Briefcase

Child obesity battle receives help from stores

WASHINGTON – Michelle Obama’s campaign against childhood obesity moved a step forward Wednesday with the announcement that Wal-Mart and other retailers plan over the next five years to open or expand 1,500 stores in areas without easy access to fresh fruit, vegetables and other healthy foods.

“Make no mistake about it. This is a big deal. It is a really big deal,” the first lady said at the White House, where she was joined by executives from the national and regional retailers.

Obama has urged grocers to expand into so-called “food deserts,” which are rural or poor areas without many grocery stores.

Wal-Mart Stores Inc., the nation’s largest retailer, says it will open 275 to 300 locations in urban and rural areas by 2016, expanding food options in more than 700 food deserts.

Walgreen Co., a nationwide drug store chain, will convert or open 1,000 stores over the next five years selling whole fruits and vegetables along with pre-cut fruit salads and green salads, according to the White House.

Associated Press

Woman gets 21/2 years for insider trading

NEW YORK – A hedge fund trader who blamed her boss for coercing her into insider trading during a 20-year affair was sentenced Wednesday to 21/2 years, less than prosecutors had hoped for in a case they promoted as their biggest hedge fund insider trading case ever.

Danielle Chiesi, 45, had once faced up to 155 years in prison for her role in an insider trading case that has resulted in more than two dozen convictions, including guilty pleas by executives of public companies and numerous hedge fund managers who were caught on wiretaps discussing illegal secrets during casual chats.

Associated Press

Earnings

• Intel Corp. said its results for the latest quarter were better than expected as it milked strong corporate demand for PCs and the need for new computer servers to handle Internet traffic on mobile devices. Intel’s net income rose 2 percent to $2.95 billion, or 54 cents per share, from $2.89 billion, or 51 cents per share, a year ago.

• Credit card company American Express Co. said Wednesday that its second-quarter profit leaped 31 percent, as its customers set a record for spending on their cards. The company said its net income attributable to common shareholders rose to $1.33 billion, or $1.07 per share, for the three months that ended June 30. That’s compared with $1 billion, or 84 cents per share, a year earlier.

• EBay Inc.’s PayPal online payment service and marketplaces business grew swiftly during the second quarter, helping its results beat analyst expectations.

For the quarter that ended June 30, eBay said Wednesday that it earned $283.4 million, or 22 cents per share, down 31 percent from $412 million, or 31 cents per share, a year earlier.

Associated Press