Powered by The Associated Press
Here are today’s top business headlines from across the nation and world:
WASHINGTON (AP) — As the U.S. economy enters its eighth year of its recovery from the Great Recession, one major factor is slowing its growth: Government gridlock. That finding emerges from a report by Harvard Business School being officially released Thursday. The report concludes that the tepid pace of the recovery increasingly reflects the inability of President Barack Obama and the Republican-led Congress to reach agreement on programs to bolster U.S. competition worldwide. Read more
WASHINGTON (AP) — The head of the pharmaceutical company Mylan will face lawmakers’ questions at a hearing next week on steep price increases for its life-saving EpiPen injector device. Mylan CEO Heather Bresch and an official from the Food and Drug Administration will testify before the House Oversight and Government Reform Committee. The committee’s leaders said in a statement that there is “justified outrage” from families and schools struggling to pay for the emergency allergy shots. The price has grown to $608 for a two-pack, an increase of more than 500 percent since 2007. Read more
DETROIT (AP) — Ford Motor Co. said Wednesday that a plan to embrace “mobility” and spend billions on electric and autonomous vehicles will hurt its bottom line in the short term but lead to frothier profit margins in the future. The company said profit from its core business of selling cars and trucks will improve over the next three years. But its ambitious plan to invest in emerging businesses will damp pretax profit next year before it rebounds in 2018. Read more
HANNIBAL, Ohio (AP) — Crushed by Chinese competition and feeling betrayed by mainstream politicians, workers in the hills of eastern Ohio are embracing Donald Trump and his tough talk on trade. For decades, they and others living across the Ohio River in West Virginia found work in coal mines and at a local aluminum plant – union jobs, with good pay and generous benefits. But those jobs are going, if not gone. Read more
Silicon Valley startup Zume Pizza is using intelligent machines to grab a slice of the multibillion-dollar pizza delivery market. Zume, which began delivery in April, is one of a growing number of food-tech firms seeking to disrupt the restaurant industry with software and robots. Read more
Want the state’s top business and entrepreneurship news in your inbox? Sign up here for our newsletters.