NEW YORK (AP) — Wall Street appears headed for its first weekly loss since the start of August. Utility company stocks are leading the market lower as investors dump dividend-rich stocks following a rise in Treasury yields, which rise when prices fall. Treasurys fell after news that retail sales in August rose faster than economists had forecast, suggesting that the Federal Reserve might start hiking interest rates sooner than expected.
WASHINGTON (AP) — The federal government says Bayer is making unsupported claims in ads for a dietary supplement designed to help with digestion. The Department of Justice filed a court motion today against the German conglomerate over its advertising for Phillips’ Colon Health, which claims to prevent diarrhea, constipation, gas and bloating. Federal officials say the company doesn’t have reliable scientific evidence to support those claims. Bayer says it “strongly disagrees” and will defend itself “vigorously.”
WASHINGTON (AP) — Justice Department officials are pressing Congress for a new law to help them prosecute criminals overseas who traffic in stolen credit cards. It’s part of an effort to combat an increasingly lucrative crime that crosses national boundaries. Authorities say the current law is too weak because it allows people in other countries to avoid prosecution if they buy and sell stolen card data entirely outside the United States.
WASHINGTON (AP) — The chemical industry is putting its lobbying muscle behind legislation that would establish federal standards for compounds used in products from household goods to plastic water bottles. But the bill favored by the industry would also make it tougher for states to regulate chemicals. The American Chemistry Council has spent nearly $6 million on lobbying in the first half of the year. There’s widespread agreement that the current law needs an overhaul, but the role of the states in regulating chemicals is a sticking point.
NEW YORK (AP) — An Olive Garden investor is out with a nearly 300-page critique of how the restaurant chain is run. One of the complaints listed by the hedge fund Starboard Value is that Olive Garden servers tend to put too many breadsticks on the tables, leading to waste and cold breadsticks. It also takes issue with the chain’s policy of not salting the water it uses to cook pasta, and it doesn’t like the new logo. The treatise is part of Starboard’s push to take control of the board of Olive Garden’s parent company, Darden Restaurants.
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