, while a coalition of housing advocates, hotel industry groups and downtown neighborhood associations have been pushing for tight regulations. — TIM LOGAN
AUTOMOTIVE
Ford to expand its operations in Romania
Ford says it plans to invest some $236 million and create 1,500 new jobs to build a second vehicle at its plant in Romania. The automaker did not unveil the model when it made the announcement Tuesday about the new model, which will be manufactured at the Craiova assembly plant starting in 2019. Ford currently produces the EcoSport, a small SUV, at its factory in southern Romania as well as a 1.0-liter EcoBoost engine. The company has invested almost $1.77 billion since acquiring the facility in 2008. It said it expects to hire some 1,500 operators, adding to its current workforce of more than 4,400. — ASSOCIATED PRESS
SOCIAL MEDIA
Facebook chief faces questions from EU lawmakers
European lawmakers pilloried Mark Zuckerberg at a hearing Tuesday for Facebook’s recent privacy and misinformation mishaps and raised the possibility of new regulation, a more realistic threat than what the social media giant faces in the United States. The tough questions from political leaders in European Parliament reflected growing unease in Brussels about Facebook’s ability to protect its users’ personal information and combat fake news, terrorist propaganda and other malicious content on its platform. At one point, policymakers told Zuckerberg, Facebook’s chief executive, that the company had become so large, powerful, and out of control that it should be investigated and broken up. In response, Zuckerberg apologized to European lawmakers, much as he had done during his testimony to the US Congress during two hearings in April. ‘‘We didn’t take a broad enough view of our responsibility, and that was a mistake. And I’m sorry for it,’’ he said. — WASHINGTON POST
MARKETS
New York Stock Exchange to be led by a woman for first time
The New York Stock Exchange for the first time in its 226-year history will be led by a woman. Stacey Cunningham, who started her career as a floor clerk on the NYSE trading floor, will become the 67th president of the Big Board. That means that two of the world’s most well-known exchanges will be led by women. Adena Friedman became CEO of Nasdaq in early 2017. Cunningham, who is the chief operating officer for the NYSE Group, becomes president Friday, according to International Exchange, they NYSE’s parent company. — ASSOCIATED PRESS
ENTERTAINMENT
Sony to buy an additional stake in EMI Music Publishing
Electronics and entertainment company Sony Corp. said Tuesday it plans to spend $2.3 billion acquiring an additional 60 percent stake in EMI Music Publishing, home to the Motown catalog and contemporary artists like Kanye West, Alicia Keys, and Pharrell Williams. Sony already owns 30 percent of EMI so once the purchase from Mubadala Investment Co. is finalized, it will own 90 percent of the company, CEO Kenichiro Yoshida said in a news conference at Sony’s headquarters. Mubadala is a government-backed investment fund controlled by the emirate of Abu Dhabi, the oil-rich capital of the United Arab Emirates, a seven-state federation that also includes the Mideast commercial hub of Dubai. — ASSOCIATED PRESS
RETAIL
JC Penney CEO leaves for Lowe’s
JC Penney CEO Marvin Ellison, a former Home Depot executive, is leaving the department store chain after less than four years to become the top executive at Lowe’s. The announcement Tuesday, just days after J.C. Penney released disappointing results, sent its shares down more than 3 percent. Ellison, one of only a few African-American CEOs at a Fortune 500 company, will succeed Robert Niblock at Lowe’s on July 2. Lowe’s has struggled to keep pace with rival Home Depot in a solid housing market, and Niblock had previously announced plans to retire. Ellison took the top job at JC Penney in late 2014. He has attempted to refocus the company on home appliances and beauty, following a shift by consumers away from spending a lot of money on clothing. — ASSOCIATED PRESS
ELECTRONICS
Samsung to open AI center in the other Cambridge
Samsung Electronics Co. Ltd., the Korean-based electronics giant, will open a new artificial-intelligence center in Cambridge, England, as the company seeks to benefit from cutting-edge academic research into the technology. Andrew Blake, a pioneering researcher in the development of systems that enable computers to interpret visual data, and a former director of Microsoft Corp.’s Cambridge Research Lab, will head the new Samsung AI center, the company said Tuesday. The center may hire as many as 150 AI experts, bringing the total number of people Samsung has working on research and development in the United Kingdom to 400 “in the near future,’’ the company said. Samsung joins a number of technology companies ramping up research into artificial-intelligence around the globe. — BLOOMBERG NEWS
E-COMMERCE
ACLU wants Amazon to stop marketing facial recognition tool to police
The American Civil Liberties Union and other privacy activists are asking Amazon to stop marketing a powerful facial recognition tool to police, saying law enforcement agencies could use the technology to ‘‘easily build a system to automate the identification and tracking of anyone.’’ The tool, called Rekognition, is already being used by at least one agency — the Washington County Sheriff’s Office in Oregon — to check photographs of unidentified suspects against a database of mug shots from the county jail, which is a common use of such technology around the country. But privacy advocates have been concerned about expanding the use of facial recognition to body cameras worn by officers or safety and traffic cameras that monitor public areas, allowing police to identify and track people in real time. — ASSOCIATED PRESS
PHARMACEUTICALS
Former Valeant executive convicted of accepting $10m bribe
Former Valeant Pharmaceuticals International executive Gary Tanner was found guilty of accepting a $10 million bribe for manipulating the company’s takeover of a startup mail-order pharmacy in 2014. Ex-Philidor Rx Services chief executive Andrew Davenport, who paid the kickback, was also convicted Tuesday after a three-week trial. The jury verdict in Manhattan federal court is the latest fallout from a scandal that shook the drugmaker three years ago. The case, filed in 2016, helped explain how Valeant became linked to Philidor, which the pharmaceutical giant secretly controlled and used to increase sales. Valeant disclosed the link in October 2015, beginning a long fall in the share price, sparking questions about its transparency and business model, and leading to accounting restatements and the exit of top management. — BLOOMBERG NEWS
