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Here are today’s top business headlines from across the nation and world:
The privately held owner of Safeway, Vons and other grocery brands is plunging deeper into the pharmacy business with a deal to buy Rite Aid, the nation’s third-largest drugstore chain. Albertsons Companies is offering either a share of its stock and $1.83 in cash or slightly more than a share for every 10 shares of Rite Aid. A deal value was not disclosed in a statement released Tuesday by the companies. Shares of Rite Aid, which have shed more than half their value over the past year, jumped 40 cents, or 18.8 percent, in premarket trading after the deal was announced. Read more
CARACAS, Venezuela (AP) — Venezuela on Tuesday will become the first country to launch its own version of bitcoin, a move it hopes will provide a much-needed boost to its credit-stricken economy. Officials say the so-called petro is backed by Venezuela’s crude oil reserves, the largest in the world. Socialist President Nicolas Maduro late last year announced he was creating the digital currency to outmaneuver U.S. sanctions preventing cash-strapped Venezuela from issuing new debt. Read more
NEW DELHI (AP) — “Trump has arrived. Have you?” shout the barrage of glossy front-page advertisements in almost every major Indian newspaper. The ads, which have run repeatedly in the past few days, herald the arrival not of the American president but of his eldest son, Donald Trump Jr., who is in New Delhi to sell luxury apartments and lavish attention on wealthy Indians who have already bought units in a Trump-branded development outside the Indian capital. The newspaper ads promise that buyers who order apartments in the development by Thursday will get “a conversation and dinner” with Trump Jr. a day later. Read more
JOHANNESBURG (AP) — South Africa’s city of Cape Town has made more progress in putting off “Day Zero,” the date when it might have to turn off most water taps because of a drought. The opposition party that runs the city of four million people says increased water saving by residents means that “Day Zero” has been pushed from June 4 to July 9. It says provincial farmers who released a large amount of water from private dams to help the city also contributed. Read more
NEW DELHI (AP) — India’s federal investigating agency says it has arrested six people in an alleged $1.8 billion bank fraud case. Abhished Dayal, a Central Bureau of Investigation spokesman, said Tuesday that five bank workers and an employee of billionaire jeweler and suspect Nirav Modi were arrested for allegedly conspiring to cheat the Punjab National Bank over the past six years. The Press Trust of India news agency reported that Modi sent a letter to the state-run bank claiming that he owed less than half the amount claimed by the bank in connection with the alleged fraud. Read more
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