Briefs MCDONALD’S SALES POP WITH $1 DRINKS
McDonald’s is trying to modernize its image by rolling out delivery and promising fresh beef in Quarter Pounders. But for now, $1 sodas are helping get people in the door. The Illinois-based company says domestic sales rose 3.9 percent at established locations during the second quarter.
Trump weighs Fed chair nomination.
President Donald Trump says he’s considering either re-nominating Janet Yellen for a second term as Fed chair or replacing her with someone else, possibly Gary Cohn, who leads his National Economic Council. Yellen, nominated by President Barack Obama, was the first woman to lead the central bank. She has declined to say whether she wants to serve another term.
IRS sees big drop in identity theft.
The IRS says it is seeing a big drop in the number of identity theft victims after the agency teamed up with tax preparers to fight the problem. IRS Commissioner John Koskinen said Tuesday that the number of victims was nearly cut in half last year, compared to the previous year. At the same time, he said, more businesses are being targeted. Thieves use stolen identities to try to obtain fraudulent tax refunds.
Republicans moving to repeal financial rule.
Continuing to target government regulations, a Republican-led House voted Tuesday to overturn a rule that would let consumers join together to sue their banks or credit card companies rather than use an arbitrator to resolve a dispute. The Consumer Financial Protection Bureau finalized the rule just two weeks ago.
Celgene Corp. to pay $280M to settle cancer drug fraud suit.
A New Jersey pharmaceutical company has agreed to pay $280 million to settle a federal lawsuit alleging it committed fraud by promoting a drug for leprosy and another therapy for unapproved cancer treatments, federal prosecutors announced Tuesday.
The agreement settled claims made in Los Angeles federal court by a former sales manager who said Celgene submitted false claims to Medicare and health care programs in 28 states and Washington, D.C., which were all parties to the settlement.
While the two drugs were later approved for limited cancer treatments, the company promoted them widely to doctors for multiple kinds of cancer years in advance of approvals, the lawsuit said.
Blue Apron announces leadership change.
Amid its latest stock struggles, Blue Apron announced on Tuesday that it is revamping its leadership team.
The home delivery mealkit company said in a statement that co-founder Matthew Wadiak would be stepping down as chief operating officer to become a senior adviser to Blue Apron.
“Matt Wadiak has played an instrumental role in driving forward Blue Apron’s mission to make incredible home cooking accessible to everyone,” said Matt Salzberg, Blue Apron CEO said in the statement.
Tim Smith, the company’s vice president of supply chain, has been named senior vice president and general manager of consumer products, a newly created role overseeing efforts to personalize and expand offerings for customers.
Since its initial public offering in late June, Blue Apron has struggled to gain momentum. Its shares opened at $10 on the New York Stock Exchange and they have yet to finish a day trading above the same mark. On Wednesday, Blue Apron’s stock finished the day at $7.50.