Campbell Soup CEO out, steel tariffs to bite soon
NEW YORK (AP) — Campbell Soup’s CEO will retire and the company is undergoing a strategic review as it tries to revive sales that have been under pressure due to shifting American tastes. Denise Morrison, who has been has been CEO since 2011, is being replaced immediately. New headwinds are arriving for some U.S. companies, including Campbell’s in the form of higher costs for steel and aluminum due to changes in U.S. trade policy.
Rising rates: Savers sigh in relief, borrowers beware
NEW YORK (AP) — There’s a good side and a bad side to rising interest rates. Money market rates have crept higher, and you can get rewarded with higher interest payments for buying newly issued bonds. But borrowing for a house, a car or other purchases will cost you more.
Conservative revolt over immigration sinks House farm bill
WASHINGTON (AP) — In an embarrassment for House GOP leaders, conservatives on Friday scuttled a bill that combines stricter work and job training requirements for food stamp recipients with a renewal of farm subsidies popular. Hard right conservatives upset over the party’s stalled immigration agenda opposed the measure, which failed by a 213-198 vote. Some 30 Republicans joined with every chamber Democrat in opposition.
Beijing showing signs of compromise in trade talks with US
WASHINGTON (AP) — China is sending conciliatory signals amid talks between senior U.S. and Chinese officials aimed at averting a trade war between the world’s two biggest economies. Beijing has dropped an anti-dumping investigation into imported U.S. sorghum, which it had accused the United States of unfairly subsiding. It has also given approval for a U.S. private equity firm to buy Toshiba’s memory chip business.
Hasbro trademarks Play-doh’s scent: sweet, slightly musky
PAWTUCKET, R.I. (AP) — Hasbro has trademarked the scent of Play-doh. The toy company on Friday announced that the United States Patent and Trademark Office has recognized Play-doh’s distinctive scent with a registered trademark. The Pawtucket, Rhode Island-based toymaker describes it as a “sweet, slightly musky, vanilla fragrance, with slight overtones of cherry, combined with the smell of a salted, wheat-based dough.”
Trudeau touts Canada’s AI credentials at MIT tech gathering
CAMBRIDGE, Mass. (AP) — Canadian computer scientists helped pioneer the field of artificial intelligence before it was a buzzword, and now Prime Minister Justin Trudeau is hoping to capitalize on their intellectual lead. Trudeau told a conference of tech entrepreneurs Friday at the Massachusetts Institute of Technology that Canada is “investing massively in AI” and building on decades of Canadian research. He has been pitching the country as a destination for tech companies and talent.
New attractions in Orlando power jump in park attendance
ORLANDO, Fla. (AP) — The arms race to build new theme park attractions in Orlando is paying dividends. A new report shows that theme park attendance in North America was up 2.3 percent, powered by new attractions in Orlando. The Orlando market represents about a third of theme park attendance in North America
From chicken to condoms, marketers cash in on royal wedding
LONDON (AP) — The royal wedding smorgasbord of merchandise includes Harry and Meghan Marmite, Royal Wedding ale, Wedding Rings cereal and a limited-edition bucket of royal wedding KFC chicken. That’s just a smattering of the millions of dollars’ worth of souvenirs being sold to commemorate Prince Harry’s marriage to Meghan Markle. Estimates are that consumers will spend 40 million to 70 million pounds ($54 million to $94 million) on royal wedding-related merchandise.
Missouri lawmakers approve measure regulating fake meat
JEFFERSON CITY, Mo. (AP) — Missouri lawmakers have approved legislation that bans companies from labeling lab-grown meat products or meat substitutes as meat. The St. Louis Post-Dispatch reports that the provision approved Thursday states that a product cannot be marketed as meat if it isn’t from an animal with two or four feet. It’s part of a package of changes to state agriculture and conservation laws on its way to the governor’s desk.
US stock indexes cap choppy trading week with a mixed finish
NEW YORK (AP) — Despite a choppy week of trading and a mixed finish for U.S. stocks, the market extended its recent streak of relative calm Friday. The S&P 500, the market’s benchmark index, notched its 10th day in a row without a gain or drop of 1 percent or more. That’s the longest stretch going back to January 26. The market has returned to quieter trading, even as U.S. companies report fatter profits and investors grow anxious about rising interest rates and the possibility of a trade war.
The S&P 500 index fell 7.16 points, or 0.3 percent, to 2,712.97. The Dow Jones industrial average gained 1.11 points to 24,715.09. The Nasdaq composite lost 28.13 points, or 0.4 percent, to 7,354.34. The Russell 2000 index of smaller-company stocks rose 1.34 points, or 0.1 percent, to 1,626.63.
Benchmark U.S. crude oil fell 21 cents to settle at $71.28 a barrel in New York. Brent crude, used to price international oil, lost 79 cents to $78.51 a barrel in London. Heating oil lost 2 cents to $2.27 a gallon. Wholesale gasoline slipped a penny to $2.23 a gallon. Natural gas gave up a penny to $2.85 per 1,000 cubic feet.
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