BUSINESS NEWS MAY 28TH, 2016
The soda company's new "I'm proud to be an American" limited edition red, white and blue cans honor members of the military and feature the American flag in their design. Coca-Cola (CCE) is rolling out the new cans to celebrate its 75-year partnership with the United Service Organizations.The cans and packs will be in stores through July 4th. The song lyric and patriotic design will be on 16-ounce cans as well as 12-ounce cans that come in 20, 24 and 35-packs.Coca-Cola is the latest company to adopt USA-themed packaging. Anheuser-Busch even changed the name of "Budweiser" to "America" -- the name change will last through the presidential election in November.
MASS. SENATE MOVES TO BAN PLASTIC SHOPPING BAGS
Come August of 2018 in Massachusetts, you may rarely hear the question “Paper or plastic?”The Senate passed an almost $40 billion budget bill Thursday that included a provision banning single-use carryout bags at all retail establishments that are 3,000 square feet or larger, or have at least three locations in the state. The bag push, adopted by a bipartisan vote, is meant to make the state more environmentally friendly and was cheered by green advocates. But it drew an immediate rebuke from local retail groups, which worry it will erode consumer choice at perhaps 20,000 retail locations and hurt mom-and-pop stores in their battle with online merchants for customers.
ADIDAS TO SELL US BRAND MITCHELL & NESS
Adidas said it had agreed to sell U.S. sportswear seller Mitchell & Ness, resulting in a one-time gain in a the low to medium double-digit million euro range.The German group said in a statement on Friday it would re-invest the proceeds of the sale into its "Creating the New" strategy."Nostalgia headwear and apparel is not core to this strategy and the sale of Mitchell & Ness will allow us to reduce complexity and pursue our target consumer more aggressively with our core brands," Adidas said in a statement on Friday.
THOSE WITH ILLEGAL MONEY TO BE PROSECUTED
Days before a four-month window for declaring domestic black money opens, finance minister Arun Jaitley said the government would continue to prosecute those who are found to have stashed black money abroad.The window opens on 1 June and would allow people to retain 55% of the undisclosed income. The remaining 45% would have to be paid to the government in the form of tax, surcharge and penalty. Those who volunteer under this scheme would, however, get immunity from prosecution under various laws.At a grand event to celebrate the government’s two years in power, Jaitley also promised to prosecute people named in the Panama papers who were found to have illegally stashed black money abroad.