Business Highlights

Published on NewsOK Modified: September 17, 2014 at 4:40 pm •  Published: September 17, 2014
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Fed signals plan to keep key rate at record low

WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it plans to keep a key interest rate at a record low because a broad range of U.S. economic measures remain subpar.

The Fed said it intends to keep its benchmark rate near zero as long as inflation remains under control, until it sees consistent gains in wage growth, long-term unemployment and other gauges of the job market.

The central bank retained language signaling its plans to keep short-term rates low "for a considerable time" after it ends its monthly bond purchases after its next meeting in October.

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Drugstores, retailers dive deeper into vaccines

Walgreen provided enough flu shots last season to protect a population roughly twice the size of Los Angeles.

CVS doled out more than 5 million, or double its total from a few years ago. And Wal-Mart, the world's largest retailer, offers flu shots at more than 4,200 of its U.S. stores that have pharmacies.

The nation's biggest drugstores and other retailers are grabbing larger chunks of the immunization market, giving customers more convenient options outside the doctor's office to protect themselves against the flu, pneumonia and other illnesses. In fact, nearly half of all flu vaccines provided to adults are now administered in non-medical settings like drugstores or worksite clinics.

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Tycoon's arrest sends shock wave through Russia

MOSCOW (AP) — The arrest of a Russian telecoms and oil tycoon has sent shock waves through the country's business community, with some fearing a return to the dark days of a decade ago, when the Kremlin asserted its power by imprisoning the country's then-richest man and expropriating his companies.

The criminal case against 65-year-old Vladimir Yevtushenkov marks the first attack on a billionaire businessman since the arrest in 2003 of Mikhail Khodorkovsky, the former head of Yukos, which was the country's largest oil company at the time. He spent the next decade in prison on tax evasion and misappropriation charges and saw his company taken over by the state and sold in pieces.

The prosecution of Khodorkovsky had sent a clear message to Russian oligarchs: stay out of politics and your property will be safe. Russia's rich have followed that rule for nearly a decade, and now fret the unspoken promise may be void.

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Alibaba post-IPO structure gives insiders control

BEIJING (AP) — Control over Alibaba Group will stay in the hands of founder Jack Ma and other company veterans after the Chinese e-commerce giant goes public on the New York Stock Exchange in a record busting share sale.

A group of 27 managers dubbed the "Alibaba Partnership" will have the power to nominate a majority of board members, a structure that was unpalatable to Hong Kong's stock market and resulted in Alibaba deciding to list in New York.

Alibaba says the arrangement will preserve its innovative culture in a fast-developing industry and reduce distractions from financial market fluctuations. The plan echoes tech founders in China and abroad who say they need to retain control to keep alive the creative energy of their startup days and launch new initiatives, even if that lowers short-term profits.

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US consumer prices fall 0.2 percent in August

WASHINGTON (AP) — U.S. consumer prices edged down in August, the first monthly drop since the spring of 2013, as gasoline, airline tickets and clothing prices all fell. It was the latest evidence that inflation remains under control.

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