Latest news with #Novy
Chicago Tribune
06-04-2025
- Business
- Chicago Tribune
Strong showing for Democrats in races for Oswego Village Board
It appears to be a sweep for Democratic candidates for Oswego Village Board, according to the final unofficial results from the April 1 election. Six candidates were vying for three four-year terms on the Oswego Village Board, while two challengers were seeking a two-year term on the board, during the recent election. Unofficial final results for the race for the three four-year seats show Rachelle Koenig as the top vote-getter with 21.64% of the votes, followed by incumbent Trustee Karen Novy with 20.80% and James Cooper with 20.33% of the votes. All three are Democrats. The other candidates running for the four-year seats were incumbent Trustee Jennifer Jones Sinnott and former trustees Terry Olson and James Marter, II. The unofficial final vote totals show Olson with 12.77% of the votes, Jones Sinnott with 12.46% and Marter with 12.01% of the votes. All three are Republicans. 'I would like to think it's a reflection of the relationships I have developed and the work I have done on various boards and committees,' Koenig said of the outcome. 'It may also be a reflection of the fact that I strive to find common ground with people as a means to understand each other and work together, regardless of our individual beliefs and ideologies.' Koenig recently completed her tenure on the village's Economic Development Commission. 'As a business owner and a marketing strategist, I'm continuously focused on business development and growth. There is so much opportunity to create more experiences in Oswego,' she said. 'I may have been the highest vote-getter, but I wasn't the only vote-getter,' she said. 'There are residents who wanted a different outcome. So, not only am I committed to hearing from the people who are happy to see me as a trustee, I also will be seeking out conversations with those who are not. And hopefully, we can find some common ground.' Novy, who was appointed in July 2023 to fill an unexpired term on the board, said hard work was behind the successful campaign. 'I believe our canvassing and door knocking was the key to the win,' Novy said. Cooper said while he is gratified by the votes, it did take a concerted effort. 'Campaigning for these important roles is not an easy process, and these numbers could not have been achieved without the support of a community. I would be remiss if I didn't mention the efforts of the Kendall County Dems,' he said. Cooper said he intends to take what he heard from residents during the campaign to the seat he will hold on the Oswego Village Board. 'After talking with people in the community, I know they care a great deal about bringing in new businesses downtown and supporting those that currently exist,' he said. Jennifer Hughes, a Democrat, was the highest vote-getter for the two-year term on the Oswego Village Board up for election April 1, garnering 63.10% of the votes, according to unofficial final results, while Lori West, a Republican, had 36.90% of the votes. Hughes is retiring as Oswego Public Works director. She will be recognized at Tuesday's Village Board meeting, the official day of her retirement, for her years as the leader of the Public Works Department in the village. She was hired in November 2013. 'Although I am retiring from the director's position, my desire to serve Oswego remains. The trustee's position is one way that I can utilize my knowledge of what it takes for a community to be successful,' she said. Hughes will be recognized by the village as being instrumental in advancing two 'mega projects' in Oswego – the Wolfs Crossing Road widening project and for work to help bring Lake Michigan water to the village in the near future. 'A key difference between being an employee and a trustee is that while the employee can have significant input on policy, it is the Village Board who actually sets the policies. For nearly 28 years of working in municipal government, I have interacted with residents, businesses, developers and boards. The mechanics of government, from budgeting to setting policy, to approving developments and communicating with residents, is second nature. I believe this experience will help the board make good decisions,' Hughes told The Beacon-News.
The Independent
17-03-2025
- Business
- The Independent
One product already paying the price of Trump's tariff threats
The threats and uncertainty caused by President Donald Trump 's on-again and off-again tariffs on Mexico have already cost the tequila sector. The 25 percent tariffs, initially due to be applied from February and briefly in place on March 4 before being suspended, threatened billions of dollars of imports from huge producers like Diageo and Becle alone. The tariffs prompted some producers, restaurants and consumers to stockpile up to six months worth of tequila, which can only be made in Mexico, in a gamble that would have paid off if the tariffs had been imposed. But it's a move which producers say hurts the sector even if the tariffs are rolled back. "No matter what happens ... a price has been paid," said Mike Novy, chief executive officer of Calabasas Beverage Company, which operates the tequila brand founded by Kendall Jenner, 818 Tequila. The company asked its distillery to work flat out, with workers on overtime through the holidays in December, in order to be able to ship around six months' worth of product to the U.S. ahead of tariffs, Novy said, adding this cost up to $2 million, while storage fees would add about 10 percent to its costs. The company had also put planned hiring and product launches on hold, he said, costing opportunities, as well. Brian Rosen, founder of InvestBev, an investor that partners with early-stage spirits brands to help them grow, said tequila companies in his portfolio had also built up six months' supply, and are paying up to $20,000 per shipping container for storage. Such storage costs alone could push some brands to raise prices - another anticipated effect of tariffs that could now occur even if they are not applied, he said. The impact on tequila - a bright spot for the U.S. spirits industry amid a sharp downturn in broader spirits sales - shows the collateral damage of Trump's effort to rip up and remake global trade relationships. It comes at a time when businesses reliant on tequila, from top liquor maker Diageo, whose Don Julio tequila brand is driving performance, to small restaurants whose margarita sales help keep them afloat, are struggling with prolonged high interest rates and inflation. Diageo and Becle, the world's largest tequila producer, previously told investors they front-loaded inventory ahead of tariffs. Diageo declined to comment, and Becle did not respond to questions. A lot of tequila To be sure, Novy and other businesses Reuters spoke to said the disappearance of tariffs, which threaten to derail tequila's growth, would be a blessing for the industry. While some wholesalers have built up inventory, this is unlikely to drive the kind of painful de-stocking cycle recently seen with other spirits like cognac, as this was driven by low underlying demand and tequila remains popular, said Michael Bilello, senior vice president for communications and marketing at Wine & Spirits Wholesalers of America, a trade body. Larger companies also may not hold such high levels of stock. Top distributor Republic National Distributing Company (RNDC) operates with inventories far lower than six months' worth even in the face of tariffs, said Sean Halligan, chief supply chain officer, adding holding too much carries its own risks. But any stock build-up in the supply chain could drive an initial bump in sales for big producers, which will fall back as customers normalise their levels, Fitch Ratings said. La Contenta Oeste, a Mexican restaurant in New York, ordered 120 cases of tequila and 80 cases of mezcal since January - about six months' supply, owner and chef Luis Arce Mota said. He normally only buys around 20 cases at a time. "I'm going to have a lot of tequila (if tariffs are not imposed)," he said. Drinkers have done the same. Richard Paige, a communications professional in Indianapolis with a taste for tequila, said he had made sure his selection was stocked for at least a few months. Such behavior could make for a "very quiet" second quarter for the big tequila producers, said Trevor Stirling, analyst at Bernstein. In Mexico, meanwhile, representatives of tequila brands and industry bodies said companies will look to new markets - signs of shifts in investment that could make the U.S. tequila sector less vibrant, 818's Novy said. "It's already happening," he continued. "If (tariffs) are permanent, then the outcome is just magnified."
Reuters
17-03-2025
- Business
- Reuters
Tariffs might not happen but tequila is already paying the price
LONDON, March 17 (Reuters) - Even if U.S. President Donald Trump 's tariffs on Mexico are not imposed, the threats and uncertainty caused by on and off-again levies have already cost the tequila sector money and could drive a temporary slowdown in sales, producers, investors and analysts told Reuters. The 25% tariffs, initially due to be applied from February and briefly in place on March 4 before being suspended on both occasions, threatened billions of dollars of imports from huge producers like Diageo (DGE.L), opens new tab and Becle ( opens new tab alone. here. They prompted businesses and consumers to stockpile tequila, which can only be made in Mexico, freeze expansion plans and divert resources elsewhere. Some producers, restaurants and drinkers accumulated hefty tequila stock, sometimes of up to six months - a bet which will pay off if tariffs are imposed. But producers say this also has a cost, hurting the sector even if the tariffs are rolled back. "No matter what happens ... a price has been paid," said Mike Novy, chief executive officer of Calabasas Beverage Company, which operates the tequila brand founded by Kendall Jenner, 818 Tequila. The company asked its distillery to work flat out, with workers on overtime through the holidays in December, in order to be able to ship around six months' worth of product to the U.S. ahead of tariffs, Novy said, adding this cost up to $2 million, while storage fees would add about 10% to its costs. The company had also put planned hiring and product launches on hold, he said, costing opportunities, as well. Brian Rosen, founder of InvestBev, an investor that partners with early-stage spirits brands to help them grow, said tequila companies in his portfolio had also built up six months' supply, and are paying up to $20,000 per shipping container for storage. Such storage costs alone could push some brands to raise prices - another anticipated effect of tariffs that could now occur even if they are not applied, he said. The impact on tequila - a bright spot for the U.S. spirits industry amid a sharp downturn in broader spirits sales - shows the collateral damage of Trump's effort to rip up and remake global trade relationships in favour of the United States. It comes at a time when businesses reliant on tequila, from top liquor maker Diageo, whose Don Julio tequila brand is driving performance, to small restaurants whose margarita sales help keep them afloat, are struggling with prolonged high interest rates and inflation. Diageo and Becle, the world's largest tequila producer, previously told investors they front-loaded inventory ahead of tariffs. Diageo declined to comment, and Becle did not respond to questions. A LOT OF TEQUILA To be sure, Novy and other businesses Reuters spoke to said the disappearance of tariffs, which threaten to derail tequila's growth, would be a blessing for the industry. While some wholesalers have built up inventory, this is unlikely to drive the kind of painful destocking cycle recently seen with other spirits like cognac, as this was driven by low underlying demand and tequila remains popular, said Michael Bilello, senior vice president for communications and marketing at Wine & Spirits Wholesalers of America, a trade body. Larger companies also may not hold such high levels of stock. Top distributor Republic National Distributing Company (RNDC) operates with inventories far lower than six months' worth even in the face of tariffs, said Sean Halligan, chief supply chain officer, adding holding too much carries its own risks. But any stock build-up in the supply chain could drive an initial bump in sales for big producers, which will fall back as customers normalise their levels, Fitch Ratings said. La Contenta Oeste, a Mexican restaurant in New York, ordered 120 cases of tequila and 80 cases of mezcal since January - about six months' supply, owner and chef Luis Arce Mota said. He normally only buys around 20 cases at a time. "I'm going to have a lot of tequila (if tariffs are not imposed)," he said. Drinkers have done the same. Richard Paige, a communications professional in Indianapolis with a taste for tequila, said he had made sure his selection was stocked for at least a few months. Such behavior could make for a "very quiet" second quarter for the big tequila producers, said Trevor Stirling, analyst at Bernstein. In Mexico, meanwhile, representatives of tequila brands and industry bodies said companies will look to new markets - signs of shifts in investment that could make the U.S. tequila sector less vibrant, 818's Novy said. "It's already happening," he continued. "If (tariffs) are permanent, then the outcome is just magnified."
