CVS Misses Sales Expectations as Pharmacy Business Softens and other top stories.

• CVS Misses Sales Expectations as Pharmacy Business Softens

  

  CVS Health Corp. logged disappointing sales growth in its latest quarter as new generic drug introductions cut into its pharmacy business and store traffic declined. The Woonsocket, R.I.-based drugstore giant is increasingly relying on its pharmacy benefits management division for growth. The business, which manages prescription drug coverage for health insurers, is attracting more clients by helping lower drug spending as some manufacturers are pushing through sharp price increases. Meanwhile,..

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• Illinois' Obamacare plans seek big 2017 premium hikes

  

  Insurers want to crank up the cost of health insurance premiums by as much as 45 percent for Illinois residents who buy coverage through the Affordable Care Act's marketplace.Blue Cross Blue Shield of Illinois, the most popular insurer on the state's Obamacare exchange, is proposing increases ranging from 23 percent to 45 percent in premiums for its individual health-care plans, according to proposed 2017 premiums that were made public Monday. The insurer blamed the sought-after hikes mainly on..

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• Abenomics Return to Fiscal Lever Shows Failure to Hit High Goals

  

  Prime Minister Shinzo Abe’s return to the fiscal-stimulus lever that he first pulled three years ago showed how far he remains from hitting ambitious targets for reviving Japan’s economy.The cabinet Tuesday approved a spending-and-lending package totaling 28 trillion yen ($275 billion), including 4.6 trillion yen in outlays this year and just under 3 trillion yen further out. The administration completed its plan days after the central bank adopted a modest boost to its own stimulus efforts.Beh..

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• Fed's Kaplan urges patience in raising rates, points to global risks

  

  The U.S. Fed is looking for a "healthy margin above" 80,000 to 125,000 new jobs each month to give confidence of removing slack in the U.S. economy, Dallas Federal Reserve Bank President Robert Kaplan said on Tuesday. He said he needed more information to see how slower GDP growth reconciles with strong job growth, adding that the Fed needed to be patient and cautious in removing accommodation in light of global risks and imbalances. Monetary policy operates with a lag and the Fed needs to b..

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• Consumer Spending in U.S. Rose 0.4% for a Second Month in June

  

  Consumer purchases climbed a bit more than anticipated in June, exceeding a gain in incomes that prompted American households to tap into savings. The 0.4 percent advance in spending followed a similar gain in the previous month, a Commerce Department report showed Tuesday in Washington. The median forecast in a Bloomberg survey called for a 0.3 percent gain in consumption, which accounts for about 70 percent of the economy. Incomes rose a less-than-projected 0.2 percent, while the saving rate..

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• Crude Oil May Rebound to $57 Next Year, Analysts Say

  

  Oil closed in a bear market Monday, but don’t abandon hope. Analysts are looking beyond the current slide to next year for a rebound.Crude has plunged by more than a fifth in less than two months as refineries created a glut of gasoline while failing to eliminate excess supply of crude. That wrecked refining margins and hurt the earnings of Exxon Mobil Corp., BP Plc and Royal Dutch Shell Plc. Yet, global oil prices will average $57 a barrel in 2017, according to the median of at least 20 analys..

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• P&G tops Wall Street estimates, helped by continued cost-cutting

  

  Procter & Gamble reported quarterly earnings and revenue that beat analysts' expectations on Tuesday aided by investments the company is making to develop new products and boost advertising. In the fiscal-fourth quarter ended June 30, P&G said it earned 79 cents a share, excluding items. The company had been expected to earn 74 cents a share, on average, according to Thomson First call. While revenue fell 2.8 percent to $16.1 billion from $16.55 billion, it topped Wall Street's average ..

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• Aetna Joins Rivals in Projecting Loss on Affordable Care Act Plans for 2016

  

  Aetna Inc. became the last of the five major national health insurers to project a loss on Affordable Care Act plans for 2016, and the company said it would re-evaluate its participation in the business and cancel a planned expansion. Aetna, which had previously expressed relative optimism about the ACA exchanges, said it was setting up a reserve of $65 million to account for expected losses on individual plans over the rest of 2016. The move, coming after a similar shift in tone last week by A..

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• China regulator says Didi, Uber deal will need Mofcom approval

  

  BEIJING A merger between Chinese ride-hailing firm Didi Chuxing and the China unit of U.S. rival Uber could face its first hiccup after China's commerce ministry (Mofcom) said on Tuesday it had not received a necessary application to allow the deal to go ahead.However, Didi said there was no need to seek regulatory approval, saying the two ride-hailing companies' lack of profits meant they weren't required to file with the ministry.Didi's acquisition of Uber's China operations, announced on Mo..

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