Starbucks wants to add training for store managers on “unconscious bias,” CEO Kevin Johnson said Monday, as activists held more protests at a Philadelphia store where two black men were arrested when employees said they were trespassing. Johnson, who has called the arrests “reprehensible,” arrived in Philadelphia this weekend after video of the arrests gained traction online. He said he hopes to meet with the two men in the next couple of days and apologize to them face-to-face.
“I’d like to have a dialogue with them and the opportunity to listen to them with compassion and empathy through the experience they went through,” said Johnson, who has been CEO about a year. A lawyer for the two men who were arrested didn’t immediately return a call for comment. The incident is a major blow to Starbucks’ image, since the company has promoted its coffee shops as neighborhood hangouts where anyone is welcome. After a video of the arrests spread online, the hashtag #BoycottStarbucks trended on Twitter.
Domino’s will deliver to beaches, parks: Domino’s, which has been bringing pizzas to doorsteps for more than half a century, will now deliver to the great outdoors. The pizza chain said Monday its drivers can meet customers at U.S. beaches, parks and landmarks to hand over pizza, cheesy bread and other food on its menu. In all, Domino’s said, it will deliver to 150,000 outdoor locations. The locations are already in the company’s app or website as “Domino’s Hotspots.” Domino’s Pizza Inc. said it tested the service last fall in Miami. Franchisees chose the hotspots, including local dog parks and airports. Drivers will pull up to the curb to meet customers, Domino’s said, and people can tell the app what they’re wearing so they’re easier to spot.
Trump puts forward 2 nominees for Fed board: President Donald Trump has selected Columbia University professor Richard Clarida to be vice chairman of the Federal Reserve and Kansas bank commissioner Michelle Bowman to fill another vacancy on the Fed’s seven-member board. The two nominations are the latest steps in Trump’s efforts to remake the seven-member Fed board, which currently has four vacancies. Both nominations need Senate approval. Clarida would become the Fed’s No. 2 official, filling a spot left vacant when Stanley Fischer stepped down last October.
Bowman would fill a spot on the Fed board that is reserved for a community banker or a regulator of community banks. Trump last year tapped Fed board member Jerome Powell to succeed Janet Yellen as Fed chairman. He also selected Randal Quarles to be vice chairman for bank supervision.
Bank of America announces record profits: Bank of America said it made a record $6.9 billion in profit during the first three months of the year as the bank got a lift from rising interest rates and new cuts to corporate taxes. The bank said Monday its revenue rose 4 percent to $23.1 billion, compared with $22.2 billion in the same period last year. It marks the latest quarter in which Federal Reserve increases in short-term interest rates have boosted the bank’s results. The quarter is also the first to show how the bank is benefiting from federal tax legislation passed in December that slashes the rate corporations pay on their profits. The bank reported paying $1.47 billion in income taxes, down more than 25 percent from the same quarter last year. Monday’s profit was the highest for any quarter in the bank’s history, CEO Brian Moynihan noted. Moynihan, who took over the bank in 2010, attributed the performance in part to a growing global economy and strong U.S. consumer activity.
Toyota to deploy vehicle-to-vehicle tech in 2021: Toyota said it will start equipping models with technology to talk to other vehicles starting in 2021, as it tries to push safety communications forward. The company said most of its U.S. models should have the feature by the mid-2020s. Vehicle-to-vehicle signals can warn others of heavy braking ahead or that another vehicle is headed into their path. Vice President of Product Planning Andrew Coetzee said the cars would use dedicated airwaves to send signals as far as 984 feet. Coetzee said he hoped other automakers will join. Others are testing it and standards have been developed so they can communicate.
Retail sales rebound in March: U.S. consumers bounced back in March and bought more cars, furniture and appliances after three months of declining retail sales. The Commerce Department said retail sales rose 0.6 percent last month, the largest increase since November. Auto sales jumped 2 percent, the most in six months. Sales at retailers slipped in the first two months of this year as consumers pulled back after heavy spending during the winter holidays. Last month’s figures suggest Americans are returning to more free-spending ways. Easter holiday purchases also likely lifted spending. Economists predict that healthy consumer confidence, steady job gains and the impact of tax cuts will fuel solid spending growth in the months ahead. Analysts were a bit disappointed by the March figures. Many had expected a stronger bounce-back. Excluding autos, sales were up just 0.2 percent.