Exxon Mobil tank farm in Everett on market again

DEVELOPMENT

The sprawling Exxon Mobil tank farm in Everett is back on the market. A spokeswoman for the Texas-based fuel company confirmed that it has solicited bids on the nearly 100-acre property but declined to say more. Exxon had originally lined up a deal with The Davis Companies one year ago for the site, which stretches from Route 16 to the Mystic River waterfront, but the deal fell apart last September. Davis had held numerous public meetings to discuss its plans, which would have started with a 1-million-square-foot first phase that included apartments, warehouse storage, and advanced manufacturing. Matt Lattanzi, planning director for Everett, said Davis has indicated it's still interested in the property though it's not clear whether it is bidding for the full property again or participating as part of a bigger team this time around. Given its size and location, the Exxon property is considered critical to Everett officials’ plans to remake the long-industrial Lower Broadway area as a vibrant destination and entertainment district, to build on the success of Wynn's Encore Boston Harbor casino. Wynn is starting construction soon on an events venue, sports pub, and parking garage across the street; the casino company also recently purchased a big section of the Mystic power plant site for a mixed-use redevelopment that could include a soccer stadium if a restriction limiting the site to industrial uses can be lifted. — JON CHESTO

EXERCISE EQUIPMENT

Peloton is recalling more than 2 million of its exercise bikes because the bike's seat post assembly can break during use, posing fall and injury hazards. The recall includes approximately 2.2 million of the Peloton Bikes Model PL01. The bikes were sold from January 2018 through May 2023 for about $1,400. They were sold at Peloton and Dick's Sporting Goods stores nationwide and online at Amazon, Peloton, and Dick's websites. Peloton has received 35 reports of the seat post breaking and detaching from the bike during use, including 13 reports of injuries including a fractured wrist, lacerations, and bruises due to falling from the bike. Consumers are advised to immediately stop using the recalled exercise bikes and to contact Peloton for a free repair. — WASHINGTON POST

AIRLINES

Long-haul carrier Emirates saw its most-profit year ever in 2022, earning $2.9 billion after bouncing back from the coronavirus pandemic shutting down global aviation, the airline announced Thursday. The carrier's revival comes as Dubai, which owns the airline, has seen property prices skyrocket and people flood into the city-state in the United Arab Emirates as it lifted pandemic restrictions quickly and welcomed Russians fleeing Moscow's war on Ukraine. — ASSOCIATED PRESS

INTERNATIONAL

The Bank of England raised interest rates to their highest level since late 2008 as it continues to combat stubbornly high inflation in the UK. The decision on Thursday by the bank's nine-member Monetary Policy Committee to lift its main interest rate by a quarter of a percentage point to 4.5 percent was widely anticipated in financial markets. The increase was its 12th in a row. Just two members of the bank's nine-member panel voted to keep interest rates unchanged. Like other central banks around the world, the Bank of England has sought to keep a lid on inflation, which over the past year has been fueled by Russia's invasion of Ukraine. — ASSOCIATED PRESS

ELECTRONICS

Best Buy is cutting the price of its top-level membership plan by $20 and introducing a cheaper option for customers who want fewer frills. The highest-tier membership plan will cost $180 a year, down from $200, starting June 27, the consumer-electronics retailersaid in a statement Thursday. In addition, the company will debut a new "Plus" plan for $50 that will include less service support but still offers members-only pricing and free two-day shipping. — BLOOMBERG NEWS

AUTOMOTIVE

Volvo will delay the production start of its electric flagship SUV because the company needs more time for software development and testing. Output of the EX90 is now expected to begin in the first half of 2024, Volvo said Thursday. The Sweden-based carmaker had previously said the car would start rolling off the line in the fourth quarter of 2023. — BLOOMBERG NEWS

MORTGAGES

The average long-term US mortgage rate fell this week to its lowest level in five weeks, welcome news for house hunters looking for an edge as they navigate a housing market constrained by a near-historic low number of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 6.35 percent from 6.39 percent last week. The average rate a year ago was 5.30 percent. — ASSOCIATED PRESS

INTERNATIONAL

Italy's antitrust authority is probing allegations that Apple is abusing its dominant position in the app market, thwarting competition, officials said Thursday. The authority alleges that Apple's privacy policy for third-party developers is more restrictive than the one applied to its own apps, using language that discourages tracking. In addition, the antitrust authority alleges that outside developers also face restrictions in the quality of data provided by Apple regarding the effectiveness of advertising, impacting revenues in favor of Apple's own apps. — ASSOCIATED PRESS

ATHLETIC SHOES

Adidas plans to sell its stock of unsold Yeezy shoes and donate the proceeds to charity, chief executive Bjorn Gulden told shareholders Thursday. The company cut ties with Ye, the rapper and fashion designer formerly known as Kanye West, late last year after he made a string of antisemitic comments. Adidas's Yeezy partnership with Ye was among its most successful, generating close to 10 percentof the company's annual revenue, according to estimates. In early February, Adidas warned it was looking at massive losses if it couldn't sell its inventory, raising questions about what it would do with the tainted shoes. — WASHINGTON POST

AVIATION

The unexpected death of a co-pilot just before a planned flight isn't a reason to exempt airlines from paying compensation to delayed passengers, the European Union's top court said in a dispute involving Portuguese carrier TA. EU judges have been inundated with cases seeking clarity about when passengers can claim compensation since a landmark judgment in 2009 saying that delays must be at least three hours long to qualify for compensation claims. The court has since been asked about a multitude of situations and whether they’re extraordinary enough to exempt airlines from any liabilities. Bad weather, a plane striking a bird, or even a passenger biting someone on the plane are extraordinary enough, while "wildcat strikes" by staff that cause long delays aren't, the court has ruled over the past decade. — BLOOMBERG NEWS