‘Pharma Bro’ Martin Shkreli Banned for Life From Drug Industry, Ordered to Pay Nearly $65 Million

Martin Shkreli, who was widely criticized as “pharma bro” for raising the price of a lifesaving AIDS drug, was banned for life from the pharmaceutical industry Friday after a federal court found that the imprisoned former executive engaged in illegal and monopolistic behavior. Mr. Shkreli was also ordered to pay nearly $65 million in profits … Read more

Raskin Could Face Rough Confirmation Battle For Banking Supervision Post

WASHINGTON— Sarah Bloom Raskin, President Biden’s pick to become the Fed’s top banking regulator, could face a contentious nomination process due to her support for tougher banking rules and for using financial regulation to address climate-change positions cheered by progressives but criticized by some Republicans. Still, Ms. Raskin is unlikely to face the kind of … Read more

McDonald’s CEO Chris Kempczinski Is Learning to Lead in Uncertain Times

CHICAGO—McDonald’s Corp. Chief Executive Chris Kempczinski is starting the year at the helm of one of the world’s most recognizable restaurant brands battling the latest coronavirus variant, rising inflation and workforce shortages. Longer term, he is trying to figure out how to maintain growth at a company whose products feel outdated to many young consumers … Read more

U.S. Retail Sales Fell 1.9% in December

U.S. retail sales dropped by 1.9% in December as the Covid-19 Omicron variant and inflation surged, damping the end of the holiday shopping season. December’s sharp decline followed record-level retail sales that started with a 1.8% gain in October from the prior month. Sales at retail stores, online and restaurants grew 16.9% in December when … Read more

Elon Musk Says Tesla Is Accepting Dogecoin for Some Merchandise

Elon Musk said Tesla Inc. TSLA -6.75% is accepting payment for some merchandise with dogecoin, a return for the electric-vehicle maker to acceptance of digital currencies for some payments. The Tesla chief executive said in an early Friday tweet, “Tesla merch buyable with Dogecoin.” The company’s website showed some items, including one labeled a “Giga … Read more

Citigroup Exits More Asian Consumer-Banking Operations With $3.7 Billion Deal

Citigroup Inc. agreed to sell its consumer-banking franchises in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank Ltd. , advancing its strategy to exit most of its retail operations in Asia and free up resources to deploy in wealth management. The New York-based bank on Thursday said the deal includes retail-banking and credit-card businesses. … Read more

Microsoft Board to Review Company’s Sexual Harassment and Gender Discrimination Policies

Microsoft Corp.’s board of directors on Thursday said it would review the company’s sexual harassment and gender discrimination policies and unveil a summary of the results of past investigations into how the company handled allegations against company executives, including co-founder Bill Gates. The software company’s board is taking this action in response to an unexpected … Read more

As U.S. Approaches ‘Full Employment,’ New Inflation Risks Emerge

For workers, it is great news: the U.S. labor market is nearing, or may already be at, its ideal state of “full employment.” But for the economy as a whole, it risks introducing a new source of upward pressure on inflation. Full employment refers to a labor market in which just about anyone who wants … Read more

Grocery Stores Cut Hours, Services as Omicron Infects Workers

Some U.S. supermarkets are reducing hours and cutting services as Covid-19’s Omicron variant infects cashiers, baggers and stockers, deepening grocery chains’ staffing challenges. Before the Omicron variant hit the U.S. Northeast, seven-store supermarket chain Stew Leonard’s was finding its way back to normal, according to Chief Executive Stew Leonard Jr. In-store customer traffic was increasing, … Read more

Monster Beverage Buys Owner of Craft Breweries Cigar City, Oskar Blues for $330 Million

Monster Beverage Corp. has been mulling a move into booze for years. It finally took the plunge Thursday, becoming the latest big soft-drink company to try its hand at alcoholic beverages. Monster, best known for its namesake energy drinks, said it had forged a deal to buy craft-beer and hard-seltzer company CANarchy Craft Brewery Collective … Read more