CVS will raise its minimum wage to $15 an hour

CVS will raise its minimum wage for hourly workers from $11 to $15 by next summer, becoming the latest large U.S. chain to pledge a $15 starting rate as companies compete for workers in a tight labor market. The pharmacy giant, which has nearly 300,000 employees, will begin increasing wages for hourly workers this month and hit the $15 an hour mark across the company next July. CVS will

also increase starting rates for positions such as pharmacy technicians and call center representatives above $15. About 65% of CVS’s hourly employees already make more than $15 an hour, the company said.

U.S. service industries expand at record pace

U.S. service providers expanded in July at the fastest pace in records dating back to 1997 as measures of business activity, new orders and employment all improved. The Institute for Supply Management’s services index jumped to 64.1 last month from 60.1 in June.

VICI buying MGM properties for $17.2B

VICI Properties Inc. will buy MGM Growth Properties LLC for $17.2 billion in a stock-for-stock transaction. The deal would allow VICI to redeem a majority of the MGP operating partnership held by MGM Resorts for $43 a share. Once the deal is complete, VICI would own about 660 acres on the Las Vegas Strip.

Bank of America unveils new card

Bank of America is adding a commercial credit card for on-the-go businesspeople in a bet that work travel will eventually return. The new Executive Explorer card will offer statement credits for travel perks such as expedited security clearance at airports and enhanced insurance for lost or delayed luggage. The company also expanded its mobile offerings with an app that allows customers to check their balances, temporarily lock their cards and more.