Tag: Business Finance

  • L.L. Bean raises age to 21 to buy rifles

    Outdoor retailer L.L. Bean will no longer sell rifles to anyone under 21.

    SEATTLE (AP) — Outdoor retailer L.L. Bean will no longer sell rifles to anyone under 21.

    The company joined retail heavyweights Walmart and Dick’s Sporting Goods in changing policies in the wake of the Florida school massacre.

    L.L. Bean said in a statement late Thursday that it will no longer sell guns or ammunition to anyone under the age of 21.

    Company spokeswoman Carolyn Beem says L.L. Bean only sells firearms at its flagship store in Maine and only guns specific to hunting and target shooting.

    She says L.L. Bean does not carry assault-style firearms, high-capacity firearms, bump stocks or handguns of any kind.

    The announcements come two weeks after a teenager killed 17 students and educators with an AR-15 rifle in Florida.

  • Plan to open drilling off Pacific Northwest draws opposition

    The Trump administration’s proposal to expand offshore drilling off the Pacific Northwest coast is drawing vocal opposition in a region where multimillion-dollar fossil fuel projects have been blocked

    SEATTLE (AP) – The Trump administration’s proposal to expand offshore drilling off the Pacific Northwest coast is drawing vocal opposition in a region where multimillion-dollar fossil fuel projects have been blocked in recent years.

    The governors of Washington and Oregon, many in the state’s congressional delegation and other top state officials have criticized Interior Secretary Ryan Zinke’s plan to open 90 percent of the nation’s offshore reserves to development by private companies.

    They say it jeopardizes the environment and the health, safety and economic well-being of coastal communities.

    Opponents spoke out Monday at a hearing that a coalition of groups organized in Olympia, Washington, on the same day as an “open house” hosted by the Bureau of Ocean Energy Management.

    Attorney General Bob Ferguson told dozens gathered – some wearing yellow hazmat suits and holding “Stop Trump’s Big Oil Giveways” signs – that he will sue if the plan is approved.

    “What this administration has done with this proposal is outrageous,” he said.

    Oil and gas exploration and drilling is not permitted in state waters.

    In announcing the plan to vastly open federal waters to oil and gas drilling, Zinke has said responsible development of offshore energy resources would boost jobs and economic security while providing billions of dollars to fund conservation along U.S. coastlines.

    His plan proposes 47 leases off the nation’s coastlines from 2019 to 2024, including one off Washington and Oregon.

    Oil industry groups have praised the plan, while environmental groups say it would harm oceans, coastal economies, public health and marine life.

    Washington Gov. Jay Inslee met with Zinke over the weekend while in D.C. for the National Governors Association conference and again urged him to remove Washington from the plan, Inslee spokeswoman Tara Lee said Monday.

    There hasn’t been offshore oil drilling in Washington or Oregon since the 1960s.

    There hasn’t been much interest in offshore oil and gas exploration in recent decades though technology has improved, said Washington’s state geologist David Norman.

    “It’s a very active place tectonically. We have a really complicated tough geology. It’s got really rough weather,” Norman said.

    There’s more potential for natural gas than oil off the Pacific Northwest, said BOEM spokesman John Romero. A 2016 assessment estimates undiscovered recoverable oil at fractions of the U.S. total.

    Proponents have backed the idea as a way to provide affordable energy, meet growing demands and to promote the U.S.’s “energy dominance.” Emails to representatives with the Western States Petroleum Association and the American Petroleum Institute were not immediately returned Monday.

    Sixteen members of Washington and Oregon’s congressional delegation last month wrote to Zinke to oppose the plan, saying gas drilling off the Northwest coastline poses a risk to the state’s recreational, fishing and maritime economy.

    Kyle Deerkop, who manages an oyster farm in Grays Harbor for Oregon-based Pacific Seafood, worried an oil spill would put jobs and the livelihood of people at risk.

    “We need to be worried,” he said in an interview, recalling a major 1988 oil spill in Grays Harbor. “It’s too great a risk.”

    Tribal members, business owners and environmentalists spoke at the so-called people’s hearing Monday organized by Stand Up To Oil coalition.

    The groups wanted to allow people to speak into a microphone before a crowd because the federal agency’s open house didn’t allow that. Instead the open house allowed people to directly talk to staff or submit comments using laptops provided.

    ___

    AP Photographer Ted S. Warren contributed to this report.

  • Nathan Deal, Georgia governor, signs bill without Delta tax break after NRA rift

    Georgia Gov. Nathan Deal signed Friday a tax-reform bill that eliminated a lucrative tax break for Delta Airlines over dropping its partnership with the National Rifle Association, but the airline ins

    Georgia Gov. Nathan Deal signed Friday a tax-reform bill that eliminated a lucrative tax break for Delta Airlines over dropping its partnership with the National Rifle Association, but the airline insisted that there are no hard feelings.

    Delta CEO Ed Bastiancalled the Republican governor a “great friend” despite the signing of the $5 billion tax-cut legislation, which was shorn by the state Senate of a $50 million jet-fuel tax exemption last week in retaliation for Delta’s ending of its discount deal for NRA members.

    Delta announced Feb. 24 that it would eliminate the membership discount, prompting Republican Lt. Gov. Casey Cagle to vow that he would kill any airline tax break until the company reinstated its partnership with the NRA.

    I will kill any tax legislation that benefits @Delta unless the company changes its position and fully reinstates its relationship with @NRA. Corporations cannot attack conservatives and expect us not to fight back.

    — Casey Cagle (@CaseyCagle) February 26, 2018

    In a Friday statement, Mr. Bastian that he considered the governor to be a “friend” and thanked him for his work on the issue.

    “I have tremendous respect and admiration for Governor Nathan Deal, and thank him for the work he has done on the jet fuel tax exemption,” Mr. Bastian said. “He is a great friend to Delta. I know this action by the state legislature troubled him as it does all of us.”

    Mr. Deal said at a Wednesday press conference he would keep working to resolve the rift.

    “Delta made a statement or an action that caused this dispute to erupt,” Mr. Deal said. “I’ve tried my best to resolve it within the time frame we have available to us. I am still hopeful that some of those feelings and positions can be rectified, but they could not be in the time frame we were operating under.”

    More than a dozen companies have dropped their NRA membership partnerships following the Feb. 14 school shooting in Parkland, Florida, which left 17 dead.

    Mr. Bastian said that the airline is reviewing its partnerships and would rescind deals with other political organizations.

    “While Delta’s intent was to remain neutral, some elected officials in Georgia tied our decision to a pending jet fuel tax exemption, threatening to eliminate it unless we reversed course,” Mr. Bastian said. “Our decision was not made for economic gain and our values are not for sale. We are in the process of a review to end group discounts for any group of a politically divisive nature.”

    He added that Atlanta would remain the airline’s home, despite overtures from states such as New York and Virginia.

    “None of this changes the fact that our home is Atlanta and we are proud and honored to locate our headquarters here,” Mr. Bastian said. “And we are supporters of the Second Amendment, just as we embrace the entire Constitution of the United States.”

  • Weinstein Co. revives sale deal, staving off bankruptcy

    The Weinstein Co. revived a deal to sell its assets to a group of investors who want to transform the scandal-plagued film studio into a female-led entertainment venture, the latest twist in the compa

    NEW YORK (AP) — The Weinstein Co. revived a deal to sell its assets to a group of investors who want to transform the scandal-plagued film studio into a female-led entertainment venture, the latest twist in the company’s tortured efforts to avoid bankruptcy following the downfall of Hollywood mogul Harvey Weinstein.

    The company’s announcement Thursday marks a swift and dramatic reversal of fortunes. It came just four days after the Weinstein Co. announced it would file for bankruptcy protection, saying negotiations had fallen apart with the group led by businesswoman Maria Contreras-Sweet and billionaire investor Ron Burkle. But the two sides soon returned to talks, along with New York State Attorney General Eric Schneiderman, who filed a lawsuit against the company three weeks ago that threw a wrench in the deal.

    A bankruptcy protection filing would have halted lawsuits filed by women who have accused Harvey Weinstein of sexual harassment, assault and other misconduct. The sale deal includes a commitment from the buyers to establish a compensation fund of up to $90 million for Weinstein’s accusers. Weinstein has denied all allegations of assault.

    “The deal provides a clear path for compensation for victims and protects the jobs of our employees,” the Weinstein Co.’s board of directors said in a statement. “We consider this to be a positive outcome under what have been incredibly difficult circumstances.”

    Contreras-Sweet said the deal would save about 150 jobs and protect the small businesses that are owed money by the studio. She said she would “launch a new company that represents the best practices in corporate governance and transparency.”

    Schneiderman said in a statement that he was pleased that the deal would “create a real, well-funded victims compensation fund, implement HR policies that will protect all employees and will not unjustly reward bad actors.”

    He said his office would work with the two sides to ensure they honor their commitment and that his lawsuit and investigation into the Weinstein Co. remain active.

    The announcement came after Contreras-Sweet and Burkle met with the company’s co-founder, Bob Weinstein, at Schneiderman’s office, according to several people familiar with the negotiations.

    A person familiar with the negotiations said the two sides agreed to a 40-day closing process. The person said the deal includes financing for the Weinstein Co. to meet payroll, rent and other financial obligations while the sale is being finalized.

    The buyers would pay $220 million for most of the Weinstein Co. assets and assume about $225 million of the studio’s debt. The new company would also dedicate $90 million to compensate Harvey Weinstein’s accusers, including $60 million put up by the buyers and $30 million from insurance proceeds. The person also said the buyers intend to retain company’s approximately 150 employees, though personnel decisions will be made later in the process.

    The people declined to be identified because they were unauthorized to speak publicly about the private talks.

    Contreras-Sweet’s proposal has emerged as the Weinstein’s Co.’s best chance to remain mostly intact, although under new leadership and with a different name. Contreras Sweet, who headed the small business administration during the Obama administration, has no previous entertainment experience but her proposal beat out several other prominent bidders who were mostly interested in buying parts of the company out of bankruptcy.

    She has proposed remaking the company into a women-led venture, with a female-majority board of directors. But Schneiderman objected to the deal out of concerns that there insufficient documentation guaranteeing compensation for the victims. He also said the deal would potentially keep in place top executives accused of enabling Weinstein’s alleged abuse of the company’s female employees.

    The lawsuit launched three weeks of fraught, behind-the scenes talks to revive the sale, with several unreleased films hanging in the balance, including the Thomas Edison tale “The Current War,” with Benedict Cumberbatch, and “Mary Magdalene,” starring Rooney Mara.

    Days after Schneiderman’s lawsuit, the Weinstein Co. fired its president and former COO, David Glasser. Contreras-Sweet’s group, in private talks with the attorney general, ironed out a deal to alleviate his concerns, including setting the $90 million compensation fund.