U.S. use of gasoline, ethanol is soaring
Gasoline imports are the highest in a year and ethanol production is at a record as Americans drive more than ever. U.S. drivers traveled 988 billion miles in the first four months of 2015, shattering 2007's all-time high of 965.5 billion, the Federal Highway Administration said. That's pushed gasoline consumption to the highest for this time of year since 2007. Last week, imports jumped to the most in over a year, the Energy Information Administration said. This is good news for U.S. ethanol. Distillers have never seen this much demand for the fuel, which makes up about 10 percent of gasoline.
NYC accuses Whole Foods of overcharging
Whole Foods supermarkets have been routinely overcharging customers by overstating the weight of prepackaged meat, dairy and baked goods, New York City's consumer chief said. The price on a package of coconut shrimp at the upscale market was too high by $14.84, said Department of Consumer Affairs Commissioner Julie Menin, and a package of chicken tenders was overpriced by $4.85. Menin alleged that they continued even after Whole Foods was informed of the city's investigation. In e-mailed statements, Whole Foods said, "We disagree with the DCA's overreaching allegations."
Jeep Cherokee recalled over power lift gates
Fiat Chrysler is recalling 164,000 Jeep Cherokee SUVs worldwide to install shields that stop water from getting into the power rear lift gate controls. The company says the recall covers the 2014 and 2015 model years. It addresses a problem that could cause a fire. Fiat Chrysler says it learned of one fire and found that water can get into the lift gate control modules on some Cherokees and cause an electrical short. No injuries have been reported. The company says it will notify customers when they can schedule service.
Kraft agrees to pay taxes on CEO's payment
Kraft Foods Group, the foodmaker merging with H.J. Heinz, changed its stance and will pay some taxes for its chief executive as part of the deal. The macaroni-and-cheese maker is estimating it'll pay $11.1 million in taxes for Chairman and CEO John Cahill after the proposed merger with Heinz, according to a filing from Northfield, Ill.-based Kraft. The payment is intended to help Cahill be in the same position after taxes as if the levies didn't apply to him, the filing shows. Kraft's policy was to not provide reimbursements to executives for taxes triggered by change-in-control-related awards.
Independent labels endorse Apple Music
Several independent music label groups, including those representing Adele, Arcade Fire and Radiohead, say they can now support Apple Music after Apple reversed a decision not to pay royalties during the 90-day free trial period and adjusted other terms. The streaming service, set to launch Tuesday, had drawn the ire of Taylor Swift and other indie artists, who were preparing to withhold releases because of the royalty-free trial. Martin Mills, chairman of Adele's Beggars Group, said he was endorsing the current deal.
Zimmer, Biomet complete $13B merger
Orthopedic device makers Zimmer Holdings and Biomet say they've completed their $13.35 billion cash-and-stock combination. The company has taken the name Zimmer Biomet Holdings Inc. and will trade under the ticker symbol "ZBH" next week. Zimmer Holdings Inc. agreed to buy privately held Biomet in April 2014 for about $10.35 billion in cash and $3 billion in stock.