U.S. construction spending hits 8-year high

WASHINGTON >> U.S. construction spending jumped in October, fueled by solid gains in home-building and the largest increase in federal construction in nine years.

The Commerce Department said Tuesday that construction spending rose 1 percent in October from the previous month to a seasonally adjusted annual rate of more than $1.1 trillion. That’s the highest level since December 2007 when the Great Recession began.

More Americans are buying new homes or renting apartments, driving greater residential development. And federal, state and local governments, spurred partly by greater tax revenue, are building more roads and schools. Construction spending has increased 13 percent in the past 12 months.

Yahoo mulls selling main Internet businesses, report says

Yahoo! Inc.’s board will consider a potential sale of the company’s main Internet businesses in a series of meetings starting today, the Wall Street Journal reported, citing people familiar with the matter.

The board will discuss whether to stick to its plan to spin off its stake in Alibaba Group Holding Ltd., to find a buyer for Yahoo’s Web businesses or both, the paper reported Tuesday without naming the people.

Representatives for Sunnyvale, Calif.-based Yahoo declined to comment.

Chief Executive Officer Marissa Mayer had planned to complete the spinoff by January, and promised to update investors on her strategy for the rest of the ailing Web portal. Mayer is facing renewed pressure from activist investor Starboard Value, which last month threatened a proxy fight if she doesn’t make drastic changes to her strategy, including selling the main search and display advertising businesses.

In more than three years at the helm of the Web portal, Mayer has made little progress turning around the company, whose revenue is forecast to drop 8 percent in 2015. Yahoo shares have declined 33 percent this year.

Puerto Rico makes debt payment

SAN JUAN, Puerto Rico >> Puerto Rico narrowly avoided a multimillion-dollar default Tuesday by announcing a last-minute bond payment while warning that a deepening financial crisis has forced the government to divert money slated for future debt payments to avoid a shutdown of basic services.

The announcement by Puerto Rico’s Government Development Bank came as Gov. Alejandro Garcia Padilla testified at a hearing of the Senate Judiciary Committee that the island is facing a liquidity crunch.

Retail stores’ sales fell during weekend

U.S. holiday shoppers spent more of their time last weekend online and less in line.

Consumer spending at brick-and-mortar retail locations in the U.S. fell 10 percent to $20.4 billion over the four-day Thanksgiving weekend, according to ShopperTrak. The Chicago-based research firm gathers sales and traffic data from receipt information and devices in stores.

Retailers cut back on Thanksgiving hours, rolled out discounts earlier this year and ran more of their bargains online, putting less pressure on consumers to rush out for discounts after their turkey dinners or the next morning. The strategies also contributed to a 26 percent increase in online sales over the weekend, according to International Business Machines Corp. But even after the brick-and-mortar drop, ShopperTrak maintained its forecast that those sales will rise 2.4 percent this holiday season.

ShopperTrak’s forecast for the holiday season is weaker than that of the National Retail Federation, which has predicted a 3.7 percent sales gain for November and December.

Express Scripts undercuts Turing’s $750 pill

The nation’s biggest pharmacy benefits manager is muscling back into the debate over soaring drug costs by promoting a less expensive alternative to a lifesaving medicine with a list price of $750 per pill.

Express Scripts Holding Co. said Tuesday that it will make a treatment for the rare infection toxoplasmosis that costs $1 per pill available on its biggest formulary, or list of covered drugs.

Daraprim, the drug that costs $750 per pill, comes from Turing Pharmaceuticals, which stirred outrage among doctors, patients and politicians when it bought rights to the pill earlier this year and then jacked up the price. The 62-year-old drug had been priced at $13.50 per pill before that.

On The Move

>> Aulani, a Disney Resort & Spa, has promoted the following two employees:

— Elliot Mills is vice president of hotel operations for Disneyland Resort and Aulani, a Disney Resort & Spa. He has 25 years of travel industry experience, including serving in executive and resort management positions with Outrigger, Marriott and Hyatt.

— Kimberly Agas is the new general manager of Aulani. She has more than 30 years of hospitality experience and was previously Aulani’s resort manager. Prior to joining Disney in 2011, she served as general manager and vice president for Outrigger Waikiki and Outrigger Reef Hotels.

Ship Ahoy!

Today’s ship arrivals and departures: