Tribune News Service
Business Budget for Monday, August 26, 2019
Updated at 6p.m. EDT (2200 UTC)
Adds ARAMARK-CEO:PH, OPIOIDS-LAWSUIT:CON, HILTZIK-COLUMN:LA
This budget is now available at TribuneNewsService.com, with direct links to stories and art. See details at the end of the budget.
^'I'm not even 30, and I'm flying my own jet' — Silicon Beach elites take a seat in the cockpit<
^CPT-TECH-PILOTS:LA—<Planes have long been a passion of the rich, particularly in Los Angeles, which boasts more than a dozen general aviation airports and near perfect year-round weather for flying. But among Silicon Beach elites like tech entrepreneur Jessica Mah, who moved from San Francisco to Venice last fall, having a pilot's license is less about leisure than it is a program of self-improvement. For engineers, flying is fun with applied math. It's intellectual exercise in the guise of a sport.
"Flying is a weird combination of art and science, but there's a lot more science to it than art," said Charath Ranganathan, vice president of the Aero Association of Caltech, a flying club dominated by engineers. "There's a certain precision that comes in with flying that a lot of the tech people understand and enjoy."
1250 by Sonja Sharp. MOVED
^Airlines are trying to improve their food, but feeding people at 35,000 feet is no easy task. At United, employees 'torture test' the dishes<
^AIRLINES-FOOD:TB—<Airlines know passengers aren't picking flights because they prefer one carrier's short rib to a rival's ravioli. And most coach passengers on domestic flights still have to pay if they want more than a small snack, although complimentary meals are available on a handful of the longest cross-country flights.
But food is a key part of the passenger experience, and airlines have been making investments in recent years. That includes partnering with outside chefs, offering more choices and mining data on passengers' likes and dislikes.
Even with changes, don't expect Michelin to start awarding stars. Feeding customers at 35,000 feet brings challenges terrestrial restaurants don't have to deal with.
1200 by Lauren Zumbach in Chicago. MOVED
^OTHER BUSINESS NEWS<
^Q&A: He was tied to the old regime at CBS. Can Joe Ianniello pave its future under Viacom?<
^CBS-IANNIELLO:LA—<When former CBS Corp. Chairman and Chief Executive Leslie Moonves was fired over sexual harassment allegations a year ago, many media analysts believed the company had lost an indispensable impresario who kept it vital in a turbulent TV industry.
It also meant an uncertain future for Joseph Ianniello, a loyal Moonves lieutenant who was being groomed to take over. Ianniello, 51, did not get the top job at ViacomCBS, which went to Viacom Chief Executive Bob Bakish (giving Ianniello a contractually obligated $70 million payout). But he is staying on as chairman and chief executive officer of CBS and will continue to run its operations, thanks to his ability to calm the waters amid the scandals and corporate uncertainty that plagued the rank and file in recent years.
1550 by Stephen Battaglio. MOVED
^Target teams up with Disney on interactive in-store shops<
TARGET-DISNEY:MS — Target has had plenty of deals with other brands, but has not established mini-shops within its stores as have Best Buy and other retailers.
However, the retailer has found a prominent partner to set up a permanent store-within-a-store concept: Disney.
Leaders of the two companies announced Sunday afternoon at the D23 Expo, a big Disney fan event in California, that Target will carve out Disney-branded shops in 25 of its stores, including Maple Grove, in October. Forty more will follow in the coming year.
1000 by Kavita Kumar in Minneapolis. MOVED
^Constellation Brands losing millions on its cannabis investment<
CANNABIS-CONSTELLATION:TB — Beer and wine giant Constellation Brands warned Monday it will lose $54.3 million in the current quarter from its nearly $4 billion investment in a Canadian-based weed company.
In 2017, Constellation, based in Victor, N.Y., made an initial investment in Canopy Growth as it sought to capture a portion of the recreational marijuana market, a market expected to grow as states legalized its consumption. Constellation raised its stake to 38% in August 2018.
150 by Corilyn Shropshire in Chicago. MOVED
^Why 20,000 AT&T workers are on strike across the southeastern US<
^WRK-ATT-STRIKE:DA—<AT&T workers across the southeastern U.S. went on strike beginning at midnight Saturday alleging AT&T management engaged in unfair labor practices during contract negotiations.
The strike involves more than 20,000 employees of Dallas-based AT&T that are unionized under the Communications Workers of America — a union representing workers in telecom, media, airlines and other lines of work.
450 by Dom DiFurio. MOVED
^Aramark CEO Eric Foss retires abruptly; severance pay includes monthly salary of $142,000<
^ARAMARK-CEO:PH—<Philadelphia based food- and uniform-services giant Aramark Corp. said Monday that its chief executive Eric Foss will retire.
The announcement comes ten days after an activist investor, Mantle Ridge LP, disclosed a large stake in Aramark and said he wanted to discuss executive changes at the company that has been under fire from Wall Street analysts for its inability to grow revenues as fast as rivals, and from employees for yanking their 2018 earned bonuses in a last minute move.
650 by Harold Brubaker. MOVED
^Johnson & Johnson ordered to pay $572 million in Oklahoma opioid lawsuit<
OPIOIDS-LAWSUIT:CON — An Oklahoma judge ordered Johnson & Johnson to pay the state $572 million for its opioid marketing practices in a case that could foreshadow outcomes in a massive consolidated case in Ohio later this fall.
Attorney General Mike Hunter originally sought more than $17 billion for the state's abatement plan, but Judge Thad Balkman said he was constrained by legal limits around the "public nuisance" charge.
150 by Lauren Clason. (Moved as a national story.) MOVED
^DAILY MARKETS GRAPHIC <
Find here a daily Wall Street roundup graphic featuring Dow Jones Industrial Average, S&P 500 and Nasdaq data.
The 1-column x 4-inch graphic, Wall Street, will be posted by 6:30 p.m. EDT Monday through Friday.
To find the graphic, visit the Graphics section of TribuneNewsService.com.
Those with questions regarding the graphic should contact the graphics team at 312-222-4131 or email@example.com.
^Michael Hiltzik: How MIT whitewashed the climate change denialism of a major donor, David Koch<
^HILTZIK-COLUMN:LA—<Obituary writers have been struggling for days with the task of balancing the philanthropic record of billionaire David H. Koch with his baleful influence on democratic electoral principles and the science of climate change.
Massachusetts Institute of Technology seems to have found a solution to the challenge. In its send-off to Koch published Friday, the day of his death, the university went on at length about his donations to MIT in the fields of cancer research, child-care and even basketball. Of his role in suppressing the facts of climate change, fighting access to medical coverage for low-income Americans and undermining the expansion of renewable energy, MIT was completely, utterly silent.
1400 by Michael Hiltzik. MOVED
These features regularly move on Monday:
^Sarah Foster: Survey: What it's like to prepare for the next recession when you're still feeling the effects of the last one<
^REAL-BANKRATE:MCT—<Steffanie Hinson isn't ready for the next recession — mostly because she's still recovering from the last one.
For the 37-year-old Kansas resident, raises are few and far between, while rising health care costs and day-to-day expenses keep adding up. To make ends meet, Hinson said her family had to halt their 401(k) contributions and dip into their emergency fund, a pool they typically reserve for downturns.
1900 by Sarah Foster. MOVED
^Susan Tompor: What will it take to get to $300,000 in your 401(k)?<
^PFP-TOMPOR-COLUMN:DE—<So do you have $300,000 or more in your 401(k)?
Sure, it sounds like an enormous amount of money. Especially when you consider that about one out of four non-retired adults have no retirement savings or pension whatsoever, according to the latest Federal Reserve report on the Economic Well-Being of U.S. Households. Of the non-retired age 60 and older, 13% have no retirement savings or pension.
But if you've been working a while — and saving over time — the odds go up that you could have good money in retirement savings.
1400 by Susan Tompor. MOVED
^PFP-JOURNEY:MCT—<By Janet Kidd Stewart.
Not moving this week.
^KIDS AND MONEY<
^Kids and Money: It may be time to ease your kid off bank of mom and dad<
^PFP-KIDSANDMONEY:MCT—<Your child is newly graduated from college, living independently and gainfully employed in a full-time job. Is this the time to take your adult child off the proverbial family payroll?
The short answer: yes, yes, yes.
700 by Steve Rosen. MOVED
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