Global Glance: Aetna flees ACA exchanges; Postal Service seeks higher stamp prices

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Here are today’s top business headlines from across the nation and world:

Aetna becomes latest insurer to flee ACA exchanges

While Republicans rewrite the Affordable Care Act in Washington, the immediate future of the law has grown hazier with the nation’s third-largest health insurer saying that it will completely divorce itself from state-based insurance exchanges. Aetna says it won’t sell individual coverage in Nebraska and Delaware next year after projecting a $200 million loss this year. The insurer had already pulled out of several states after losing about $450 million in 2016. Read more

Postal Service, citing losses, seeks higher stamp prices

WASHINGTON (AP) — The U.S. Postal Service is hoping it can soon raise stamp prices by a penny or more. The postal service on Wednesday reported a quarterly loss of $562 million, despite growth in package delivery, due to continued erosion in the use of first-class mail as well as expensive mandates for its retiree health care obligations. It also attributed losses to a forced reduction in stamp prices last year. Read more

Snapchat’s growth stalls in Facebook’s shadow in 1Q report

NEW YORK (AP) — Facebook has been bent on copying Snapchat ever since the social media giant tried unsuccessfully in 2013 to buy what was then an ephemeral photo-messaging app. Now, the company behind Snapchat is hoping to copy some of its larger rival’s own practices, at least with respect to courting new users – and, with them, advertisers. But it’s not going so well. On Wednesday, Snap Inc. announced a massive loss and a continued slowdown in user growth, while revenue fell below Wall Street’s expectations in its first earnings report as a public company. Read more

Abercrombie & Fitch says it’s in deal talks

NEW YORK (AP) — Teen clothing chain Abercrombie & Fitch Co., responding to reports that it was in talks with interested buyers, says it’s in preliminary discussions with several parties about a “potential transaction.” The company’s statement Wednesday that it had received “expressions of interest” came after news reports this week that the New Albany, Ohio-based chain was in talks with at least two possible buyers. Abercrombie & Fitch says it doesn’t plan to comment again until the discussions are concluded. Read more

What’s holding back self-driving cars? Human drivers

DETROIT (AP) — In just a few years, well-mannered self-driving robotaxis will share the roads with reckless, law-breaking human drivers. The prospect is causing migraines for the people developing the robotaxis. A self-driving car would be programmed to drive at the speed limit. Humans routinely exceed it by 10 to 15 mph (16 to 24 kph) – just try entering the New Jersey Turnpike at normal speed. Self-driving cars wouldn’t dare cross a double yellow line; humans do it all the time. And then there are those odd local traffic customs to which humans quickly adapt. Read more

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