U.S. trade deficit hits record high

America’s trade deficit swelled to an all-time high of $55.5 billion in October as imports — including those from China — surged to the loftiest levels on record. Skyrocketing crude oil prices also contributed to the yawning trade gap.

The latest snapshot of trade activity, reported Tuesday by the Commerce Department, showed the country’s trade imbalance widening by a sizable 8.9 percent in October from the previous month — even as U.S. exports registered their best month on record.

Entertainment

Blockbuster Inc. to drop late fees

Blockbuster Inc., the nation’s biggest movie rental company, says it will eliminate late fees on games and movies as of Jan. 1 — but if you keep them too long, you buy them.

The offer announced Tuesday suggests that Blockbuster is still struggling to blunt the competitive threat from NetFlix Inc. and cable.

The company had expected to earn $250 million to $300 million in operating profits next year from its unpopular late fees but believes it can make up for the lost income with increased volume.

Employment

Bombardier cuts 51 jobs in Wichita

Bombardier Aerospace is cutting 51 jobs at its flight test center in Wichita, the company said Tuesday.

The company issued 60-day layoff notices last Thursday. Bombardier employs more than 2,500 workers in Wichita, including nearly 300 people at its flight test center.

Leadership

Applebee’s promotes executive to president

Applebee’s International Inc. said Tuesday that Dave Goebel would become president of the casual restaurant chain Jan. 1.

Goebel takes over the presidency from Lloyd Hill, who will remain chairman and chief executive. Goebel, who joined the Overland Park-based company in 2001, will remain chief operating officer.

Applebee’s shares closed Tuesday at $25.72, up 19 cents, on Nasdaq.

Pharmaceuticals

Merck to eliminate 5,100 positions

Merck & Co., under siege because of lost revenues from its recalled arthritis drug Vioxx, will cut about 5,100 jobs by year’s end, 700 more than originally planned, Chairman Raymond V. Gilmartin said Tuesday.

The company also plans to slash hundreds of millions of dollars in spending.