Briefs: Whole Foods in miniature; Mitsubishi Motors’ president bows out
● ● Whole Foods Market will open the first of a chain of stores that specialize in its cheaper private-label groceries in Los Angeles. It signed leases for 19 of the stores, with locations in the Portland, Ore., and Seattle areas scheduled to open in the next few months. The company hopes the stores, called 365 by Whole Foods Market and about half the size of typical Whole Foods stores, will help it shed a reputation as a grocer exclusively for foodies willing to pay a premium for grassfed beef and organic kale. ●Å ● Novartis will separate its cancer unit from the rest of the company in July. The Swiss drugmaker increasingly has focused on oncology since its purchase of some GlaxoSmithKline assets last year. Mitsubishi Motors says President Tetsuro Aikawa and Executive Vice President Ryugo Nakao will step down on June 24. In April the automaker admitted to cheating on fuel-economy testing on its minicars; it later said that nine other models may not have been tested properly. ●● Corvex Management, the hedge fund run by Keith Meister, is pressing Pandora to explore a sale. In a letter to the board, Meister, whose fund owns 10 percent of the streaming radio provider, wrote that it can be a “more valuable business as a part of a larger enterprise.” Apple CEO Tim Cook traveled to India to meet with app developers and try to win more of the 1 billion smartphone sales expected there in the next five years. Apple is pushing to open its first retail stores in the country.
will pay $17 million to resolve a U.S. brokerage regulator’s claims of “widespread failures” in its programs to prevent money laundering.