Somerville cement startup expanding

DEVELOPMENT

The Conservation Law Foundation and developer Cronin Holdings announced a $500,000 grant toward the rehab of the Thompson Island boat dock in South Boston. A spokesperson for CLF said this grant marks the first allocation from a 2018 settlement that Cronin reached with CLF so the developer could proceed with a luxury condo tower at 150 Seaport Blvd. Thompson Island Outward Bound, which is changing its name to Cathleen Stone Island Outward Bound, is the primary user of the dock; chief executive Sylvia Watts McKinney said the money will help the nonprofit meet the growing demand for its team-building programs on Thompson Island. Cronin’s pledges in 2018 also included a promise to spend $13 million over time for a new public waterfront park in South Boston. — JON CHESTO

ENERGY

Shell said demand for liquefied natural gas by 2040 will be slightly lower than previously forecast as the world prepares for life beyond fossil fuels. The energy major, which usually holds a bullish stance on consumption, said in its global LNG Outlook that demand is expected to reach 625-685 million tons a year in 2040, compared with a previous estimate, which saw top usage exceed 700 million tons. Estimates for gas demand have varied widely due to the changing pace of the transition away from fossil fuels. — BLOOMBERG NEWS

INTERNATIONAL

German Chancellor Olaf Scholz welcomed an announcement Thursday by Microsoft that it would invest almost 3.3 billion euros ($3.5 billion) in Germany over the next two years to massively expand its data center capacities for applications in the field of artificial intelligence and cloud computing. Microsoft president Brad Smith made the announcement in Berlin during a presentation with Scholz. The largest single investment in Microsoft’s 40-year history in Germany also includes an AI training program that aims to reach up to 1.2 million people, German news agency dpa reported. — ASSOCIATED PRESS

AVIATION

Airbus plans to deliver more aircraft to customers in 2024 even as supply chain headaches continue to afflict the European airplane maker. The company reported healthy results for its commercial aircraft business Thursday in its latest annual earnings report, and signaled that there was more to come this year by setting a target of 800 commercial aircraft deliveries, 65 more than in 2023. Airbus’s fortunes contrast with struggles at US rival Boeing, which is battling manufacturing quality control concerns after an emergency door panel blew off a 737 Max 9 jetliner last month. — ASSOCIATED PRESS

HEAVY EQUIPMENT

Deere & Co. trimmed its profit outlook for this year as tumbling crop prices give farmers less money to use on equipment purchases. The world’s biggest farm-machinery producer is seen as a bellwether for the health of the agriculture industry, with demand for its tractors rising and falling with farmers’ fortunes. Machinery makers have been hit by declining agriculture income and crop prices, even as a growing world population and an increased focus on food security help to provide long-term demand for equipment. — BLOOMBERG NEWS

AIRPORTS

The Biden administration said Thursday it is providing $970 million for improvements at 114 airports around the country, with work ranging from wider concourses and new baggage-handling systems to new terminals at some small airfields. Administration officials said the money comes from a $5 billion grant program to modernize airport terminals. The largest sum, $50 million, will go to Fort Lauderdale-Hollywood International Airport in Florida for a project to connect terminals behind the security checkpoints and provide new retail space and other amenities. O’Hare International Airport in Chicago will get $40 million to widen a concourse, reconfigure a security checkpoint, and other changes. Phoenix Sky Harbor International Airport, Washington Dulles International Airport in northern Virginia, San Francisco International, and Los Angeles International will receive amounts ranging from $31 million to $36 million. — ASSOCIATED PRESS

INCORPORATION

Rocket company SpaceX has switched where it is incorporated to Texas from Delaware, its founder, Elon Musk, said Wednesday, weeks after a Delaware judge voided his pay package at Tesla, another company he owns. Texas Secretary of State Jane Nelson issued a certificate confirming that the state has accepted the company’s filing to relocate its incorporation Wednesday, according to a copy of the document that was posted on her office’s website. A spokesperson for Nelson’s office did not immediately respond to a request for comment. Musk, a billionaire who lives in Texas and also runs the carmaker Tesla, has had issues with Delaware. Last month, a judge there voided the pay package that had helped to make him the world’s wealthiest person. That case was brought by a group of Tesla shareholders who were challenging a stock options package that allowed Musk to acquire about 304 million Tesla shares at a preset price — $23.34 a share — if the company achieved certain goals. The judge ultimately ruled that Musk had effectively overseen his own compensation plan, valued at more than $50 billion last month, with the help of compliant board members. — NEW YORK TIMES

MORTGAGES

The average long-term US mortgage rate rose this week to its highest level in 10 weeks, a setback for prospective homebuyers ahead of the spring home buying season. The average rate on a 30-year mortgage rose to 6.77 percent from 6.64 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.32 percent. — ASSOCIATED PRESS

ENTERTAINMENT

Nelson Peltz has launched a fresh attack against the management of Walt Disney Co., saying plans to launch a new sports streaming service and invest in Epic Games Inc. are like throwing spaghetti against a wall. In a letter to Disney investors on Wednesday, Peltz’s Trian Fund Management described the moves, announced last week, as “frenetic” and “confused” and said they were no “substitute for a well-considered corporate strategy.” Peltz’s Trian Fund Management, which is pushing for changes to Disney’s board and strategy, holds about $3.6 billion in the company’s stock. — BLOOMBERG NEWS