Business Briefs – August 15, 2017

U.S. Homebuilder Sentiment Climbs in August

WASHINGTON (AP) – U.S. homebuilders are feeling more optimistic about their sales prospects, reflecting a pickup in demand and positive expectations about further growth. The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday rose to 68 this month. That’s up four points from a reading of 64 in July and the highest level since May.

South Carolina Sues Drug Manufacturer Over Opioid Crisis

COLUMBIA, S.C. (AP) — South Carolina has become the latest state to accuse a drug manufacturer of exacerbating its opioid drug crisis by using deceptive marketing, with the state’s top prosecutor suing the maker of OxyContin. Attorney General Alan Wilson on Tuesday announced the state had sued Purdue Pharma, accusing the maker of OxyContin and other opioid drugs of violating South Carolina’s Unfair Trade Practices Act.

Elizabeth Duke to Become Next Chairwoman of Wells Fargo

SAN FRANCISCO (AP) — Wells Fargo says Elizabeth Duke will become its chairwoman next year, making her the first woman to hold the position at a major Wall Street bank. The bank said in a statement Tuesday that Duke will replace Stephen Sanger on Jan. 1. Sanger took over as independent chairman late last year after John Stumpf, Wells Fargo’s then CEO and chairman, abruptly resigned in the aftermath of the bank’s sales practices scandal.