Apple shares rise as US investment pledge eases tariff concerns
President Donald Trump said a new 100% tariff rate he announced on Wednesday would not apply to companies that have made a commitment to manufacture in the United States.
"We believe concerns over incremental tariff impact to Apple have eased," Citi analysts wrote.
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BBC News
4 minutes ago
- BBC News
How Kentucky bourbon went from boom to bust
As American as apple pie, Kentucky bourbon was booming after the last Great Recession ended. But as the economy has waned post-Pandemic - and with multiple trade wars on the horizon - the market may be drying the whiskey, which is traditionally made with corn and aged in charred oak barrels, has roots going all the way back to the 18th century, it wasn't until 1964 that it became an iconic piece of Americana, when Congress passed a law declaring it a "distinctive product of the United States". But drinking trends come and go, and by the end of the 20th century, bourbon was considered a bit old fashioned - pun intended."You often see these kind of generational shifts where people don't want to drink what their parents drink," said Marten Lodewijks, the US president of IWSR, which collects alcoholic beverage data and provides industry analysis. Then, as the world recovered from the 2008 recession, drinkers seemed to rediscover this classic spirit, for a few different reasons. For starters, the price point was good, which made it attractive for bar managers to purchase and incorporate into cocktails and for younger drinkers to sample. Then, in 2013, a law was passed in Kentucky that made it easier for companies to purchase and resell vintage bottles, opening up a high-end collectible market. Add to that the rise in mid-century nostalgia fuelled by shows like Mad Men, and bourbon was due for a full-blown of bourbon grew by 7% worldwide between 2011-2020, which is more than three times the growth of the decade prior, according to industry data company some bourbon distillers were becoming quasi-celebrities, and people were starting to buy up bourbon bottles not to drink, but as an investment. "Everyone was going crazy over the bourbon market, and treating like a commodity, like a stock," recalls Robin Wynne, a general manager and beverage director for Little Sister in Toronto, Canada, who has been a bar manager for about 25 years."People would go in as a prospector, to flip bottles for two to three times the value." But like most market bubbles, this one was bound to burst. The pandemic's lockdowns tanked bar sales, and inflation has made many would-be bourbon drinkers choose less expensive options - or forgo drinking all together. Amongst Gen-Z, many 20-somethings are drinking less than their older siblings and parents did at their factors have contributed to declining alcohol sales, with bourbon sales specifically slowing down to just 2% between 2021-2024, according to ISWR data. President Donald Trump's global tariffs have been the final straw. The EU has announced retaliatory tariffs against US goods, including Kentucky bourbon and Californian wine, although implementation has been delayed for six most provinces in Canada have stopped importing American alcoholic beverages in retaliation. The country accounts for about 10% of Kentucky's $9bn (£6.7bn) whiskey and bourbon business. "That's worse than a tariff, because it's literally taking your sales away, completely removing our products from the shelves ... that's a very disproportionate response," Lawson Whiting, the CEO of Brown-Forman, which produces Jack Daniels, Woodford Reserve and Old Forester, said back in March when Canadian provinces announced their plan to stop buying US has said that tariffs will boost made-in-American Republican Senator Rand Paul, who represents Kentucky, said the tariffs will hurt local businesses and consumers in his home state."Well, tariffs are taxes, and when you put a tax on a business, it's always passed through as a cost. So, there will be higher prices," he told ABC's "This Week" in May. These economic pressures have created a growing list of casualties. Liquor giant Diageo, reported that sales of Bulleit, a Kentucky distillery that makes bourbon, rye and whiskey, where down 7.3% this fiscal Turkey - a Kentucky bourbon owned by Campari - sales were down 8.1% over the past six big, international brands will likely be able to weather the storm, the sales hit has led to a growing list of casualties. In July, LMD Holdings filed for Chapter 11 bankruptcy - just one month after opening the Luca Mariano Distillery in Danville, spring, Garrard County Distilling went into in January, Jack Daniel's parent company closed a barrel-making plant in Kentucky. The bottom of the barrel has not yet been reached, warned Mr Lodewijks."I'd be extraordinarily surprised if there weren't more bankruptcies and more consolidation," he part, bourbon has become a victim of its own success - the rise in bourbon sales, and the growth of the premium market, helped fuel many small distilleries. Because bourbon must age in barrels for years, what's on the market today was predicted a few years ago, which means that there is currently an oversupply, which is driving down while these economic conditions are harsh, Mr Lodewijks said that history has shown how tough times can create innovation. Scotch whiskey used to be fairly simple, a blend of middle-of-the road tipples. But when sales declined in the second part of the 20th centuries, distillers started aging their excess bottles, which helped create the market we have now for premium, aged Scotch Canada, where bourbon imports have slowed to a trickle, local distilleries have started experimenting with bourbon-making methods to give Canadian whiskey a similar taste."The tariff war has really done a positive for the Canadian spirits business," noted Mr Wynne."We've got lots of grains to make these whiskeys without having to rely on the States."
Daily Mail
33 minutes ago
- Daily Mail
Latest sign Las Vegas is dying
Las Vegas has shown yet another worrying sign that it's on the decline as soaring prices and tourist boycotts have driven visitors away. Tipping in Las Vegas has plunged by as much as 50 percent, according to Fox News. Workers are blaming a sharp drop in visitors, which they say has left them with fewer customers and lower pay. 'No tax on tips, that's a rad thing,' Charlie Mungo, 36, a tattoo artist in downtown Las Vegas, told the Wall Street Journal of President Trump's new policy. 'But it doesn't really do us much good if there isn't any people to get tips from.' Mungo said he now makes about $1,500 a month and has lost nearly a third of his clients after Canadian tourists, who used to represent 30 percent of his business, stopped coming. Many blame the economy, rising costs, and even political boycotts of the city. Some service workers are pointing fingers at Donald Trump, saying his presidency has led to a drop in international visitors, while others say the real problem is Vegas itself. 'We're all starting to freak out,' Mungo said. Jacob Soto, 22, a supervisor at Pinkbox Doughnuts in downtown Vegas, told the Wall Street Journal that his credit card tips have shrunk from $200 a week to $100–$150. 'I kinda rely on tips at the end of the day,' he said. On Reddit's r/VegasLocals forum, one cocktail waitress said she used to average about '80 cents a drink.' 'Now I'm averaging about 10 cents,' the waitress wrote. Another server added: 'We are working triple what we used to and making a quarter of what we did.' According to the Las Vegas Convention and Visitors Authority, overall visits to Sin City are down more than 6 percent this year. Las Vegas welcomed 3.39 million visitors in March, down almost eight percent from 3.68 million in February. April saw just over 3.3 million visitors, a drop of 5.1 percent from last year.
Daily Mail
33 minutes ago
- Daily Mail
Town manager sparks fury with $210k-a-year side gig
Dawn Norton, who became Greybull's town administrator in May, was simultaneously serving as the chief financial officer for the town of Wilton, Connecticut, a remote role that netted her $210,108 last year. The news emerged this week when CT Insider exposed Norton for resigning from her position in Connecticut after Wilton's human resources director discovered she was also running Greybull's municipal operations. Greybull's highest-paid employee in 2024 earned $86,657, but Wilton's top finance role was one of the highest-paying positions in town. Greybull Mayor Myles Foley told Cowboy State Daily that he was fully aware of Norton's other job and does not view the situation as problematic. 'I can't say anything beyond that,' he told the outlet. 'It's a personnel matter.' Norton insisted she complied with her Wilton contract, which she said allowed her to hold an outside job if she notified the town's first selectman. She claimed she informed the appropriate officials before accepting the Wyoming role and that they knew she planned to relocate there permanently. 'That was always the plan,' she told Cowboy State Daily. 'My only [other] comment about it is that whatever Wilton's issue is, is Wilton's issue. It has nothing to do with Greybull.' She also suggested the media attention had been unfair. 'It seems like there are people out there who are creating waves without any information behind it,' she told the outlet. 'I think people around here seem to love social media.' Norton has been focused on Greybull's infrastructure challenges since starting the job. A broken 14-inch water main on July 27 left residents under a boil water order. She said the leak was difficult to locate and that sourcing replacement parts caused delays. The town is now seeking a loan to replace the transmission line and water tank, a multi-phase project that she believes is crucial for both public health and future economic development. She is also helping lead a fundraising campaign to build a dinosaur museum that would display fossils from the area, many of which are currently housed in collections around the world. The town is now seeking a loan to replace the transmission line and water tank, a multi-phase project that she believes is crucial for both public health and future economic development. She is also helping lead a fundraising campaign to build a dinosaur museum that would display fossils from the area, many of which are currently housed in collections around the world.
