Business briefs
9 hospitals now in-network on UPMC Health Plan
UPMC Health Plan members can now receive in-network medical care in nine Central and Eastern Pennsylvania counties where Bethlehem, Pa.-based St. Luke’s University Health Network runs 10 hospitals. Also included in the deal was in-network access to physician practices, specialty care and urgent care centers. The 80-bed Geisinger St. Luke’s Hospital in Schuylkill County — which is jointly owned and operated by St. Luke’s and Danville, Pa.based Geisinger Health System — remains out of network for UPMC Health Plan members.
Amazon retail chief, seen as Bezos successor, to retire
Jeff Wilke, who led Amazon’s consumer business and was thought to be a potential successor to CEO Jeff Bezos, is retiring in early 2021. As CEO of Amazon’s Worldwide Consumer business, Mr. Wilke oversees its massive online marketplace. Mr. Wilke said he was not leaving for another a job and that he’d retire in the first quarter of 2021. He will be succeeded by Dave Clark, the senior vice president of the company’s worldwide operations.
Low rates, heavy demand send U.S. home sales up
Spurred by ultra-low mortgage rates, homebuyers rushed last month to snap up a limited supply of existing houses, causing the pace of purchases to jump by a record-high 24.7%. The July surge in sales reported Friday by the National Association of Realtors marked the second straight month of accelerating home purchases.
U.S. business activity hits 18-month high, data shows
U.S. business activity expanded in August at the strongest pace since early last year as faster growth at manufacturers spilled over to service providers. The IHS Markit flash composite index of purchasing managers at manufacturers and service providers increased 4.4 points to an 18-month high of 54.7, the group reported. Readings above 50 indicate growth and the measure
is up almost 28 points from the pandemic low in April.
Saudis halt $10B China oil venture
Saudi Arabia’s state oil company has suspended a deal to build a $10 billion refining and petrochemicals complex in China, according to people familiar with the matter, as the company slashes spending to cope with low oil prices. Saudi Arabian Oil Co., or Aramco, decided to stop investing in the facility after negotiations with its Chinese partners, said the familiar people.