Another hospital to join West Virginia Health System
Wetzel County Hospital in New Martinsville, W.Va., has signed a letter of intent to join the West Virginia Health System, which operates under the brand name of WVU Medicine. The 58-bed hospital, which was established in 1920, inked a management agreement with WVU Medicine in 2018 and a clinical affiliation agreement in 2016. WVU Medicine, which recently reached a deal to acquire Uniontown Hospital in Fayette County, is the biggest private employer in West Virginia and operates 11 hospitals.
Core U.S. producer prices have slowest rise since 2016
A measure of underlying U.S. producer prices rose in December at the slowest pace since August 2016, indicating modest inflationary pressures. The so-called core index of prices paid to producers, which excludes food and energy costs, increased 1.1% from the previous year, a Labor Department report showed. The core gauge rose 0.1% from a month earlier. The overall PPI also climbed 0.1% from November and was up 1.3% from a year prior.
Target, other retailers did not have a merry Christmas
Target reported a rare shortfall in holiday sales, raising concerns about the challenges ahead for the traditional retail industry. Target’s disappointing growth of 1.4% for November and December, dragged down by toys and electronics, fell well below the previous year. Target joined a growing list of retailers reporting meager performances during the crucial holiday shopping season. Target cut its expectations for same-store sales growth for the entire quarter Wednesday.
Disney heir backs Calif. bill to raise corporate taxes
Disney heir Abigail Disney testified
Wednesday before the California State Senate in support of a bill that would raise the state’s corporate income tax rates while incentivizing firms to curb CEO pay. Ms. Disney, and the group she belongs to, Patriotic Millionaires, have advocated for reducing income inequality by raising corporate taxes, equalizing tax rates on capital gains and income, raising the federal estate tax and increasing the federal minimum wage to $15 an hour by 2024.
Calif. city bans coal, blocks key export route to Asia
A critical route for American coal exports to Asia is drying up after yet another U.S. port city passed a law to bar the fuel from leaving its shores. Lawmakers in Richmond, Calif., voted to impose a ban on coal, targeting a terminal that handles about a quarter of exports from the U.S. West Coast. Still, exports from the U.S. accounted for just over 3% of Asia-Pacific’s total imports in 2018, according to the latest BP Statistical Review. The data also showed most American cargoes headed to Europe.
Studios have plan to preserve near-dead DVD format
Two of the major studios, Universal Pictures and Warner Bros., have proposed a joint venture that, if approved by regulators, will handle North American distribution for DVDs, Blu-rays and 4K UHD discs for new releases, library titles and television shows. Details are sparse and the venture won’t launch until the beginning of 2021. The move is expected to coincide with an unspecified number of job cuts in their existing home video divisions.