Local Macy’s, Sears stores escape new round of closures
Macy’s on Wednesday announced plans to close 68 of its department stores and eliminate 10,000 jobs. Sears Holdings, meanwhile, is closing 108 Kmart stores and 42 Sears department stores.
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Trump to pick deals lawyer Clayton to lead SEC
President-elect Donald Trump is expected to pick Sullivan & Cromwell partner Jay Clayton to run the Securities and Exchange Commission, positioning a top lawyer to banks and hedge funds to lead Wall Street’s main regulator.
Amazon sees shipments for independent merchants more than double
The number of merchants using Fulfillment by Amazon increased 70 percent in 2016. The logistics service lets merchants send goods to Amazon warehouses and pay a fee for packing and shipping online orders to customers.
Sears Holdings lines up $200M in financing to stay afloat
The move signals that hedge fund manager Eddie Lampert remains committed to bankrolling Sears, even as the once-mighty department-store chain suffers from dwindling sales and billions in red ink.
Holiday sales on pace for biggest gain since 2005
Shoppers abandoned their early reluctance and pushed U.S. holiday sales to the biggest increase in more than a decade, a research firm said Tuesday. Online sales grew an estimated 15 percent as Amazon Inc. had its best season yet.
Anthem-Cigna deal cast by U.S. as risk to patients, providers
Anthem Inc. and the U.S. Justice Department extended their clash over whether the insurer’s planned takeover of rival Cigna Corp. will raise costs.
Real estate agents lick chops as wealthy Trump team moves into D.C.
President-elect Donald Trump is moving to the nation’s capital next month and bringing with him an administration of millionaires and billionaires who are going to need places to live. Many are looking right now.
U.S. Supreme Court to hear appeal by Carmel firm over IP lawsuits
The U.S. Supreme Court agreed to consider putting sharp new limits on where patent-infringement lawsuits can be filed, accepting a case that may undercut patent owners’ ability to channel cases to favorable courts.
Fed raises rate, boosts outlook for borrowing costs in 2017
New projections show the central bankers expect three separate quarter-point rate increases in 2017, up from the two seen in the previous forecasts.
U.S. factory production drops for first time in three months
American manufacturing is barely expanding as global demand and domestic business investment remain uninspiring.
Lilly to sell insulin at 40 percent discount to cash-paying patients
Eli Lilly and Co. will bypass insurance companies to offer a discount on its best-selling insulin products for patients who lack health coverage or have high deductibles that require them to pay the full cost of some medications.
Anthem-Cigna merger goes to judge for ruling that could end deal
U.S. District Judge Amy Berman Jackson in Washington, D.C., will issue a decision on whether the combination of the companies risks higher costs for large employers around the country and should be blocked.
NFL’s brain-damage deal survives as top court spurns appeals
U.S. Supreme Court justices, without comment, left intact a federal appeals court ruling that the agreement, while imperfect, was a fair resolution of claims filed on behalf of more than 20,000 retired NFL players.
Starbucks’ plan to win lunch crowd may be tough task for new CEO
Starbucks Corp. wants to persuade its coffee-loving customers to come back for lunch, after stumbling several times in previous attempts to expand its food offerings.
Pharma stocks slide after Trump’s vow to control drug costs
President-elect Donald Trump promised to drive down the cost of medicines, defying investors who saw a boon in his election last month and injecting himself again into a contentious economic debate.
Lilly threatens Sanofi’s dominance in insulin with knockoff drug
In a few days, a new type of knockoff medicine will upend a $10 billion diabetes-drug market and exacerbate a brutal price war between some of its biggest players.
Health insurers willing to give up key Obamacare provision
U.S. health insurers signaled Tuesday that they’re willing to give up a cornerstone provision of Obamacare that requires all Americans to have insurance.
Trump’s ‘retribution’ tax stirs questions, GOP resistance
Donald Trump’s threats to use taxes as “retribution” against U.S. companies that move jobs overseas are legally dubious, tax specialists say—and they’re prompting resistance from some Republican leaders who fear a coming era of economic protectionism.
Carrier, fresh off Trump talks, increases prices due to higher costs
The United Technologies Corp. division that includes brands such as Carrier and Bryant will raise the amount it charges for residential and commercial HVAC equipment by as much as 5 percent, according to a company statement.
Lilly competitor to cap price increases as drug costs face more scrutiny
With drug companies under fire, the world’s largest insulin maker plans to limit price increases and introducing a model that ties the cost of medicines to the results they deliver.