The day's business news at a glance
Pot industry wants to see end of ‘stoner’ stereotype
America’s legal marijuana industry is working on its image. Pot advocates are trying to dispel the idea that people who toke up still live in their parents’ basements and spend their days eating Cheetos and playing video games.
Instead, many marijuana businesses are branding cannabis as the leafy equivalent of a fine brandy or healthy elixir.
Upscale pot shop MedMen, for example, has launched a $2 million “anti-stoner” campaign featuring average folks who get lit.
Tariffs on imported newsprint nixed in win
The U.S. International Trade Commission has blocked tariffs for imported newsprint by finding American producers weren’t harmed by imports from Canadian paper mills.
The ruling is a victory for the U.S. newspaper industry, which complained that the rising cost of newsprint made it harder to operate and required them to trim the size of papers or lay off employees.
Senate Minority Leader Chuck Schumer praised the ruling, saying the tariffs hurt “the lifeblood of our local communities.”
Post-disaster, businesses find paths to recovery
As small business owners in Hawaii and California start cleaning up after a hurricane and wildfires, they’ll find there’s no one formula for recovery.
The same disaster can devastate businesses in divergent ways — a hurricane might tear the roof off one restaurant, flood another and leave a third with little damage.
Still, experts said many companies can survive if owners understand what their priorities are and what resources are available.
Highly prized tuna makes controversial comeback
The highly prized bluefin tuna appears to be slowly recovering in the Atlantic Ocean, prompting fishermen to seek bigger commercial catch quotas and environmentalists to call for a more conservative approach.
The tuna is one of the most recognizable fish in the Atlantic, and it’s prized by anglers and the sushi industry.
The fish can weigh 1,000 pounds and is listed as endangered by the International Union for Conservation of Nature.
US pending home sales fell 0.7 percent in July
Fewer Americans signed contracts in July to buy homes in July compared to the previous month, as real estate sales are slipping even though economic growth is solid.
The National Association of Realtors said that its pending home sales index fell 0.7 percent last month to 106.2.
During the past year, contract signings have tumbled 2.3 percent as home values have climbed at roughly double the pace of average wage growth.
Stocks rise as technology companies, Amazon jump
Technology companies lead the way as U.S. indexes shake off a slow start and rise for the fourth day in a row.
Amazon surges while retailers Dick’s Sporting Goods and Chico’s FAS fall. Stocks have rallied this week as investors grew more hopeful about trade talks between the U.S., Mexico and Canada.
Canadian Prime Minister Justin Trudeau said Wednesday that Canada could join a trade pact between the U.S. and Mexico by Friday.
AAA sees gasoline price dipping to about $2.70
Steady oil prices and the end of strong summer demand should start pushing gasoline prices down.
AAA predicts that the national average will drop
14 cents to $2.70 a gallon this fall.
Also, refineries are expected to switch to winter-blend gasolines, which are cheaper to produce than summer blends.