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Why it’s so hard to find a cheap apartment in D.C

Welcome to CapBiz A.M., your morning primer on business news with a focus on Washington.

Condo conundrum: The nation’s capital has plenty of new homes on the market, and there are plenty of fairly well-off 20-somethings moving into the city. But there still aren’t many options for residents who are a step or two down on the economic ladder. Here’s why. (WP)

One state at a time: Chicago-based Exelon Corp. has formally filed an application with the Maryland Public Service Commission to acquire Pepco Holdings in a deal valued at $6.8 billion. Still, we’re looking at another year, if not more, before the deal can be fully approved. (WP)

Made in where? Samsung’s American division has agreed to pay the government $2.3 million to settle charges that it misled the United States about where some of its products were manufactured, the Justice Department announced Tuesday. (CAPBIZ)

Not locked in: Lockheed Martin thought it had a sure sale of 65 new F-35 fighter jets to Canada. Now, amid some very un-Canadian vitriol, the purchase is on hold while officials from our northern neighbor consider whether to buy a different plane. (WP)

Hot for health tech: The District has become a hot spot for emerging health and fitness technology, building on a local ecosystem that has seen an influx of new gyms, studios and nutrition-related businesses over the past decade. (WP)

From online to offline: Online shopping is clearly the future (if not the present). So why are so many Internet retailers moving in the opposite direction by setting up brick-and-mortar storefronts? Here’s the thinking behind the trend. (WP)

From White House to black cars: Uber has hired David Plouffe, who managed President Obama’s 2008 campaign, as its senior vice president of policy and strategy. He will be tasked with selling policymakers on the benefits of the company’s car-hailing service. (CNN)

Swapping hardware for hardwood: Steve Ballmer, the former top executive at Microsoft and the newly installed owner of the Los Angeles Clippers, has announced he will step down from Microsoft’s board after 14 years. (WSJ)

Dollar jockeying: Dollar General, the biggest dollar-store chain in the United States, has made a $9 billion cash-deal offer to purchase the second-biggest chain, Family Dollar Stores, in a move intended to overpower the third-largest chain, Dollar Tree. (WSJ)

Prices up, but barely: Consumer prices in the United States increased last month at their slowest pace since February, held back by a modest drop in gas prices, the Labor Department reported Tuesday. (AP)

On Wall Street

Stocks closed higher after investors got some encouraging news about home building and corporate earnings. (Get the latest updates here)

What’s on tap today

MBA purchase applications (7:00 a.m.)

Federal Reserve’s open market committee releases minutes from last meeting (2:00 p.m.)

Vote: Help us select the region’s most promising woman-owned company (CAPBIZ)

Help: Why you might want to get on Snapchat. (WP)

Follow: Steve Ballmer

Extra: Here are the ordinary folks trying to influence U.S. monetary policy (WP)

Thoughts? Have feedback, tips or events we should know about? E-mail us here.

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EXCLUSIVE
The calls were orchestrated after unsuccessful attempts by the White House to get senior FBI officials to speak with news organizations and dispute the accuracy of reports of alleged contacts between members of Trump’s campaign team and Russian intelligence operatives.
The far-right media outlet’s financial backing from the Mercers further cements the family’s status as some of the most influential financiers of the Trump era.
The next leader, who will be elected Saturday, will take over a party susceptible to new divisions and financially drained — but also cheered by protests galvanized on a near-daily basis by an unpopular Republican president.
An empty lectern is seen as White House press secretary Sean Spicer holds an off-camera briefing with a small group of select reporters elsewhere at the White House. (Getty)
An empty lectern is seen as White House press secretary Sean Spicer holds an off-camera briefing with a small group of select reporters elsewhere at the White House. (Getty)
Press secretary Sean Spicer banned reporters from CNN, the New York Times, Politico, the Los Angeles Times and BuzzFeed from attending a “gaggle,” a non-televised briefing, but gave access to a number of other reporters, including those representing conservative outlets.
Kim was rejected by his father, orphaned by his mother and stuck in a shadowy exile. His assassination is a blow for the United States and South Korea, which lost a potential source of intelligence on the world’s most secretive regime.
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