Business News

Michele Ferrero, the founder and patriarch of the Italian Nutella empire, died on Saturday. He was 89. He was "the richest candyman on the planet," according to Forbes, which put his wealth at $23.4 billion. (Money)

Grocer Haggen is about to expand from 18 stores in the Pacific Northwest to 164 throughout the West Coast and will for the first time be in California, Arizona and Nevada. The expansion is part of the divestment process resulting from the merger of Albertsons and Safeway. The conversion starts this Thursday. The bulk of the new Haggen stores will change over by July, with one to 12 converting each week. (Oregon Live)

American Express and Costco are ending their 16-year relationship. The unusual partnership, in which Costco exclusively accepted AmEx cards, had driven a significant chunk of business to the New York card company. In the past decade, Costco has more than doubled its annual revenue to $112.6 billion and nearly doubled profits to $2.06 billion. (Wall Street Journal)

What could be next for Apple?  An electric car? That may be enough to silence the tech giant's critics who question whether the company can produce another major revenue center beyond the iPhone. (CNBC)

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