DEATHS

Richard D. Hill, Boston banker and civic leader, dies at 96

Richard D. Hill, an influential former Boston banker and civic leader, has died at age 96, according to his son, Richard D. Hill Jr. The elder Hill retired as chairman and chief executive of the former Bank of Boston in 1982. A Salem native who lived in Marblehead for many years, he was a force in Boston business circles. He served on the powerful Vault with a group of other top executives, helping steer the city’s agenda. He served as a trustee of Dartmouth College, his alma mater. Hill was a director of some of the region’s largest companies, including John Hancock Mutual Life Insurance Co., New England Telephone and Telegraph Co., Polaroid Corp., and Raytheon Co. In the nonprofit arena, he served for a period as president of the Museum of Fine Arts. In 1985, he was named a distinguished Bostonian by the Greater Boston Chamber of Commerce. — BETH HEALY

RETAIL

Walmart workers in Mass. getting a raise

Walmart Stores Inc. has said it will give US workers a pay raise on March 10, including more than 11,400 Walmart and Sam’s Club store employees in Massachusetts. Most Massachusetts workers will receive a pay raise of between 50 cents and $2 an hour, depending on their duties. Employees earning the company’s hourly maximum pay of $24.70 will receive a lump sum payment equal to 2 percent of their annual pay. As of last month, Walmart paid an average full time wage of $14.44 an hour in Massachusetts, according to the company. Walmart and Sam’s Club associates are also eligible for quarterly cash bonuses based on the performance of their stores, including whether the stores met the company’s sales goals. In Massachusetts, eligible associates received a share of $2.2 million for the fourth quarter of 2015 and shared $7.9 million over the entire year. Walmart operates 52 stores in Massachusetts. — MEGAN WOOLHOUSE

PHARMACEUTICALS

Sarepta to close facility in Oregon, consolidate in Massachusetts

Cambridge pharmaceutical company Sarepta Therapeutics, Inc., which is developing a drug intended to treat children with Duchenne muscular dystrophy, announced Tuesday it will close its research facility in Oregon and consolidate all its operations in Massachusetts by the end of 2016. The company suffered a major setback in January, when Food and Drug Administration staffers questioned the methodology of its research and the benefits of its lead drug candidate, eteplirsen. Since then, Sarepta’s stock has plummeted by more than half. The company — along with muscular dystrophy patients and their families — has said the FDA needs to be more flexible in reviewing drugs targeted at small populations with unmet needs. In a press release, the company said it expected a panel of outside experts to meet for a review of the drug by the end of May. Bloomberg reported that the consolidation would see Sarepta reduce its workforce by 17 percent, and that the company was exploring options for disposing of its lease in Oregon, which runs through 2020 and obligates it to make $4.3 million in lease payments. — DAN ADAMS

FANTASY SPORTS

Virginia passes law regulating daily fantasy sports

Virginia has become the first state with a law regulating daily fantasy sports since the fast-growing industry became subject of controversy. Kansas was previously the only state to enact a law specifically exempting fantasy sports from gambling laws but that measure was approved last spring, months before the industry became the target of regulatory probes. Virginia Governor Terry McAuliffe signed a bill Monday that formally legalizes and regulates sites such as FanDuel and DraftKings, requiring them to pay a $50,000 initial registration fee and submit to regular outside audits. The law will take effect July 1. — ASSOCIATED PRESS

PHARMACEUTICALS

Maker of prescription fish-oil drug settles with FDA

The maker of a prescription fish-oil drug says it has reached a legal settlement that will allow it to promote unapproved uses of its drug for lowering fat levels. The closely watched case between Amarin and the Food and Drug Administration could strengthen the drug industry’s hand in the ongoing debate over promoting drugs for uses that have not been declared safe and effective by regulators. But the FDA said Tuesday the settlement is ‘‘specific to this particular case and situation,’’ and did not mark a new legal precedent. In August, Amarin won a surprise victory over the FDA when a US District Court judge ruled that the company had a First Amendment right to distribute journal articles about unapproved indications for Vascepa. Amarin said in a statement Tuesday that the FDA agreed to be bound by the earlier court decision. — ASSOCIATED PRESS

INTERNATIONAL

Taxi drivers protest Uber in Egypt

Egyptian security forces fired tear gas Tuesday to disperse taxi drivers who had blocked a major road in the capital, Cairo, to protest Uber and other car-hailing applications, which the head of the Cairo traffic police insists are illegal. The drivers stood in a roundabout on Gameat el-Dowal street after the canister was fired at them when they left their cars, witness Lamia el-Etriby and taxi drivers at the protest said. They had blocked all but one lane, causing a major traffic jam as police vehicles arrived on the scene. Taxi drivers have been protesting Uber’s presence in the country in recent weeks. — ASSOCIATED PRESS

AVIATION

Lockheed Martin to lay off 1,000

Lockheed Martin Corp. plans to cull about 1,000 jobs from its aeronautics division, which makes the F-35 fighter and other military aircraft, amid constrained defense spending. The world’s largest defense company is offering voluntary layoffs to mid-level employees in Texas, Georgia, California, Mississippi, West Virginia, and Maryland, Lockheed said in a statement Tuesday. Lockheed has been looking to bolster profit margins in aeronautics, its largest division and the source of about one-third of company revenue, as it speeds up production of the F-35, the Pentagon’s largest weapons system. — BLOOMBERG

FINANCE

Machine-run hedge funds beat humans

Machine-run hedge funds in the United States outstripped humans in February, as stock markets swung from a drop of about 6 percent to a late-month rally that minimized losses. Coatue Management and Millennium Management were among firms that declined during the period, while computer-driven funds run by Renaissance Technologies pushed gains for the year into double-digits. The average fund rose 0.5 percent last month, according to Chicago-based Hedge Fund Research Inc., beating stocks and paring this year’s losses to 2 percent. Systematic macro funds, which rely on algorithms rather than manager discretion to bet on macroeconomic trends, climbed 3 percent during February, bringing their 2016 gains to 5.6 percent. — BLOOMBERG