NAFTA held up by drug protections
President Donald Trump’s ability to get his revised North American Free Trade Agreement through Congress may hinge on a little-noticed provision governing intellectual property protections for new pharmaceutical products. Congressional Democrats have seized on measures in the United States-Mexico-Canada Agreement that establish protections for drug companies, saying they are a boon to the pharmaceutical industry and could undermine efforts to make U.S. health care more affordable. The issue is the latest complication in Trump’s effort to rip up NAFTA. While Trump secured Canada’s and Mexico’s signoff on the new agreement, the trade pact must be ratified by legislators in all three countries.
Campaigns slow to use digital ads
In 2016, after a torrent of targeted Facebook ads helped lift President Donald Trump to a surprise victory, it seemed like the dawn of a new age of digital-first campaigning. But three years later, online advertising by political campaigns is still largely an afterthought, according to a new report by Tech for Campaigns, a group of technology workers who volunteer to help Democratic candidates with digital outreach. On average, campaigns in the 2018 midterm election cycle spent no more than 5 percent of their overall media budgets on digital advertising, according to the group’s report.
Anheuser-Busch sued over ads
The king in a Super Bowl commercial for Bud Light may have “just wanted to return some corn syrup to its rightful owners” in the Coors Light and Miller Lite castles, but MillerCoors, which produces both beers, was not amused. MillerCoors sued Anheuser-Busch on Thursday over the ad, claiming that it purposely misled consumers into believing there is corn syrup in Coors Light and Miller Lite, when there is not. The lawsuit was filed in U.S. District Court for the Western District of Wisconsin. MillerCoors is asking for an injunction to stop Anheuser-Busch from continuing to air the ad.
Rent the Runway valued at $1B
Rent the Runway, the company known for lending designer dresses to women for special occasions, has received a new round of financing that increased its valuation to the unicorn level of $1 billion. The valuation announced Thursday is a milestone for Rent the Runway, which was founded a decade ago and has been working to expand its business. It introduced a subscription service for everyday clothing and accessories several years ago. The company said it had brought in $125 million in the latest fundraising round. That brings the total equity the New York-based company has raised to $337 million.