The current account is the most complete measure of trade because it includes not only goods and services but investment flows and other payments between the United States and the world.
Associated Press
RETAIL
Walgreens, Rite Aid strike purchase deal
Walgreens and Rite Aid have finally devised a deal between the nation’s largest and third-largest drugstore chains that will get past antitrust regulators.
The companies said Tuesday that they have Federal Trade Commission clearance for a slimmer version of a store-purchase agreement announced in June. Walgreens will now spend $4.38 billion on 1,932 stores, three distribution centers and inventory. The drugstore chains had said that Walgreens planned to spend about $5.18 billion on 2,186 stores.
Walgreens said the latest deal should be completed by spring.
Rite Aid will be left with about 2,600 stores and six distribution centers.
Associated Press
PHARMACEUTICALS
States expand probe into opioid industry
Attorneys general from most states are broadening their investigation into the opioid industry as a nationwide overdose crisis continues to claim thousands of lives.
They announced Tuesday that they had served subpoenas requesting information from five companies that make powerful prescription painkillers and demanded information from three distributors. Forty-one attorneys general are involved in parts of the civil investigation.
The probe into marketing and sales practices seeks to find out whether the industry’s own actions worsened the epidemic.
The drug companies targeted in the subpoenas are Endo, Janssen, Teva and Allergan. The attorneys general also asked for more information from Purdue Pharma; an investigation of that company was announced in June. The distributors involved are AmerisourceBergen, Cardinal Health and McKesson.
Associated Press
Also in Business
Ford said Tuesday it will idle five North American assembly plants for a total of 10 weeks to trim inventories of slow-selling models. The plants affected include three in the United States and two in Mexico, the automaker said. Ford said that in Mexico the Cuautitlan assembly plant that builds the Fiesta would be idled for three weeks, and the Hermosillo plant that builds the Fusion and MKZ for two weeks. The Flat Rock, Mich., factory that builds Continentals and Mustangs will be idled for two weeks, the Michigan Assembly plant that builds the Focus for one week, and the Kansas City assembly line that builds Transit vans for two weeks. Ford did not give dates for the temporary shutdowns.
Fiat Chrysler said Tuesday it will recall 494,000 Ram pickup trucks worldwide because a water pump could overheat and potentially cause a fire. The recall includes 2013-2017 model year Ram 2500 and 3500 pickup trucks with 6.7-liter diesel engines, including 443,000 vehicles in the United States. Fiat Chrysler said it is not aware of any injuries related to the issue but has reports of a small number of fire-related incidents.
Home builders slowed their pace of construction by 0.8 percent in August, the second straight monthly decline. The Commerce Department said Tuesday that housing starts fell last month to a seasonally adjusted annual rate of 1.18 million. A 5.8 percent drop in groundbreakings for multifamily buildings, such as apartments, accounted for the decrease. Starts for single-family houses rose 1.6 percent.
Warren Buffett has graced many magazine covers over his business career. Forbes just took things a step further for its 100th anniversary edition. In what it dubbed the "First-Ever A.I. Magazine Cover," the business publication got the 87-year-old Oracle of Omaha to provide 30 unique answers to common questions, like "What's your favorite investment?" and "Who do you consider your mentor?" Readers can use their smartphones to get responses. One burning question the magazine didn't promote: "Who will succeed you atop Berkshire Hathaway?"
From news reports
Coming today
10 a.m.: National Association of Realtors releases existing-home sales.
2 p.m. Federal Reserve policymakers meet to set interest rates, statement.
