Briefs: Burger King plans Tim Hortons expansion; Godzilla restored
Here's what's happening in the world of business on August 27, 2014.
-- Burger King has big plans for Tim Hortons, the Canada-based chain of coffee shops the fast-food giant bought for $11 billion this week. BK said it plans to expand the chain beyond Canada, where it is a household brand, to compete with shops such as Starbucks and Dunkin' Donuts. Meanwhile, many have blasted Burger King for planning to move its headquarters to Canada to avoid paying steeper U.S. corporate taxes, a process called inversion. Here's what you need to know about inversions, and what Republicans and Democrats have to say about it.
-- Market Basket workers have filed a federal complaint alleging the New England supermarket chain is threatening to punish workers picketing over the ownership dispute.
-- On the earnings front, Browns-Forman Corp., parent of Jack Daniel's, said first-quarter profit rose 5 percent on strong sales growth for the Tennessee whiskey. Meanwhile, jewelry retailer Tiffany & Co. also had a strong quarter, posting a $121 million second-quarter profit that topped analyst estimates.
The news wasn't good for Smith & Wesson, which posted a $39 million drop in sales in the quarter due to lagging demand for rifles.
-- "Samsung is a religion, and chairman Lee is a god." Talk about a tough act to follow for Samsung heir Lee Jae-yong. But as the chairman remains hospitalized, the company is getting ready for the transition.
On Long Island
-- A Rockland County investment group plans to buy the $103.5 million loan on the Marriott Hotel and Conference Center current held by owner Charles Wang and is in talks to end foreclosure proceedings on the business.
-- The illegal marijuana business is booming on Long Island, as pot arrests are at the highest point in more than 10 years.
-- On the university front, Stony Brook plans to lease dorms at Dowling College's Shirley campus to address a shortage of beds for students. Meanwhile, Dowling, which has struggled with financial issues, just named a new president.
-- The ban on laundromats in New Cassel has been lifted, and a new self-service laundry has just moved in.
-- As three casinos are set close in Atlantic City, officials say they are planning to offer job training to the workers who will be laid off when the lights go out.
-- A Manhattan executive with investment firm Lippert / Heilshorn & Associates was charged with insider trading after he allegedly drafted fake news releases in a scheme that earned him nearly $1 million.
-- International Money Fund chief Christine Lagarde is under investigation by French officials for alleged corruption when she was the country's finance minister tied to a 400 million-euro arbitration payment stemming from a dispute over the sale of sportswear company, adidas.
-- The classic, grainy, Japanese-made Godzilla films that made the franchise a cult legend are getting a high-definition makeover, as technicians in Tokyo are restoring the films to create higher-detailed versions.
News with wheels
-- Automaker Suzuki has a spider problem. The company said it plans to recall 19,000 vehicles because the webs made from certain spiders could clog fuel lines.