Business Briefs – June 27, 2017

Some Shoppers Fret When Companies Take Over Favorite Brands

NEW YORK (AP) – Some shoppers are fretting about big companies they don’t like taking over their favorite brands. The latest: Amazon’s move to purchase Whole Foods has spurred worries about a decline in quality and ethical standards, or that the store will become like other supermarkets. And Wal-Mart’s purchase of ModCloth and Bonobos had fans voicing their displeasure on social media. The challenge for big companies in this situation is to expand the businesses without alienating their followers.

Yellen: Banking Reforms Should Avert Future Financial Crisis

LONDON (AP) – Federal Reserve Chair Janet Yellen said Tuesday that she believes banking regulators have made enough improvements that the world will not experience another financial crisis “in our lifetimes.” Yellen said the banking reforms put in place in recent years have made the financial system much safer, with regulators doing a better job of watching for the type of systemic risks that struck the global economy in 2008.

EPA Chief Met With Dow CEO Before Deciding on Pesticide Ban

WASHINGTON (AP) – Records show the Trump administration’s top environmental official met privately with the chief executive of Dow Chemical shortly before reversing his agency’s push to ban a widely-used pesticide after health studies showed it can harm children’s brains. Environmental Protection Agency chief Scott Pruitt’s schedule shows he meet with Dow CEO Andrew Liveris for about a half hour on March 9 during a conference held at a Houston hotel.

FDA Takes Steps to Boost Generic Competition, Limit Prices

WASHINGTON (AP) – The Food and Drug Administration is making moves to boost the number of generic prescription drugs on sale. The goal is to make medicines more affordable and prevent price gouging. The FDA will now give priority reviews to new generic drugs until there are at least three on the market. It has also published on Tuesday its first list of brand-name drugs that no longer have a patent’s protection but don’t yet have generic competition.

Merck Says New Type of Cholesterol Drug Worked in Big Study

TRENTON, N.J. (AP) – Merck & Co. says a new type of cholesterol drug reduced heart attacks, deaths and other complications of heart disease in a huge, late-stage study. The results announced Tuesday were a surprise. Three rival drugmakers have each seen promising drugs of the same type fail after many years and millions of dollars spent on testing.