Featured

Daily Business Briefing: May 12th, 2017

From The Week.com:

Daily Business Briefing: 

1. Candy companies join forces to cut calories in packaged sweets
A group of major candy companies announced Thursday that they would collaborate over the next five years to slash the amount of sugar and calories in packaged sweets. Mars Chocolate, Nestle USA, Lindt, Ghirardelli, and Wrigley — the companies behind everything from M&Ms and Skittles to Butterfingers and Snickers — are reportedly among the companies participating. Their aim is cutting calorie counts in half of their individually wrapped products sold in the U.S. to no more than 200 calories within the next five years. Calorie cuts could come from issuing smaller packages or tinkering with recipes. The move follows a crackdown last year by the FDA on how packaged foods are labeled.

Source: Reuters

2. U.S. and China reach trade deal on beef, poultry, and more
The U.S. and China have agreed to a trade deal that will open China to U.S. beef and increase access to U.S. financial firms as part of the Trump administration’s effort to reduce America’s trade deficit with the world’s second largest economy. “This will help us to bring down the deficit for sure,” Commerce Secretary Wilbur Ross said Thursday. “You watch and you’ll see.” Under the deal, China has agreed to let in U.S. beef by July 16, and the U.S. will issue a rule letting Chinese cooked poultry enter the U.S. by the same deadline. The agreement marked the first concrete result from the 100 days of trade talks President Trump and Chinese President Xi Jinping launched when they met in Florida last month.

Source: The Associated Press, Reuters

3. Kushner Companies to skip pitch to China investors
The company owned by President Trump’s son-in-law and senior aide Jared Kushner said Friday that its leaders would not be making planned sales pitches to Chinese investors this weekend. Executives from Kushner Companies, a real estate business, are trying to pull together $150 million in financing for a New Jersey housing development through a controversial program that offers people who invest $500,000 or more a chance to obtain legal residency in the U.S. The push drew criticism over a potential conflict of interest last weekend after Nicole Meyer Kushner, one of the company’s leaders and Jared Kushner’s sister, mentioned her brother’s name, and said the New Jersey project “means a lot to me and my entire family.” The company apologized, saying Meyer was not trying to exploit her brother’s connections, and White House Press Secretary Sean Spicer said Kushner had “nothing to do” with the company’s dealings in China.

Source: The New York Times

4. Airlines express concerns about Europe laptop restrictions
Homeland Security officials met with U.S. airline executives on Thursday to discuss plans for expanding a ban on laptops in carry-on bags to include flights from some European airports. Neither side disclosed details on the meeting, but airlines have quietly expressed concerns that extending the restrictions to Europe would disrupt a busy and lucrative travel market just before the peak summer travel season. The policy of requiring passengers to check laptops already has been imposed on flights from 10 airports, including in the United Arab Emirates, Saudi Arabia, Qatar, and Turkey, over fears that terrorists could install a bomb in an electronic device.

Source: Reuters, Bloomberg

5. Macy’s shares plummet on disappointing quarterly sales
Macy’s shares plunged by more than 16 percent on Thursday after the struggling department store chain reported that its sales dropped in the first quarter, resulting in a 39 percent decrease in profits. The stock is now at its lowest level since 2011. Macy’s already has been aggressively closing stores in an attempt to get back on track as it loses business to online and discount rivals, as shopping malls continue their decline. J.C. Penney shares also slipped early Friday after the retail chain reported quarterly sales that fell short of expectations.

Source: The Washington Post, MarketWatch

MOST POPULAR
Super secret ‘space plane’ booms back to Earth after 2 years in orbit
Jeva Lange
Stephen Colbert reassures everyone that President Trump can’t keep up with this James Comey story, either
Peter Weber
Samantha Bee has some thoughts on Ivanka Trump’s new working-women’s guide to success
Peter Weber
Deputy Attorney General Rod Rosenstein says he didn’t threaten to quit, but it’s complicated
Peter Weber
Kellyanne Conway tells Sean Hannity that Democrats have ‘no message’ on the Comey firing
Peter Weber

Advertisements

Reply At Your Own Risk. Leave The Dumbfuckery At The Door.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s