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Briefs: CVS tweaks name, stops selling tobacco; Halliburton paying $1B over oil spill

CVS Health employee removes tobacco products from the

CVS Health employee removes tobacco products from the store shelves in East Greenwich, R.I. CVS is tweaking its corporate name, and it is stopping sale of tobacco products nearly a month earlier than announced. Credit: AP

Here's what's happening in the world of business on Wednesday, Sept. 3, 2014.

Big stories

CVS (sorta) changed its name. The company, formerly known as CVS Caremark, is now called CVS Health, to reflect its push into the consumer health business. The change is barely visible to shoppers, since signs will still read  "CVS." However, the company also said it has stopped selling tobacco products, something it had planned to do.

It's the economy

The United States is now the third-ranked economy in the world, coming in behind Switzerland and Singapore, according to a new survey by the World Economic Forum. The rebound in domestic financial institutions helped boost the United States, which was ranked fifth last year.

The Federal Reserve says banks must keep enough liquid assets on hand in the case of another economic downturn. Liquid assets can include cash, or investments that can quickly be turned into cash.

Across the region

The closing of the Revel Hotel and Casino and Showboat Casino in Atlantic City has caused a stampede of laid-off workers to file for unemployment benefits in New Jersey.

Company news

Halliburton will pay more than $1 billion to settle litigation over its role in the 2010 BP oil spill in the Gulf of Mexico. Halliburton was responsible for fortifying the undersea well of the Deepwater Horizon oil rig, which exploded on April 20, 2010, killing 11 workers and causing the massive oil spill.

Luxury home builder Toll Brothers is making money, a lot of it. The company said its third quarter profit more than tripled to $97.7 million as new home prices continue to rise.

The answer is 'no' for Norwegian Air in its bid for United States-to-Europe flights. The Obama administration rejected the request over concerns about the airline's plans to register planes in Ireland in order to qualify for an EU exemption that would allow it to offer cheaper flights.

Across the nation

The conflict over ride-sharing services such as Lyft and Uber has hit the Heartland, as officials in Kentucky say they plan to enact emergency regulations to treat Uber and Lyft more like traditional taxi firms.

Tech bites

Netflix will carry the new "Gotham" series one year after it premieres, the company said. The show, which centers around the young life of Batman's alter-ego, Bruce Wayne, is highly anticipated.

The hacking of celebrity iCloud accounts this week, in which nude photos of actors including Jennifer Lawrence were posted across social media, is fueling new concerns about the security of files stored in the cloud.

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