Business news in brief

Trump bans Venezuelan cryptocurrency

WASHINGTON -- The Trump administration on Monday banned all use by Americans of Venezuelan cryptocurrency, saying its introduction is intended to skirt U.S. sanctions.

In an executive order that took effect immediately upon its issuance, President Donald Trump declared illegal all U.S. transactions related to Venezuelan digital currencies, coins or tokens. The prohibition applies to all people and companies subject to U.S. jurisdiction. The move follows the introduction last month of a Venezuelan cryptocurrency known as the "petro," for which the government says it has received investment commitments of $5 billion.

In the executive order, Trump said it was an "attempt to circumvent U.S. sanctions" imposed for democratic backsliding.

The Treasury Department had said in January that the petro appeared to be an extension of credit to Venezuela and warned that transactions in it may violate U.S. sanctions.

In February, cash-strapped Venezuela became the first country to launch its own version of bitcoin, the petro, in a move that President Nicolas Maduro celebrated as putting his country on the world's technological forefront.

The petro is backed by Venezuela's crude-oil reserves, the largest in the world, yet it has arrived on the market as the socialist country sinks deeper into an economic crisis marked by soaring inflation and food shortages that put residents in lines for hours to buy common products.

-- The Associated Press

Newell, Icahn team up against Starboard

Newell Brands Inc. has enlisted the support of billionaire Carl Icahn and will go forward with its planned sale of assets -- a move that may help it fend off opposition from activist investor Starboard Value.

Newell said Monday that it had agreed to immediately name four Icahn designees to its board, one of whom will serve as chairman. Meanwhile, the company will expand its efforts to streamline operations -- a plan that Starboard has attempted to halt.

Icahn said the Hoboken, N.J.-based maker of Rubbermaid kitchenwares and Mr. Coffee appliances is "significantly undervalued."

The announcement didn't sit well with investors, who sent shares down 6.5 percent to $26.79, a sign many may have preferred a bigger shake-up at Newell. The company's stock had already lost more than 40 percent of its value in the 12 months through the end of last week.

The agreement follows a fight initiated last month by Starboard, the activist fund run by Jeff Smith, to replace the entire board. The New York-based hedge fund has urged the company to halt plans to sell some brands until shareholders have a chance to vote on Starboard's slate of directors.

-- Bloomberg News

Nissan to add shift at Mississippi plant

CANTON, Miss. -- Nissan Motor Co. said it will increase van production at its Mississippi plant, adding a second shift in April.

The company made the announcement Monday as it marked the 4 millionth vehicle produced at the plant since it opened in 2003.

Spokesman Lloryn Love-Carter said about 250 workers will be redeployed from other areas to staff the second shift assembling NV vans. The Canton plant is the only plant worldwide that makes the large vans for Nissan. The Japanese automaker sold about 18,000 NV vans in the United States last year, according to company figures.

About 6,400 Nissan employees and contractors work at the Canton complex.

-- The Associated Press

New mobile app tailored to drug abusers

Health tech companies are making a big push to digitize medicine, introducing novel tools like digital pills that track when patients take their drugs and smart spoons that can automatically adjust to hand tremors.

Now they want some patients to get prescription treatments from the app store as well.

Later this year, doctors treating patients addicted to substances like cocaine and amphetamines will be able to prescribe Reset, an app that gives patients lessons to help them modify their behavior. The Food and Drug Administration cleared it in September as the first mobile medical app to help treat substance-use disorders.

The app is at the forefront of a new category of medical treatment, offering what company executives call "prescription digital therapeutics." These products, they say, have been studied in randomized clinical trials, cleared by the FDA, require a doctor's prescription and allow doctors to track patients' progress.

A few medical experts, however, argue that the apps, while promoting themselves as a new medical therapy, are essentially just repackaging and rebranding existing treatments. They note that behavioral therapy done on a computer, instead of on a smartphone, was already a long-standing health treatment and backed by research.

-- The New York Times

Amtrak ends student, AAA discounts

WASHINGTON -- Amtrak officials have quietly ended discounts for students and AAA members and raised the age requirement for senior discounts to 65.

The discounts, which offered up to 10 percent off tickets, were discontinued earlier this year as part of a shift in strategy for the passenger rail service as it attempts to mirror pricing strategies used in other modes of transportation.

"Amtrak is moving passenger rail service to a more streamlined and efficient business model," spokesman Kimberly Woods said.

Under the new program, Amtrak will offer new sales every two to three weeks as well as short "flash" sales, which offer steep discounts. One recent example was Amtrak's "Track Friday" sale, its version of a Black Friday sale, which offered discounts of 25 to 30 percent on most of its routes.

Woods said one way customers can also save is by buying their tickets at least 14 days in advance.

-- The Washington Post

Business on 03/20/2018

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