DEVELOPMENT
Hexagon Properties buying Algonquin Club
Days after announcing it would drop plans to convert a Back Bay office building into a private social club, Hexagon Properties has confirmed it is in the process of purchasing the Algonquin Club, one of Boston’s oldest social clubs. Sandra Edgerley, the noted philanthropist who runs Hexagon Properties, in a statement called the member-owned Algonquin “a special place.’’ “We are excited at the opportunity to refocus on this renowned tradition in the Back Bay and significantly invest in the restoration of the Algonquin Club of Boston, solidifying its place as the premier destination to gather among an innovative, diverse, multi-generational membership,’’ said Edgerley, who also chairs The Boston Foundation’s board. “We are currently engaged in a process to realize this exciting possibility and expect to share our vision with the larger Algonquin Club membership soon. We are hopeful they will be as enthusiastic as we are for the future.’’ Edgerley is expected to share Hexagon’s vision for the club to Algonquin members next week. News of the pending agreement was first reported by The Boston Guardian. Amid opposition from some Back Bay neighbors, Hexagon announced last week it would withdraw plans for a private for-profit social club at the 11-story Haddon Hall located on the corner of Commonwealth Avenue and Berkeley Street. Instead, Hexagon plans to convert the building, which it purchased for $30 million, into luxury condos. — KATHELEEN CONTI
MEDIA
Publisher of Boston Herald earned nearly $1m in year leading up to bankruptcy filing
The publisher of the Boston Herald earned nearly $1 million in the 12 months leading up to the newspaper’s Dec. 8 bankruptcy filing. Documents filed this week in federal bankruptcy court in Delaware show that Patrick Purcell was paid $970,000 during the preceding 12-month period. The total includes reimbursements for a golf club membership and use of a company vehicle. The story was first published in the Herald, where Purcell said his compensation levels date back to when he was a top executive in News Corp. Purcell bought the Herald from News Corp. in 1994. “I continued to pay myself what I was earning previously at News Corp.,’’ Purcell said. “I took some raises, same as everyone else. When there were no raises, I took no raises.’’ Purcell is using the Chapter 11 bankruptcy process to shed debt as he tries to sell the newspaper. GateHouse Media and Revolution Capital Group have emerged as lead bidders, going into a bankruptcy auction scheduled for Feb. 13. — JON CHESTO
FINANCE
Head of private equity investing for Harvard endowment is leaving
The head of private equity investing for the Harvard University endowment is leaving his post, another big departure at a time of significant change for the storied investment fund. The online publication Axios reported Wednesday that Rich Hill will become deputy chief investment officer for the University of Texas’s investment operation. Another top Harvard endowment official, Geetanjali Gupta, is also leaving, to become chief investment officer of the New York Public Library. Dogged by mediocre returns, the $37 billion Harvard endowment is undergoing a significant makeover under chief executive Narv Narvekar. He is aggressively cutting staff and putting more of the university’s money under outside management. The endowment recently announced a deal to have Bain Capital run its real estate portfolio, currently at $3.4 billion. — GLOBE STAFF
RESTAURANTS
Two Brockton businesses to pay $460,000 for shortchanging Chinese workers
Two related Brockton businesses connected to the restaurant industry have agreed to pay more than $460,000 for taking advantage of its Chinese workforce by paying below minimum wage, failing to provide overtime, and keeping inaccurate records, Attorney General Maura Healey (left) announced Wednesday. About 50 workers are entitled to restitution, including several employees getting as much $15,000 each. Workers at the New England Market warehouse, which packages products for local restaurants, will receive $8,600, on average, and those at Foodland Distribution, which provides transportation for the warehouse, will get $3,000 on average. The companies are owned by the same family and are run essentially as one company, according to the attorney general’s office. “This company cheated its workers out of hundreds of thousands of dollars and paid well below minimum wage,’’ Healey said in a statement. “We brought this action to ensure that these workers are treated fairly and receive the wages they earned.’’ New England Market, owned by ZhiQing Wang, and Foodland Distribution, owned by BuYing You, did not return calls seeking comment. — KATIE JOHNSTON
ENERGY
GE signs deal to provide services for N.H. wind power project
General Electric is now a player in the state’s clean energy contract competition. GE has signed a deal with National Grid to provide engineering and construction services for two high-voltage converter stations for the Granite State Power Link, a power line that National Grid wants to build through New Hampshire. The 170-mile power line would draw wind power from Canada. It would be built through existing utility rights-of-way, which National Grid says would make it more politically feasible and less expensive than rival projects. All the bidders are jockeying ahead of an expected decision by the state’s big electric utilities to buy a large amount of clean energy later this month. The Granite State Power Link is expected to cost about $1.1 billion, National Grid says, though only a portion of it would be funded through the contracts that are up for bid. GE’s arrangement with National Grid was made possible by GE’s purchase of Alstom’s energy businesses in 2015. — JON CHESTO
FINANCE
Owner of Mass. investment advisory firms pleads guilty to defrauding investors
The owner of two Massachusetts-based investment advisory firms has pleaded guilty to defrauding his investors of millions of dollars to fund his own lavish lifestyle. Federal prosecutors say 44-year-old Yasuna Murakami, of Cambridge, pleaded guilty Tuesday to wire fraud. He faces up to 20 years in prison at sentencing on April 8. Murakami was a managing member of MC2 Capital Management LLC and MC2 Canada Capital Management LLC, investment advisory firms through which he established and managed three hedge funds. Authorities say he diverted client money for personal use, including for a luxury sports car and international travel. Murakami also used new investor contributions to make Ponzi-like payments to earlier investors, and falsified account statements and tax documentation in an effort to lull clients into believing their investments were safe. — ASSOCIATED PRESS
EMPLOYMENT
Indiana factory touted by Trump announces another round of layoffs
A new round of layoffs is taking effect at the Carrier Corp. factory in Indianapolis a little more than a year after President Trump touted a deal that save some of the plant’s jobs. The company says about 215 people are being let go starting Thursday, leaving about 1,100 workers at the plant. That’s down from some 1,600 factory and office jobs when Carrier announced plans in early 2016 to move production to Mexico. The new layoffs follow about 340 job cuts from the factory in July. Trump frequently criticized Carrier’s plant closing plans during the 2016 campaign. He traveled to the Indianapolis factory weeks after his election win to announce a tax-incentive agreement partially reversing the closure and keeping some 800 furnace production jobs. — ASSOCIATED PRESS
BOARDS
Berkshire Hathaway adds two directors to prepare for life after Buffett
Berkshire Hathaway is adding Gregory E. Abel (right) and Ajit Jain as directors, boosting the size of its board to 14 members as the company begins to prepare for life after Warren Buffett, who is 87. Buffett and Charles T. Munger, Berkshire Hathaway’s vice chairman, will retain their positions on the board. Buffett, speaking on CNBC Wednesday, said that the new board members are ‘‘part of a movement toward succession over time.’’ — ASSOCIATED PRESS
AUTOMOTIVE
Lawsuit accuses Ford of rigging emissions tests on trucks
Ford Motor Co. rigged at least 500,000 heavy-duty trucks to beat emissions tests, drivers claimed in a lawsuit, adding to the tally of carmakers linked to diesel-cheating allegations worldwide that started in 2015 with Volkswagen AG. Ford’s F-250 and F-350 Super Duty diesel pickups, a slice of the top-selling F-Series, are spewing emissions as much as 50 times the legal limit of nitrogen oxide pollutants, according to the complaint. The trucks sold from 2011 to 2017 cost $8,400 more than their gasoline-fueled counterparts, the filing shows. — BLOOMBERG NEWS
SODA
Diet Coke geting a new look
Diet Coke is getting a makeover to try to invigorate the sugar-free soda’s slumping sales. Coca-Cola Co. said Wednesday it’s adding a slimmer 12-ounce Diet Coke can, updating the logo, and offering the 35-year-old drink in four new flavors, including mango and ginger lime. The taste of the plain Diet Coke will stay the same, the Atlanta-based company said. Diet Coke sales have fallen as more people switch to other low-calorie drinks, such as flavored fizzy water. — ASSOCIATED PRESS
