Business Highlights

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$260 million deal averts 1st federal trial on opioid crisis

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CLEVELAND (AP) — The nation's three largest drug distributors and a drugmaker have reached a $260 million deal to settle a lawsuit related to the toll of opioids, averting what would have been the first federal trial on the crisis. The agreement came just as the first federal trial on the opioid crisis was to begin. The tentative settlement with two Ohio counties involves drug distributors AmerisourceBergen, Cardinal Health and McKessen and manufacturer Teva.

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Saks owner Hudson's Bay to go private

NEW YORK (AP) — Hudson's Bay, the owner of Saks Fifth Avenue, is being taken private by a group of shareholders. Like many department store operators, Hudson's Bay has struggled as more people shop online. The deal is expected to be completed later this year or early next year

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Online ordering boom gives rise to virtual restaurants

NEW YORK (AP) — Thousands of restaurants are experimenting with virtual spinoffs as they try to capitalize on the rising popularity of online ordering. The trend speaks to the growing power of third-party apps, which have transformed the way many people find restaurants and raised expectations for speed and convenience. Grubhub and UberEats are directly behind the rise of many virtual restaurants, extending their sway over the industry into what goes on in the kitchen.

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Clusters of illness linked to CBD vapes share 2nd connection

CARLSBAD, Calif. (AP) — Federal prosecutors have linked a woman who helped popularize CBD vapes to brands blamed for two clusters of hospitalizations. Dozens of people were treated in Utah and North Carolina after inhaling vapours that contained synthetic marijuana. Some were labeled as delivering the cannabis extract CBD, which isn't supposed to get users high. Prosecutors connected Janell Thompson to vape brands responsible for the two clusters, which happened more than a year ago. Thompson declined comment.

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Facebook ramps up election security efforts ahead of 2020

With just over a year left until the 2020 U.S. presidential election, Facebook is stepping up its efforts to ensure it is not used as a tool to interfere in politics and democracies around the world. The efforts outlined Monday include a special security tool for elected officials and candidates that monitors them for hacking attempts.

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Japan exports fall for 10th straight month in September

TOKYO (AP) — Japan's exports have fallen for a 10th straight month amid weak demand in China, South Korea and other major markets. The data for September reported Monday showed a deepening impact from trade tensions between the U.S. and China and between Tokyo and neighbouring Seoul. The Finance Ministry said the trade deficit in September totalled $1.1 billion, a third consecutive month of red ink.

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Trump laments G-7 move from Doral after bipartisan pushback

WASHINGTON (AP) — President Donald Trump is lamenting that he was forced to move next year's Group of Seven summit from his private golf club in Florida after bipartisan criticism. Speaking during a Cabinet meeting, Trump says it would have been the greatest G-7 ever if it were held at his Doral resort outside Miami. He dismissed concerns that he was trying to get free publicity for his resort. Trump reversed course Saturday on hosting the G-7 at Doral after Republicans joined Democrats in raising alarm.

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UK Commons speaker deals new blow to Johnson's Brexit plan

LONDON (AP) — Prime Minister Boris Johnson's plan to lead Britain out of the European Union at the end of this month has hit another roadblock when the speaker of the House of Commons rejected his attempt to hold a new vote of lawmakers on his Brexit divorce deal. The ruling by Speaker John Bercow plunged the tortuous Brexit process back into grimly familiar territory: grinding parliamentary warfare.

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Exxon trial probes how oil giant accounts for climate change

NEW YORK (AP) — New York's attorney general is accusing Exxon Mobil of lying to investors about how profitable the company will remain as governments impose stricter regulations to combat global warming. The lawsuit, which is set to go to trial on Tuesday, claims the Texas energy giant kept two sets of books to make the company appear more valuable to investors. Exxon denied the allegations, calling them politically motivated, and said the company looks forward to being exonerated in court.

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US stocks close broadly higher, led by tech companies, banks

NEW YORK (AP) — Technology companies and banks helped drive U.S. stocks broadly higher Monday, extending the market's gains of the past two weeks. The rally came as investors found fresh reason for optimism as the U.S. and China continue negotiations aimed at resolving their costly trade war. China's top negotiator said over the weekend that "substantial progress" was being made in its talks with the U.S. Bond yields rose. Oil prices fell. Boeing slumped again.

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The S&P 500 index rose 20.52 points, or 0.7%, to 3,006.72. The Dow Jones Industrial Average gained 57.44 points, or 0.2%, to 26,827.64. The Nasdaq climbed 73.44 points, or 0.9%, to 8,162.99. The Russell 2000 index of smaller stocks picked up 14.66 points, or 1%, to 1,550.14.

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