Business News at a Glance
Posted August 29, 2018 10:12 p.m. EDT
Aston Martin, James Bond’s Carmaker of Choice, Files for an IPO
Aston Martin, the British automaker best known for being James Bond’s car brand of choice, said Wednesday that it planned to go public. The potential offering would mark a turnaround for the once-troubled company, which has filed for bankruptcy seven times over its century-long history and passed from owner to owner, including the likes of Ford Motor. A stock sale would also plant Aston Martin’s flag in the markets as an independent, publicly traded British carmaker as its home country heads toward divorce from the European Union.
Canada and U.S. Meet as Pressure Builds to Reach Trade Accord
The United States and Canada are moving closer to resolving their trade differences and could reach a deal by the end of the week that keeps the three-country North American Free Trade Agreement intact. Both countries are under pressure to find a way to keep NAFTA intact and to avoid a scenario in which the United States and Mexico move ahead without Canada, as President Donald Trump has threatened. Republican lawmakers are warning the White House that a bilateral agreement will not pass congressional muster, while industry groups said a NAFTA without Canada would take a significant economic toll.
Trump’s Tariffs on Canadian Newsprint Are Overturned
The U.S. International Trade Commission on Wednesday overturned a Trump administration decision to impose tariffs on Canadian newsprint, saying that U.S. paper producers are not harmed by newsprint imports. The unanimous decision by the five-member body eliminates tariffs that have been in effect since January. The Commerce Department has imposed tariffs as high as 20 percent on newsprint from Canada after North Pacific Paper Co., a paper mill in Washington state, filed a complaint alleging that subsidies the Canadian government provides to its manufacturers put U.S. paper companies at a disadvantage.
The Long Reign of the Red Delicious Apple Is Ending
After more than a half-century as America’s most-grown apple, the Red Delicious is on track to be ousted this year by a sweet, juicy, young upstart: the Gala. That’s according to the U.S. Apple Association, a trade group. The decline of the Red Delicious, with its mild flavor and often mealy texture, can be credited to a shift in consumer preferences toward apples that are crunchier, crisper and sweeter. The Red Delicious is still projected to be the second-most-popular apple by production in America, according to the group. The Granny Smith will be third, followed by Fuji and the ascendant Honeycrisp.
Customers Died. Will That Be a Wake-Up Call for China’s Tech Scene?
Huang Jieli, who ran a Chinese ride-sharing business called Hitch, was invited to a wedding in March. One of her drivers was marrying a woman who had once been his passenger. Didi Chuxing, Hitch’s corporate parent, once cheered these stories of young love. Through suggestive ads hinting at hookups through driving, Didi pushed Hitch’s romantic possibilities. Today, that attitude looks careless. Two female Hitch passengers in the past three months have been raped and killed by their Hitch drivers, according to police. Now Didi is pledging to overhaul its business, Chinese consumers are calling for a boycott, and the internet industry is getting a much-needed reminder of the consequences of its actions.