MEDIA
Mass. court to host trial on Redstone empire
The dramatic, high-stakes fight for control of Sumner Redstone’s $40 billion media empire is set to play out in a Canton probate courtroom this fall, after a judge agreed to hear a lawsuit brought against the bedridden 93-year-old mogul by Viacom Inc. chief executive Philippe Dauman. The question at the heart of the case is whether Redstone’s daughter, Shari, improperly influenced her ailing father in May when he removed Dauman from a trust that will control Viacom and CBS Corp. upon Redstone’s death or incapacity. Norfolk Probate Judge George Phelan (right) vowed to uncover what exactly transpired inside Redstone’s Los Angeles mansion this year when the mogul concluded he could no longer trust Dauman. “The court must determine what information Redstone relied on, who gave it to him, when, and how, and why,’’ Phelan wrote. Phelan tentatively scheduled the trial to begin in October. — DAN ADAMS
REAL ESTATE
Home prices in region hit record highs
A powerful combination of low mortgage rates, high demand, and few choices have pushed home prices in Greater Boston and across the state to record highs. The median sale price of a single-family home in the metro region was $585,000 in June, and for condominiums it was $505,000 — both records for the month, the Greater Boston Association of Realtors said. Statewide, home prices cracked new levels, as well, hitting $372,000 for a single-family home, breaking a record set in August 2005 during the last housing boom, according to data from the Warren Group. June’s $345,000 median condo price was also a record. Prices in Greater Boston are also increasing at a much faster rate. The median sale price for a single-family home in the metro area was 4.5 percent higher than in June 2015, compared to just 1.9 percent higher statewide. Condo prices, meanwhile, were up almost 10 percent in the region, compared to 4.5 percent statewide. — KATHELEEN CONTI
HIGH TECH
LogMeIn in merger with GoTo
Fast-growing LogMeIn Inc. announced a $1.8 billion merger with a division of Citrix Systems Inc. that will triple its size overnight, creating a Boston software firm with nearly 3,000 employees and more than $1 billion in annual revenue. The deal to merge with Citrix’s GoTo business will significantly advance chief executive Bill Wagner’s ambition to make LogMeIn a leading software company in Boston. LogMeIn sells software and services that help businesses manage the many ways employees and clients connect with their systems and with each other. The GoTo collaboration products include the well-known GoToMeeting software that allows customers to conduct virtual live meetings from different locations. The combined company will remain based in Boston after the deal closes, likely in early 2017. — JON CHESTO
CONSUMER SPENDING
Retail woes highlighted by drop in sales tax collections
Massachusetts merchants often complain that shoppers skip brick-and-mortar outlets for online rivals. But local retailers now have some numbers that could back up that claim: Statewide, sales tax collections have dropped for the first time in more than three years. The state Department of Revenue’s just-released June tax collection figures show a 1.3 percent decline from the same month a year earlier. The last time the agency reported a negative number in retail sales was in March 2013, when year-over-year tax collections fell by a similar amount. A downturn isn’t bad news just for retailers. The 6.25 percent sales tax represents a crucial source of revenue for the state, more than $6 billion in the last fiscal year alone, at a time when state tax collections in general are slower than expected. In particular, designated portions of the sales tax help to subsidize the Massachusetts Bay Transportation Authority and the state’s public school construction program. It’s too early to say whether the decline portends an economic slowdown. — JON CHESTO
ENDOWMENTS
Harvard University endowment chief resigns
For the fourth time in 10 years, the Harvard University endowment is looking for a new leader. Stephen Blyth (left), chief executive of the $37.6 billion fund for 17 months, has resigned for personal reasons, the endowment’s management company said. Blyth, 48, had been out since May on a previously reported medical leave. His resignation was effective immediately, bringing to a close a brief and tumultuous tenure at the top of the world’s largest educational endowment. Harvard Management Co. said operating chief Robert A. Ettl will remain interim chief executive. The Harvard Management board has hired a search firm, David Barrett Partners, to find a replacement for Blyth. Harvard spokesman Paul Andrew declined to comment on whether Blyth’s departure after a decade in various posts at the endowment was related to his medical leave. “We understand and support Stephen’s decision to step down for personal reasons,’’ the board said in a statement. “We wish him well in his future endeavors and look forward to his continued contributions as Senior Advisor to the HMC Board.’’ — BETH HEALY
FEDERAL RESERVE
Mixed signals on future interest rate hikes
Federal Reserve policy makers took a step toward raising interest rates later this year but stopped short of signaling that the move could come as soon as September. Members of the Federal Open Market Committee upgraded their assessment of the economy in a monetary policy statement released after a two-day meeting. They declared that near-term risks have diminished and said labor utilization has shown “some increase,’’ though inflation remains too low. Acknowledging recent strength in the domestic economy alerts market participants that policy makers are increasingly optimistic, but it also leaves the Fed room to put off a rate hike should healthy inflation fail to materialize, global risks intensify, or US economic indicators slump. “It’s kind of an upbeat statement, although guarded,’’ said Roberto Perli, a partner at Cornerstone Macro LLC in Washington and former associate director for monetary affairs at the Fed Board. “This means, ‘We’re keeping an open mind about moving [on rates] in September. We’re definitely not committed.’ ’’ — ASSOCIATED PRESS
FINANCIAL SERVICES
State Street Corp. to pay $530m in settlements
State Street Corp. will pay $530 million to settle years of regulatory investigations and private lawsuits alleging that it overcharged pensions, mutual funds, and other clients on foreign currency trades. Under an agreement with federal authorities, the Boston-based financial services giant will pay $167.4 million to the Securities and Exchange Commission and $155 million to the Department of Justice, as well as $50 million to pension clients. The payouts are aimed at concluding investigations that State Street has faced since 2009, when Wall Street whistle-blower Harry Markopolos filed a lawsuit on behalf of the nation’s largest public pension funds, in California. He later filed additional lawsuits in Massachusetts and around the country. — BETH HEALY
