Month: February 2018

A company’s value is often tied to the message it portrays to customers. But what happens when other companies try to take advantage of your brand? Take the Philadelphia Eagles, for instance. The American football team wants to exclusively own the phrase: “Philly Special.” That was the trick play that helped them win the Super Bowl, and the Philly Special is, by far, the most talked-about play of the Super Bowl. Watch the play here: It is a gutsy move. In football-speak, it is a direct-snap reverse pass to quarterback Nick Foles, who usually throws the ball. But the coach gives the OK, and Foles tells his teammates the plan in the huddle. The team lines up, Foles runs up the field. Tight end Trey Burton throws the football, and Foles catches it in the end zone for a touchdown. “Play of the century” Now, the phrase, ‘Philly Special,’ has turned into a city-wide phenomena. Bakeries are making Philly Special pastries. Some people are getting the words or even a sketch of the play tattooed on themselves. And stores, like Ashley Peel’s Philadelphia Independents, cannot keep enough Philly Special T-shirts in stock. “It’s the ‘Nick Foles play of the century,’ as I’m dubbing it from the Super Bowl,” Peel said. “It has a layout of the [specifics] from the play. We just got it in and we’re almost already sold out of it. It’s definitely moving well.” It’s moving well, even as several entrepreneurs are competing to be awarded a …

Dick’s Sporting Goods, one of the largest sports retailers in the U.S., will immediately end the sale of assault-style rifles in its stores and stop selling guns of any type to anyone under age 21. The company made the announcement Wednesday, precisely two weeks after a school shooting in Parkland, Florida. “We deeply believe that this country’s most precious gift is our children. They are our future. We must keep them safe. Beginning today, DICK’S Sporting Goods is committed to the following: http://d.sg/RTC,” the company said in a post on Twitter. “We need to make a statement,” chairman and CEO Edward Stack said in an interview Wednesday on CNN. “We don’t want to be part of this story any longer.” Stack said the Florida shooting suspect, 19-year-old Nikolas Cruz, legally purchased an AR-15 assault rifle from Dick’s in November, but it was not the one used to kill 14 students and 3 staff members at Marjory Stoneman Douglas High School. Stack, who said he remains a strong advocate of the U.S. Constitution’s Second Amendment, asserted the nation’s gun laws do not prevent dangerous people from buying guns and that lawmakers must act to strengthen those laws. The executive called on elected officials to ban assault-style firearms, high-capacity magazines and “bump stocks,” which are devices that enable semi-automatic rifles to fire hundreds of rounds per minute. Stack also proposed raising the minimum age to buy guns to 21. He said Dick’s, which also stopped selling high-capacity magazines, is prepared for any …

Two major U.S. retailers changed their gun sales policies Wednesday in the fallout over a Florida high school massacre. Walmart, the country’s biggest retailer, announced it is raising the age restriction for buying guns and ammunition to 21. “We take seriously our obligation to be a responsible seller,” it said in a statement.  Walmart is also dropping toys and other items that resemble assault-style weapons from its website. The retail giant stopped selling assault-style guns in 2015 and does not sell handguns except for its stores in Alaska. Earlier Wednesday, Dick’s Sporting Goods announced it would no longer sell assault-style rifles or any gun to anyone younger than 21. The chain went one step further and urged Congress to ban assault-style weapons and raise the minimum age. The alleged Parkland high school shooter, Nikolas Cruz, used an AR-15. Dick’s says Cruz had bought a shotgun at one of its stores after going though all the proper procedures, but stressed it was not the exact weapon or the type allegedly used in the Feb. 14 massacre.  Both Walmart and Dick’s say they are committed to serving sportsmen, hunters, and the majority of gun owners whom they call law-abiding citizens. WATCH: Dick’s Sporting Goods CEO: ‘We Don’t Want to be a Part of This Story’   The mass shooting of 17 people at Marjory Stoneman Douglas High School has had an impact on the corporate world, which is seemingly taking a close look at nationwide polls that overwhelmingly favor tighter gun laws. …

Growth in China’s manufacturing sector in February cooled to the weakest in more than 11/2 years, raising concerns of a sharper-than-expected slowdown in the world’s second biggest economy this year as regulators tighten the screws on financial risks. The weakness was driven by disruption to business activity by the Lunar New Year holidays and curbs to factory output from tougher pollution rules, but there are worries of a bigger loss in momentum. “Although a recovery looks possible in the short-run as the anti-pollution campaign winds down, the risk is still that the economy fares worse this year than is generally expected,” said Julian Evans-Pritchard, senior China Economist at Capital Economics. Index raises concern The official Purchasing Managers’ Index (PMI) released Wednesday fell to 50.3 in February, from 51.3 in January. But it remained above the 50-point mark that separates growth from contraction on a monthly basis, the 19th straight month of expansion. The drop may raise some concerns for China’s leaders as they prepare for the start of the National People’s Congress (NPC) next week where Beijing will unveil its economic targets for this year. Globally, solid demand has kept many export-reliant economies humming over the past year or so, though a move toward tighter policy in advanced nations could cut into growth this year. The latest PMI’s subindex of new export orders fell to 49.0, the lowest in at least a year, as the yuan currency appreciated against the dollar. Chen Zhongtao, an official with China Logistics Information Center …

The U.S. Commerce Department on Tuesday recommended raising import duties on Chinese-made aluminum foil it said is being sold at unfairly low prices due to improper subsidies to producers.   The ruling was praised by the Aluminum Association, a trade group that pressed the case and said cheap imports were threatening thousands of jobs.   Beijing faces complaints from the United States, European Union and other trading partners that a flood of Chinese aluminum, steel and other exports are being sold at unfairly low prices, threatening jobs abroad.   The Commerce Department said it concluded Chinese exporters were selling aluminum foil at 49 to 106 percent below fair value and were receiving unfair subsidies of 17 to 81 percent of the goods’ value.   Importers will have to post cash bonds to pay potentially higher duties while the recommendation goes to the U.S. International Trade Commission for a final decision, said a Commerce statement.   China’s Ministry of Commerce complained Washington was harming Chinese exporters and said Beijing was ready to take unspecified “necessary measures” to defend its interests.   Beijing has accused Trump’s government of disrupting global trade regulation by taking action under U.S. law instead of through the World Trade Organization.   “China will take necessary measures to defend its interests in response to the wrong practice of the United States,” said a Commerce Ministry official, Wang Hejun, in a statement.   The Trump administration earlier raised duties on Chinese-made washing machines, solar modules and some aluminum and …

Three of President Donald Trump’s senior economic aides are expected to meet this week with a top Chinese economic official to discuss trade disputes between the United States and China. White House spokeswoman Sarah Huckabee Sanders told Reuters that Treasury Secretary Steven Mnuchin, U.S. Trade Representative Robert Lighthizer and Trump’s economic adviser, Gary Cohn, are expected to meet Chinese economic adviser Liu He in Washington. The talks are likely to cover a range of differences including intellectual property and steel. Trump has long called for a more balanced trade relationship with China and threatened to impose a big “fine” against China to protect American intellectual property. U.S. officials said Trump has been discussing imposing a global tariff on imports of steel from China, the world’s largest steel producer, and other countries. The talks with Liu may help determine the trajectory of the U.S.-Chinese trade relationship, which Trump believes is heavily tilted in favor of China. A senior U.S. official said there was skepticism on the U.S. side that a trade breakthrough could be achieved any time soon. “We’re trying to treat this with an open mind. But the Chinese don’t really want to make a deal. They like the status quo,” the official said. There was no plan for Trump himself to meet Liu, but officials did not rule it out if progress was being made. Liu, a Harvard-trained economist and trusted confidant of Chinese President Xi Jinping, has emerged as the front-runner to be the next governor of China’s …

The head of the World Trade Organization diplomatically took issue with U.S. President Donald Trump’s description of the WTO as a catastrophe on Tuesday, pointing out that the United States actually had a better deal than other countries in the club. “World Trade Organization — a catastrophe,” Trump said on Monday at a meeting with U.S. governors, according to a White House transcript. “The World Trade Organization makes it almost impossible for us to do good business. We lose the cases, we don’t have the judges. We have a minority of judges. It’s almost as bad as the 9th Circuit,” Trump said. Asked about Trump’s remarks, WTO Director General Roberto Azevedo, a former Brazilian trade negotiator, told reporters in Sofia that it was not news that the United States had concerns about the work of the WTO.  “Just one clarification,” he said. “No member has more than one judge at the WTO. The members of the Appellate Body, they are seven, and they come from different regions, so no country has a majority there. The United States, in fact, has always had one of the Appellate Body members with U.S. nationality, which is very unusual, but it is the situation.” Since last year, the United States has been vetoing the appointment of new judges to the WTO’s Appellate Body, in effect the supreme court of world trade. The lack of judges has slowed down the handling of trade disputes and could halt the appeals process altogether after the next judge …

Venezuela’s foreign minister said Tuesday that U.S. sanctions against the ailing oil nation were making foreign debt renegotiation more difficult and causing “panic” at global banks. Venezuela is undergoing a major economic crisis, with millions dealing with food and medicine shortages, and President Nicolas Maduro’s socialist government is late in paying interest of $1.9 billion on its debt. The U.S. government imposed financial sanctions on Venezuela in August, prohibiting dealing in new debt from the Venezuelan government or state oil company PDVSA, in an effort to halt financing that Washington said fuels a “dictatorship.” Venezuela has repeatedly said Washington is trying to force a default. “The renegotiation of external debt is underway, but it has been made more difficult by U.S. sanctions,” Foreign Minister Jorge Arreaza told reporters in Geneva. “It’s incredible how global banks have reacted with panic. If a bank somewhere in the world works with Venezuela, they feel they are going to be sanctioned.” According to Arreaza, global banks have opted to close accounts belonging to the government, business people and embassies. He added that some U.S. companies were unable to pay for Venezuelan oil. Earlier this month, U.S. Secretary of State Rex Tillerson raised the specter of sanctions on Venezuela’s oil industry. The OPEC nation obtains 95 percent of its export revenue from oil, though production is down significantly in recent months. “If the international financial system blocks Venezuela, we are working with Russia, China and Turkey to find new mechanisms,” said Arreaza. …

Ford Motor Co. is making Miami-Dade County its new test bed for self-driving vehicles. The automaker and its partners — Domino’s Pizza, ride-hailing company Lyft and delivery company Postmates — are starting pilot programs to see how consumers react to autonomous and semi-autonomous vehicles. Self-driving startup and Ford partner Argo AI already has a fleet of cars in the area making the highly detailed maps that are necessary for self-driving. Ford also will establish its first-ever autonomous vehicle terminal in Miami, where it will learn how to service and deploy its test fleet. More services will likely be introduced as the partnership goes on, including Chariot, an app-based shuttle service owned by Ford. It’s all part of Ford’s effort to find viable business models for fully autonomous vehicles and get them on the road by 2021. “This is, I think, the future of any automotive company or mobility company. If a majority of the world’s population is going to be living in cities, we need to understand how to move those people around,” said John Kwant, Ford’s vice president of city solutions, who inked the deal with Miami-Dade. Ford isn’t the first automaker to run test fleets of autonomous vehicles. General Motors Co. will start testing autonomous vehicles in New York City this year, while Nissan Motor Co. is launching an autonomous taxi service in Yokohama, Japan, next week. Technology companies like Waymo — a division of Google — are also testing self-driving vehicles on public roads in Phoenix, San …

Another company, FedEx, has become embroiled in an intensifying discussion about guns in the United States after the school massacre in Parkland, Florida. While more than a dozen major U.S. companies have ended business partnerships with the National Rifle Association, FedEx says it’s sticking with the group and has not asked to be removed from the NRA website where members are offered corporate discounts.   The Memphis, Tennessee, delivery company said it differs with the NRA and believes weapons like the AR-15 assault-style rifle that was used to kill 17 people in Florida shouldn’t be owned by civilians.   But it says that it’s a common carrier, and will not deny service based on political views or policy positions.   The decision drew instant reaction across social media from both sides of the issue and potential backlash from some customers.   One company vowed to take its 100,000 annual shipments elsewhere if FedEx does not end its partnership with the NRA. “The NRA is supporting stuff that we don’t get behind,” said Jeni Britton Bauer, founder of Jeni’s Splendid Ice Creams.   “UPS is out there,” she said.   But dropping partnerships with the red-hot NRA is also not a safe bet.   Georgia’s Republican Lt. Gov. Casey Cagle, president of the state Senate and a leading candidate to succeed Gov. Nathan Deal, threatened on Monday to derail a $50 million sales tax exemption on jet fuel for Delta after it ended its NRA partnership.   Delta Air Lines Inc. …

A surge in sales of Cuba’s legendary cigars in China helped manufacturer Habanos S.A.’s global revenue rise 12 percent to hit a record of around $500 million last year, the company said on Monday at the start of Cuba’s annual cigar festival. Habanos S.A., a 50-50 joint venture between the Cuban state and Britain’s Imperial Brands Plc, said sales in China, its third export market after Spain and France, jumped 33 percent in value in 2017. “Without doubt, there is potential for China to become the biggest market at a global level,” Habanos Vice President of Development Jose María Lopez told Reuters after the company’s annual news conference, while puffing on a smoke. The Cuban monopoly cigar company’s hand-rolled cigars, which include brands such as Cohiba, Montecristo and Partagas, are considered by many as the best in the world, and the festival attracts wealthy tobacco aficionados and retailers from all over for a week of extravagant parties and tours of plantations and factories. Lopez said that growth in global sales of Cuban cigars last year outpaced the luxury goods market, which expanded 5 percent, according to consultancy Bain & Co. He put sales growth down to several good tobacco harvests and new products. The Habanos executive said the outlook was also positive, given solid demand and “excellent” climatic conditions. Hurricane Irma, which wrought havoc throughout much of Cuba last year, left the western, prime tobacco-growing state of Pinar del Rio mostly unscathed. Cigars are one of the top exports for …

It promised ample snow and sunny weather on a normally bare, rocky peak easily accessible by “super highway,” thousands more hotel rooms than existed, and a cross-country ski course that looked good on paper but would have cut through some people’s backyards. The airbrushed pitch worked, but after Denver won a bid to host the 1976 Winter Olympics, its plan unraveled amid questions about the environmental impact, ballooning costs and logistics of hosting such a big event in a quickly growing state. Now, over four decades after Denver became the only city to withdraw as an Olympic host after winning a bid, it is exploring whether to try again after many cities have decided it’s just not worth it. The city is again growing, with low unemployment and a booming economy, and this time has a bigger airport, light rail, more hotels, seven professional sports teams and multiple stadiums. But the highway touted in ’76 — Interstate 70, which connects Denver to the Rockies — has essentially remained the same. As the population of outdoor-loving Colorado has grown, the largely four-lane route is often gridlocked on weekends. Meanwhile, the city also is trying to lure Amazon to open its second headquarters in the metro area, which already has many worried about growth, tax breaks and the rising cost of living. The Olympic exploratory committee convened by Mayor Michael Hancock — which includes leaders of companies like Vail Resorts and Liberty Global, along with former Denver Broncos quarterback Peyton Manning and …