THE RE­CAP

The Washington Post Sunday - - TAKING STOCK -

Busi­ness

SpaceX’s Dragon space­craft ar­rived at the In­ter­na­tional Space Sta­tion and was cap­tured by the sta­tion’s ro­botic arm while fly­ing over Aus­tralia. The space­craft is car­ry­ing 5,500 pounds of sup­plies and sci­ence ex­per­i­ments for the as­tro­nauts aboard the sta­tion. It launched from pad 39A at NASA’s Kennedy Space Cen­ter on Florida’s Space Coast. It was the first time a rocket had flown from the his­toric pad, which hosted many of the Apollo moon mis­sions, since the space shut­tle was re­tired in 2011. Wells Fargo fired four ex­ec­u­tives as its board of di­rec­tors nears com­ple­tion of its in­quiry into sham ac­counts set up by em­ploy­ees to al­legedly meet sales quo­tas. The four come from the com­mu­nity bank­ing divi­sion. They will not re­ceive their 2016 bonuses and will for­feit the stock and stock op­tions. Boe­ing said it would in­vest $24.98 mil­lion to open its first pro­duc­tion fa­cil­ity in Europe to make com­po­nents for cer­tain air­craft. The 25,000-square-foot fa­cil­ity in Sheffield, Eng­land, will make wing flap ac­tu­a­tors for Boe­ing’s nextgen­er­a­tion 737, 737 MAX and 777 air­craft, the com­pany said. Google is su­ing Uber and al­leg­ing that a for­mer em­ployee en­gaged in a “con­certed plan” to steal trade se­crets re­lated to the search giant’s self-driv­ing car tech­nol­ogy. Google’s self-driv­ing car sub­sidiary, Waymo, said that a for­mer top ex­ec­u­tive who later went to work for Uber il­le­gally down­loaded troves of pro­pri­etary data onto an ex­ter­nal hard drive be­fore tak­ing the in­for­ma­tion to his new em­ployer. Amer­i­can and United air­lines have started of­fer­ing cheaper no-frills “ba­sic econ­omy” fares as they bat­tle dis­count air­lines. J.C. Pen­ney plans to shut­ter 130 to 140 stores in com­ing months, adding to a wave of big-name store clo­sures that prom­ise to leave gap­ing holes at Amer­i­can malls.

Deals

Restau­rant Brands In­ter­na­tional, the par­ent com­pany of Burger King and Tim Hor­tons, is buy­ing Popeyes for $1.8 bil­lion, with plans to ac­cel­er­ate the growth of the fried­chicken chain.

Econ­omy

The Fed­eral Re­serve said the econ­omy’s con­tin­ued growth might per­suade it to raise its bench­mark in­ter­est rate “fairly soon,” ac­cord­ing to min­utes from its Jan. 31 meet­ing, even as it ac­knowl­edged that the am­bi­tious poli­cies pro­posed by the Trump ad­min­is­tra­tion could have un­fore­seen ef­fects on the U.S. econ­omy. Amer­i­cans shrugged off ris­ing mort­gage rates and bought ex­ist­ing homes in Jan­uary at the fastest pace since 2007. Home sales rose 3.3 per­cent last month from De­cem­ber to a rate of 5.69 mil­lion.

Wash­ing­ton

The world’s big­gest au­tomak­ers have asked EPA Ad­min­is­tra­tor Scott Pruitt to re­con­sider a re­cent de­ci­sion to lock in strict fuel ef­fi­ciency stan­dards for cars and light trucks to be pro­duced in model years 2022 to 2025. The re­quests could pro­vide the first in­di­ca­tion of how the Trump ad­min­is­tra­tion will re­shape the fed­eral ap­proach to ad­dress­ing cli­mate change.

Tran­si­tions

Ken­neth J. Ar­row, a No­bel Prizewin­ning econ­o­mist and math­e­mat­i­cal the­o­rist who made sem­i­nal con­tri­bu­tions to so­cial sci­ences as varied as elec­tion the­ory and health eco­nom­ics and was one of the most in­flu­en­tial economists of his gen­er­a­tion, died Feb. 21 at his home in Palo Alto, Calif. He was 95. Dr. Ar­row, who spent the ma­jor­ity of his ca­reer at Stan­ford Uni­ver­sity as an eco­nom­ics pro­fes­sor, was 51 when he shared the No­bel with Bri­tish econ­o­mist Sir John Hicks in 1972 for their con­tri­bu­tions to wel­fare eco­nom­ics and gen­eral equi­lib­rium the­ory, a branch of eco­nom­ics that stud­ies the be­hav­ior of sup­ply and de­mand for mul­ti­ple firms in a com­pet­i­tive mar­ket.

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