PEPSI PULLS LARGER SIZES OVER SODA TAX
philadelphia» Pepsi is pulling 2-liter bottles and 12-packs of its products from Philadelphia grocery store shelves over the city’s new tax on sweetened drinks.
The company says it wants to offer products and package sizes working families can better afford.
The 1.5-cent-per-ounce tax on sweetened and diet beverages is imposed at the distributor level. If fully passed on to the consumer it amounts to $1.44 on a sixpack of 16-ounce bottles. The company’s decision affects sodas including Pepsi and Mountain Dew and other sweetened drinks like Gatorade and Lipton Iced Tea.
New Trump hotels face fights, questions B » The
new york Trumps are launching a new hotel chain in a bold expansion of a company that critics say is already too big and opaque for an owner sits in the Oval Office. Called Scion, the aim is to open dozens in the three years. That could prove ambitious. Some anti-Trump politicians vow to fight any plans for their cities. Another problem: The Trumps are relying on outside investors to foot the bill, opening yet another path for people involved in his business to seek favor with the White House.
FedEx profit misses target
B dallas» Income and revenue rose during the peak holiday season at FedEx, but higher fuel costs helped keep profit below Wall Street’s forecast. Holidayseason package volume was the heaviest ever, as the big packagedelivery company continues to benefit from the growth in online shopping. The drawback is that unlike deliveries to businesses, shipments to consumers are spread out and more costly to deliver.
Carl’s Jr. parent company names new CEO B
new york» The parent company of the Carl’s Jr. and Hardee’s chains on Tuesday named a new CEO to replace Andy Puzder, who last month withdrew his nomination to be Labor Secretary under President Donald Trump. CKE Restaurants Holdings Inc. says Puzder will be replaced in April by Jason Marker, who most recently was president of Yum Brands Inc.’s Kentucky Fried Chicken in the United States.
New Parkinson’s drug gets OK
B trenton, n.j.» U.S. regulators have approved the first new drug in a decade for Parkinson’s disease, a chronic neurological disorder that causes tremors and movement difficulties. The Food and Drug Administration said Tuesday that it has approved Xadago for use when a patient’s regular medicines aren’t working well. The pill was tested in two six-month studies that included about 1,200 patients taking a standard treatment, levodopa.
OxyContin maker wants suit tossed B The maker
seattle» of the pain medication OxyContin has asked a federal judge in Seattle to throw out a Washington city’s lawsuit that seeks to hold the drugmaker responsible for allowing its pills to flood the black market and into Everett. Connecticut-based Purdue Pharma argues in court documents filed Monday that there is no basis in law for a municipality to bring such an action against a pharmaceutical manufacturer.
Bebe wants to close stores.
Bebe Stores Inc., a women’s apparel chain with locations across the U.S., is planning to shut its stores and seek a turnaround as an online brand, Bloomberg News reported.
The company is trying to close the locations without filing for bankruptcy, said the people, who asked not to be identified because the efforts aren’t public. However, Chapter 11 may be required if enough landlords aren’t willing to negotiate, they said.