The daily business briefing: February 28, 2018
Dick's Sporting Goods ends sales of assault-style rifles, Jerome Powell vows to keep the economy from overheating, and more


1. Dick's Sporting Goods ends sales of assault-style rifles
Dick's Sporting Goods, one of the biggest U.S. sports-equipment chains and a major gun retailer, said early Wednesday that it would stop selling assault-style rifles, effective immediately. Dick's also said it would end sales of high-capacity magazines, and refuse all gun sales to customers under 21 years old, even in places where they can legally buy firearms under local laws. The announcement came two weeks after a gunman with an assault-style rifle killed 17 people at a Parkland, Florida, high school, prompting survivors to launch a campaign for tougher gun laws. Dick's CEO Edward Stack said he supports gun rights protected by the Second Amendment, but, "We love these kids and their rallying cry, 'enough is enough.' It got to us."
2. Fed Chairman Jerome Powell vows to keep economy from overheating
Federal Reserve Chairman Jerome Powell told members of the House Financial Services Committee on Tuesday that the central bank's policy makers would continue raising interest rates to prevent the economy from overheating. The comments, made in Powell's first public appearance as Fed chairman, increased expectations of four interest rate increases in 2018. That dragged down the three major U.S. stock indexes by more than 1 percent, but futures edged higher early Wednesday, shaking off the sell-off. The Fed's December projections suggested just three quarter-point rate hikes this year. "The [Federal Open Market Committee] will continue to strike a balance between avoiding an overheating economy and bringing ... price inflation to 2 percent on a sustained basis," Powell said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Amazon to acquire smart doorbell maker Ring
Amazon has reached a deal to acquire Ring, which makes smart-home devices such as video cameras and doorbells, GeekWire reported Tuesday. The unexpected move marks Amazon's latest push into smart-home technology, where it has a strong foundation with its Echo smart speaker, featuring the embedded Alexa voice assistant, as its hub. The financial terms of the deal were not immediately available, but Reuters estimated it to be worth more than $1 billion. "We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods," a Ring spokesperson said in a statement. Ring's Wi-Fi enabled doorbells have cameras that detect visitors and let users see and talk to them on their smartphones or tablets.
4. West Virginia and striking teachers reach deal
West Virginia teachers are expected end their strike and return to their classrooms on Thursday, Gov. Jim Justice (R) said Tuesday. Justice said he and educators struck a deal on a 5 percent raise, with Wednesday as a "cooling off day" at the end of a work stoppage that started last Thursday. The strike over pay and benefits forced all of the state's 55 counties to close their schools, canceling classes for more than 277,000 students. "The long and the short of it is just this: We need our kids back in school," Justice said. "We need our teachers back in school."
5. Papa John's breaks ties with NFL
Papa John's announced Tuesday that it was severing its ties with the NFL and shifting to narrower relationships with individual professional football teams and players. "While the NFL remains an important channel for us we have determined that there are better ways to reach and activate this audience," the pizza chain's new CEO, Steve Ritchie, said in a conference call. Papa John's and the NFL mutually agreed to go their separate ways. In November, then-CEO John Schnatter said the company's faltering performance was due to NFL leadership's mishandling of players who kneeled during the National Anthem to protest mistreatment of African Americans by some police.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Book reviews: ‘Red Scare: Blacklists, McCarthyism, and the Making of Modern America’ and ‘How to End a Story: Collected Diaries, 1978–1998’
Feature A political ‘witch hunt’ and Helen Garner’s journal entries
By The Week US Published
-
The backlash against ChatGPT's Studio Ghibli filter
The Explainer The studio's charming style has become part of a nebulous social media trend
By Theara Coleman, The Week US Published
-
Why are student loan borrowers falling behind on payments?
Today's Big Question Delinquencies surge as the Trump administration upends the program
By Joel Mathis, The Week US Published
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson Published
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US Published
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK Published
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US Published
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff Published
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK Published
-
Romania's election rerun
The Explainer Shock result of presidential election has been annulled following allegations of Russian interference
By Sorcha Bradley, The Week UK Published
-
Russia's shadow war in Europe
Talking Point Steering clear of open conflict, Moscow is slowly ratcheting up the pressure on Nato rivals to see what it can get away with.
By The Week UK Published