Update on the latest in business:
Indexes rise slightly on Wall Street
NEW YORK (AP) — Stocks are higher on Wall Street in afternoon trading, erasing the market’s modest losses from a day earlier.
Gains in financial and technology stocks outweigh losses elsewhere in the market.
Health care stocks are lagging the most as traders weigh quarterly earnings from Johnson & Johnson and UnitedHealth Group.
Investors are looking to corporate earnings reports for clues on the health of the global economy. The rebound for stocks follows gains in markets overseas.
US industrial production slipped 0.1% in March
WASHINGTON (AP) — Industrial production dropped 0.1% in March from the previous month, pulled down by a drop in mining output. Factory output remained weak amid trade tension with China and a slowing global economy.
Mining output declined 0.8% but was up 10.5% from March 2018.
Manufacturing production was flat after dropping in January and February. In the first three months of the year, factory output fell at an annual rate of 1.1%.
Utility production rose 0.2% after a sharp 3.7% increase in February.
ZINKE-GOLD MINING JOB
Gold mining firm hires former interior secretary
WASHINGTON (AP) — Ryan Zinke, the former Trump Cabinet official in charge of the country’s natural resources, has landed a more than $100,000-a-year job with a Nevada gold mining firm.
Zinke confirmed Tuesday he has accepted the consulting and board position with U.S. Gold Corp., a company with business before Zinke’s former agency, the Interior Department.
His new job comes about four months after he resigned as Interior secretary amid ethics allegations.
CEO Edward Karr says he expects Zinke’s recent Cabinet position will help his company move ahead with mining projects on state and federal lands.
Zinke will receive $114,000 a year as a board member and consultant. The company’s filing with the Securities and Exchange Commission says Zinke will also receive up to $120,000 a year in expenses.
Caesars names veteran of Vegas Strip as new CEO
NEW YORK (AP) — Caesars Entertainment is appointing a veteran of the Las Vegas Strip as its new chief executive. The casino giant named Tony Rodio as CEO today.
The change in leadership comes two months after billionaire investor Carl Icahn disclosed a large stake in the casino and began pushing for fundamental changes.
Rodio replaces Mark Frissora, who guided the company through bankruptcy reorganization after joining Caesars in 2015.
Rodio has more than three decades of experience in the industry, including seven years as president and CEO of Tropicana Entertainment.
CVS fined $535K for filling forged Percocet prescriptions
PROVIDENCE, R.I. (AP) — Drugstore chain CVS Health has agreed to pay $535,000 to resolve federal allegations that it filled dozens of Percocet prescriptions its pharmacists should have known were forged.
Percocet is a brand-name painkiller that contains acetaminophen and the opioid oxycodone. Federal officials say the forged prescriptions were filled at several Rhode Island locations between September 2015 and June 2017, in violation of the federal Controlled Substances Act. The statute places a “corresponding responsibility” on pharmacists to ensure the prescriptions they’re filling are valid and legal.
CVS denies wrongdoing in the case but says it “agreed to this settlement to avoid the delay, uncertainty and expense of litigation.”
BOURBON EXPANSION-FOUR ROSES
Four Roses eyes expanded US sales with distillery expansion
FRANKFORT, Ky. (AP) — A 131-year-old Kentucky straight bourbon is ready to ramp up production in hopes of gaining a greater foothold in the U.S. market. Four Roses Distillery is celebrating the completion of a $55 million expansion that doubles production capacity at its plant in Lawrenceburg, Kentucky.
It’s only been since 2002 that the Four Roses’ straight bourbons returned to American bars and liquor stores, after Japanese-based Kirin Brewery Co. purchased the distillery. A previous owner had turned Four Roses into a blended whiskey for U.S. consumption.
Since their reintroduction, Four Roses has spread to all 50 states along with dozens of foreign markets. But demand outpaced supply, a problem the distiller hopes will vanish with the expansion.
SUPERMARKET WORKERS STRIKE-BOURQUE
Former NHL star apologizes for crossing picket line
NORTH ANDOVER, Mass. (AP) — A former NHL star is apologizing for crossing a picket line to shop at a Massachusetts supermarket where workers are on strike.
Former Boston Bruins and Colorado Avalanche defenseman Ray Bourque (bork) was caught on video exiting a North Andover Stop & Shop on Monday as a worker said, “Shame on you.”
Thousands of Stop & Shop workers at 240 stores in Massachusetts, Connecticut and Rhode Island went on strike last week over what they say is an unfair contract proposal.
Bourque, a 22-year member of the NHL players’ union, apologized on Twitter .
He said he had a “medical condition that I was preparing for” and “mistakenly crossed the picket line.”
Bourque promised to walk the picket line in solidarity with Stop & Shop workers once his medical issue is resolved.