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    TALKING POINTS

    US Steel to restart construction of idled plant, crediting Trump’s tariffs

    US Steel Corp. will restart construction on an idled manufacturing facility in Alabama, and it gave some of the credit to President Trump’s trade policies in an announcement Monday. (Gene J. Puskar/Associated Press)
    AP
    US Steel Corp. will restart construction on an idled manufacturing facility in Alabama, and it gave some of the credit to President Trump’s trade policies in an announcement Monday. (Gene J. Puskar/Associated Press)

    INDUSTRY

    US Steel to restart construction of idled plant, crediting Trump’s tariffs

    US Steel Corp. will restart construction on an idled manufacturing facility in Alabama, and it gave some of the credit to President Trump’s trade policies in an announcement Monday. Trump’s ‘‘strong trade actions’’ are partly responsible for the resumption of work on an advanced plant near Birmingham, the Pittsburgh-based company said in a statement. The administration’s tariffs have raised prices on imported steel and aluminum. The manufacturer also cited improving market conditions, union support, and government incentives for the decision. Work will resume immediately, the company said, and the facility will have an annual capacity of 1.6 million tons. US Steel said it also will update other equipment and plans to spend about $215 million, adding about 150 full-time workers. The furnace is expected to begin producing steel in late 2020. The 16,000-member United Steelworkers praised the decision to resume work, which followed an agreement with the union reached last fall. — ASSOCIATED PRESS

    FAST FOOD

    Burger King trolls McDonald’s in Sweden

    After McDonald’s lost its trademark for the Big Mac in the European Union, Burger King in Sweden revamped its menu in a snarky hat-tip to the rival fast-food chain. Imitation, it turns out, is also the sincerest form of trolling. In early February, Swedish outposts of Burger King featured menus with names grounded in Big Mac comparisons, including: ‘‘The Kind of Like a Big Mac, but Juicier and Tastier’’ and ‘‘The Big Mac-ish but Flame-Grilled Of Course.’’ Other options were even more derogatory: ‘‘The Burger Big Mac Wished It Was’’ and ‘‘The Anything But a Big Mac.’’ McDonald’s lost the Big Mac trademark after a legal battle with Supermac’s, an Irish fast-food chain (the name comes from owner Pat McDonagh’s nickname in his heyday as a college Gaelic football player.) — WASHINGTON POST

    RETAIL

    Toys ‘R’ Us to make a comeback, of sorts

    Toys ‘R’ Us fans in the United States will see the iconic brand re-emerge in some form by this holiday season. Richard Barry, a former Toys ‘R’ Us executive and now CEO of the new company called Tru Kids Brands, is exploring freestanding stores, shops within existing stores as well as e-commerce. Tru Kids, owned by former investors of Toys ‘R’ Us, will manage the Toys R Us, Babies ‘R’ Us, and Geoffrey brands. Toys ‘R’ Us liquidated its businesses last year in the United States as well as several other regions, including the United Kingdom. Outside the United States, Toys ‘R’ Us continues to operate about 800 stores. Tru Kids, based in Parsippany, N.J., will work with licensing partners to open 70 stores this year in Asia, India, and Europe. — ASSOCIATED PRESS

    HIGHER EDUCATION

    US colleges raised more than $46b
    in a year,
    another record

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    US colleges raised $46.7 billion in the 12 months through June 2018, the ninth straight record year, as the lengthy bull market for stocks helped spur contributions. Harvard University, the country’s richest school, pulled in the most money at $1.4 billion, according to a study released Monday by the Council for Advancement and Support of Education. The S&P 500 index’s 14 percent return in the period may have helped encourage giving from a variety of donors. Three colleges brought in more than $1 billion each. Seven got single gifts of $100 million or more, the highest number of schools receiving contributions of that magnitude. Contributions surged by about two-thirds from donor-advised funds, vehicles offering an immediate tax deduction for a one-time gift while their backers make charitable decisions over time. Some of the richest universities including Stanford and Yale run their own versions of the funds. Among top fund-raisers, second-place Stanford University attracted $1.1 billion and Columbia gathered $1 billion. The University of California at Los Angeles raised $787 million and UC San Francisco took in $730 million. — BLOOMBERG NEWS

    MARIJUANA

    Barneys to sell bongs in
    Beverly Hills

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    Barneys wants in on cannabis. Barneys New York, the closely held chain of upscale specialty stores, is partnering with the Los Angeles pot brand Beboe to open what it calls a ‘‘luxury cannabis and wellness concept shop’’ on the fifth floor of its Beverly Hills store. Dubbed The High End, the shop will sell marijuana accessories including rolling papers, pipes, ash trays, bongs and storage boxes. Since Barneys isn’t a licensed dispensary, it can’t legally sell weed. But there will be information about Beboe’s vape pens and edibles, which can be ordered online for delivery. The new shop is scheduled to open next month, according to a statement. — BLOOMBERG NEWS

    REAL ESTATE

    Developer to begin work on final World Trade Center skyscraper

    Silverstein Properties Inc., the developer that rebuilt lower Manhattan after the destruction of the twin towers in the Sept. 11, 2001, terrorist attacks, may begin work on its final World Trade Center skyscraper before signing a lease for the building. The firm might build 2 World Trade Center ‘‘on spec,’’ or without a committed tenant, chairman Larry Silverstein said in an interview. The building’s foundation was started, with no further work done because the developer hadn’t found a company to anchor the space. But a strong economy and leasing progress at neighboring towers may change those plans, he said.
    — BLOOMBERG NEWS

    ENERGY

    PG&E likely to lose half its board after bankruptcy filing

    Half of the board at PG&E is unlikely to stand for re-election at the besieged utility company that is reeling in the aftermath of last year’s deadly California wildfires. The company said Monday that it understands the need to ‘‘re-earn trust and credibility’’ with customers and regulators. PG&E says that it foresees 11 independent directors on its board by the time of its 2019 annual shareholders meeting on May 21. It doesn’t expect more than five of the current directors to seek another term. PG&E, the nation’s biggest utility, filed for Chapter 11 reorganization last month as it faces the possibly of tens of billions of dollars in claims. — ASSOCIATED PRESS

    HEALTH CARE

    Jury selection begins for executive charged with $1b Medicare fraud

    Jury selection began Monday in the trial of a health care executive accused of defrauding Medicare of $1 billion, one of the nation’s biggest such cases. Jurors chosen beginning Monday will decide the fate of 50-year-old Philip Esformes, who operated a network of 30 nursing homes and assisted living facilities in Florida. Prosecutors say Esformes and other conspirators referred thousands of Medicare patients to their facilities even if they didn’t qualify for services. Esformes is also accused of accepting kickbacks for steering Medicare patients to other health care providers, which then billed the government program for unnecessary services. Esformes has pleaded not guilty and has been jailed since his 2016 arrest. Two others involved in the scheme have pleaded guilty. — ASSOCIATED PRESS

    FAST FOOD

    Chipotle using Oscar-winning documentary filmmaker for ads

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    Chipotle is teaming up with Oscar-winning documentary filmmaker Errol Morris for a series of ads touting its fresh ingredients. The digital and television spots show employees making guacamole, grilling chicken, and chopping green peppers while Morris chats with them from behind the camera. Some ads will also feature the farmers who supply Chipotle’s ingredients. The ads could help improve the chain’s reputation after multiple food poisoning outbreaks. The most recent one sickened more than 600 people last summer.
    — ASSOCIATED PRESS