Business news in brief
By The Associated Press
U.S. sues to block merger of Kroger and Albertsons
The Federal Trade Commission is suing to block a proposed merger between grocery giants Kroger and Albertsons.
The FTC says the $24.6 billion deal would eliminate competition and lead to higher prices for millions of Americans. The commission filed a lawsuit Monday in U.S. District Court in Oregon. It was joined in the suit by the attorneys general of eight states and the District of Columbia.
Kroger and Albertsons, two of the nation’s largest grocers, agreed to merge in October 2022. The companies said a merger would help them better compete with Walmart, Amazon, Costco and other big rivals.
California utility will pay $80M to settle claims
LOS ANGELES | Southern California Edison will pay $80 million to settle claims on behalf of the U.S. Forest Service connected to a massive wildfire that destroyed more than a thousand homes and other structures in 2017.
The U.S. Attorney’s Office says the utility agreed to the settlement on Friday without admitting wrongdoing or fault in connection with the Thomas fire. Investigations found utility equipment sparked the fire in two canyon locations.
The Thomas fire burned across 439 square miles in Ventura and Santa Barbara counties. State officials say it is the seventh largest blaze in California history.
Amazon joins Dow Jones Industrial Average
Amazon.com is joining the ranks of one of Wall Street’s oldest and most exclusive stock indexes: The Dow Jones Industrial Average.
The e-commerce pioneer will officially take its position in the Dow before the open of trading Monday, replacing drugstore operator Walgreens Boots Alliance.
S&P Dow Jones Indices opened the door to Amazon’s inclusion in the Dow and Walgreens’ exit to rebalance the index in light of a 3-to-1 stock split by another Dow company, Walmart.
The Dow is a measure of 30 stocks of established, well-known companies sometimes known as “blue chips,” which are supposed to be steadier and safer investments.
—From AP reports
