Fed gives 4 big banks more time to amend capital plans

The Federal Reserve said Tuesday that it is giving Citigroup Inc. and three other big banks another six months to amend their capital plans, changes required after they fell short in the Fed’s annual “stress tests.”

The Fed said it is extending to Jan. 5 the deadline for the third-largest U.S. bank and the U.S. divisions of Britain’s HSBC and Royal Bank of Scotland, as well as for Spain’s Banco Santander.

The original deadline was Thursday.

Lincoln Canoes creates 3 for Ralph Lauren showroom

A Maine company has produced a trio of brightly hued canoes for fashion icon Ralph Lauren’s showroom on New York’s Madison Avenue.

Lincoln Canoes co-owner Mark Bourgoin says that his Freeport crew worked long hours to finish the job, which started with a request for one canoe, and then turned into an order for three.

He said Ralph Lauren’s people originally wanted a canoe that’s white – an unusual color for a canoe. They liked it so much that they wanted two more in bright blue and yellow.

All three were being driven Monday night to the flagship store in New York. Bourgoin says the goal was to get them in place by Tuesday, in time for a visit by the 74-year-old Lauren.

Walgreen weighs European deal, looks at moving abroad

Walgreen Co. has withdrawn its financial goals for fiscal year 2016 as it considers buying the remainder of Alliance Boots and possibly moving overseas to lower its tax bill.

The largest U.S. drugstore retailer purchased 45 percent of Zug, Switzerland-based Alliance Boots in 2012 for $6.7 billion, with the option to gain full control of Britain’s largest drugstore three years later. The companies are still deciding the timing and future structure of a combined company, which could affect its tax rate, Greg Wasson, chief executive officer of Deerfield, Illinois-based Walgreen, said on a conference call Tuesday.

That could mean moving abroad for tax purposes.

Mass production of largest iPhones to begin in China

Apple suppliers in China will begin mass production of its largest iPhones ever next month, according to people familiar with the plans, as the smartphone maker faces increased competition.

Apple is ramping up on two bigger devices, said the people, who asked not to be identified because the plans are private. One model will have a 4.7-inch display, compared to the 4-inch screen of the current iPhone 5s, that may be available to ship to retailers around September, said two of the people. A 5.5- inch version is also being prepared for manufacturing and may be available at the same time, the people said.

Apple is getting ready for its annual unveiling of new iPhones after rivals including Samsung Electronics Co. and HTC Corp. released smartphones with displays that are as large as 5.7 inches.