Briefs: Obama pressure slowing inversion; NY alcohol biz doubles; Uber launches in Israel

President Barack Obama's pressure on corporate deserters has
Caption / Share

President Barack Obama's pressure on corporate deserters has worked to dissuade companies from shifting headquarters to other countries, a maneuver called inversion. On Aug. 7, 2014, he spoke in the State Dining Room at the White House. The story.(Credit: AP / Charles Dharapak)

1 of 7

Share this photo

Travel deals

Here's what's happening in the world of business on Aug. 25, 2014.

NEW RECORD

The S&P traded above 2,000 for the first time in its history.

HAVING IT THEIR WAY

Burger King is reportedly in talks to buy Canadian coffee and baked goods chain Tim Hortons, a deal that would establish a Canadian headquarters for the fast food company. In leaving the United States, Burger King's corporate tax rate would drop to 26.5 percent from 40 percent.

--  Meanwhile, President Barack Obama's pressure on corporate deserters has actually worked to dissuade companies from shifting headquarters to other countries, a maneuver called inversion.

UBER OVERSEAS

After having its summer launch callled off when Israel and Hammas began fighting,  taxi company Uber will launch in Tel Aviv on Monday. The company, whose international expansion has caused ire among European countries, earlier this month started running in Jakarta, Indonesia.

BIG APPLE'S BREWING

New York has seen a surge in the number of distilleries, wineries, cider-makers and breweries, with the total number of booze makers doubling since 2011.

AIRLINE WOES

Malaysia Airlines is reportedly planning to lay off up to 4,000 and install a new chief executive, according to Bloomberg News sources, as the airlines seeks to rebound from two disasters.

GOAL!

American soccer player Tim Howard has scored a book deal with HarperCollins for the goalie's memoir.

SONY ATTACKED

Sony Online Entertainment president John Smedley's plane was diverted Monday after cyberattackers who claimed they targeted the company's PlayStation Network said there might be explosives on board.

BIG FANTASY

The billion-dollar fantasy sports industry is only getting bigger, but legal experts think it's time to review the businesses, which look a lot like gambling outposts.

MARKET BASKET FEUD

There's still no deal between feuding owners of New England grocery chain Market Basket. The battling has led to a worker walk off and customer boycott.

IT'S THE ECONOMY

-- Economists are mostly backing the Federal Reserve's economic stimulus programs, believing those actions are helping the United States recover. About 39 percent of economists said the Fed is doing too much, however.

-- U.S. gas prices are down 4 cents a gallon nationally to an average $3.48 a gallon, according to a recent Lundberg Survey.

-- Hotels are getting 'fee happy,' mimicking airlines when it comes to adding surcharges and fees to their rates. Extras like guaranteeing a king-size bed are add-on charges at some hotels, though the fees most often change depending on where you are staying.

-- U.S. new home sales dropped in July by 2.4 percent, signaling the housing market still has not fully recovered from the Great Recession.

DEATHS

University of Phoenix founder John Sperling died Friday in San Francisco. He was 93 years old.

BUFFALO TACOS?

Chain restaurant Buffalo Wild Wings, which has expanded widely on Long Island, is in talks to buy Dallas-based Rusty Tacos, which has about nine restaurants between Dallas, Denver and Minneapolis.

WHISKEY WORRIES

If the people of Scotland vote to establish their own country on Sept. 18, makers of the region's famed spirit, Scotch, could find themselves in the tricky situation of having to pay back investments made with English pounds in a new, Scottish currency.

TECH BITES

They may be pricey, but LG Electronics is betting that OLED (organic light-emitting diode) TVs are the future of flat-screen television. The super-high resolution television has four times the pixels and a standard high definition TV.

advertisement | advertise on newsday

Follow Newsday Biz

advertisement | advertise on newsday