Molson Coors getting into turmeric seltzer and aloe water business M olson Coors Brewing which announced last month it will drop “Brewing” from its name next year and instead call itself “Molson Coors Beverage Company.” The company has already started branching out beyond beer. It bought Clearly Kombucha last year and launched canned wine spritzers and an alcoholic cold brew in partnership with La Colombe and now has bought a stake in L.A. Libations, a drink company and incubator that makes products like turmeric seltzer and aloe water. As part of the deal, Molson Coors will receive a stake in new products created by L.A. Liba- tions and the option to purchase new brands in full. The brewer will also get two seats on L.A. Libations’ board. The deal comes as Molson Coors and its rivals grapple with falling alcohol consump- tion, particularly beer. Global alcohol con- sumption fell 1.6% in 2018 to 27.6 billion cases, according to data from IWSR, which tracks alcohol trends.
Bad news for Canadian National Railway and its workers C anadian National Railway will layoff 1,600 employees in the United States and Canada and the number could rise if demand continues to decline. The layoffswill affectmanagers,officeemploy- ees and unionized rail workers in a range of positions across the largest Canadian railroad operator’s network. In reaction to the news, the union that rep- resents roughly 3,000 members of the Team- sters Canada Rail Conference (TCRC) at CN had earlier reported a November strike could happen, and since the news broke about layoffs, the TCRC has given the company 72-hour strike notice and started strike action on the 19th. Both sides havebeen innegotiation for roughly seven months, and as of the past five months have been working with federal mediators. In September, TCRC members voted 99.2 per cent in favour of strike action. Talks with both sides are continuing in Montreal. According to a news release, work stoppage would bring CN’s operations to a halt but would not affect public transportation.
Microsoft tops $1 trillion valuation M icrosoft Corp recently topped $1 trillion USD in value briefly for the first time after executives predicted continued growth for its cloud computing business. This means that Apple Inc. is at risk of losing its title as the world’s most valuable publicly traded company. A steep decline in the iPhone maker’s share price has left its market capitalization roughly the same as fellow technology bellwether Microsoft Corp. for the first time in more than eight years. Currently, Apple has a market cap of $817.7 billion USD, meaning it has shed nearly $300 billion USD in value after cresting a record $1.1 trillion USD valuation in early October. Micro- soft’s market value is about $816.3 billion USD. The last time Microsoft was bigger than Apple by this metric was in mid-2010.
BigNumbers for Disney Plus Launch D isney Plus says it hit more than 10 million sign-ups on its first day of launch, far exceeding expectations. Disney’s mix of Marvel and Star Wars movies and shows, classic animated films and new series appears to be a hit out of the gate after its launch earlier this month. Disney didn’t break down where the subscriptions came from or if they were free or paid monthly or yearly. Some analysts thought it would take Disney a year to reach 10 million subscribers. Disney has invested billions in its streaming service, which costs $7 US a month or $70 a year after a 7-day free trial. Customers of some Verizon wireless and home-internet plans were offered a year free.
43
42
DECEMBER 2019 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • DECEMBER 2019
Made with FlippingBook Online document