Business News Roundup, June 21
A California regulator is approving Aetna’s proposed acquisition of rival health insurer Humana.
California Department of Managed Health Care Director Shelley Rouillard announced her decision on Monday.
The company will also have to keep certain decision-making functions in California and must invest in various health initiatives.
The proposed $35 billion cash-and-stock deal would make Aetna a sizable player in the rapidly growing Medicare Advantage business, which offers privately run versions of the federally funded health care program for the elderly and some people with disabilities.
A Central California winery hailed as one of the best in the country is facing boycott calls and enforcement actions after it clear-cut hundreds of old oak trees to make way for more vineyards.
Justin Vineyard and Winery west of the town of Paso Robles has been under stop-work orders since June 9 from San Luis Obispo County and a resource-conservation district on the expansion project.
Officials ordered the halt to the clear-cutting after neighbors and at least one pilot reported spotting lumber crews and hillsides newly cleared of oak groves.
California billionaires Stewart and Lynda Resnick, who also market popular lines of pomegranate juice, almonds and bottled water from Fiji, own the business, which is known for its upscale Bordeaux-style wines.
A proposal to outlaw online ads for short-term New York City apartment rentals on sites like Airbnb has cleared the state Legislature.
The measure heading to Gov. Andrew Cuomo’s desk would establish graduated fines of up to $7,500 for advertising online or elsewhere for short-term rentals, which have expanded with online platforms.
“Airbnb has created a black market for illegal hotel operators,” said Assemblywoman Linda Rosenthal, a bill sponsor.
Josh Meltzer, Airbnb head of public policy, said lawmakers “cut a last-minute deal with the hotel industry” to pass the bill.
Venture capitalist and former National Venture Capital Association chairman David Morgenthaler died in Cleveland on Friday.
David was much more than a pioneer, he was an icon of venture capital, titan of the entrepreneurial ecosystem and champion of innovation, NVCA CEO Bobby Franklin said in a statement.