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Aetna drops last 2 state markets under Affordable Care Act
While Republicans rewrite the Affordable Care Act in Washington, the future of the current law has grown hazier with the nation's third-largest health insurer completely divorcing itself from state-based insurance markets. Aetna said late Wednesday that it won't sell individual coverage next year in its two remaining states -- Nebraska and Delaware after projecting a $200 million loss this year. It had already dropped Iowa and Virginia for 2018. The insurer once sold the coverage in 15 states, but slashed that to four after losing about $450 million in 2016.
Wholesale prices jumped in April
WASHINGTON (AP) -- Inflation at the wholesale level jumped in April by the largest amount in three months, fueled by rising prices of food and energy. Even excluding the volatile energy and food categories, core inflation was up sharply as well, raising concerns about whether inflation is starting to edge higher after being quiet for years. The Labor Department said Thursday that its producer price index, which measures inflation before it reaches the consumer, rose 0.5 percent in April. That represented a sharp rebound following a 0.1 percent decline in March. It was the largest one-month gain since January.
Lower sales drag down Macy's profit, results miss forecast
NEW YORK (AP) -- Lower sales dragged Macy's profit down for the first quarter, highlighting the challenge for retailers as customers shift to more online shopping and store locations lose traffic. Macy's results fell short of Wall Street expectations, and the nation's largest department store chain warned sales will fall further this year. Its shares tumbled 14 percent, and gloom about the overall sector brought the shares of several other chains down as well.
Judge approves emissions-cheating settlement for 3-liter VWs
SAN FRANCISCO (AP) -- A federal judge in San Francisco has approved a $1.2 billion settlement with owners of 88,500 Volkswagens with 3-liter diesel engines rigged to cheat on emissions tests. Judge Charles Breyer gave the deal final approval during a hearing Thursday. Depending on the age of their cars, owners will get buybacks or repairs as well as compensation.