Cannon Beach distiller relocating
Mike Selberg’s Cannon Beach Distillery has exuded success since opening in 2012, racking up awards and adulation for his craft liquors. But Selberg, who will sell or shutter the distillery in the coming year before relocating to Colorado, said the state tax structure has made it impossible to make any headway as a small, craft distiller. Since opening, Selberg has focused largely on creative, one-off batches. Cannon Beach Distillery makes almost all its sales out of its tasting room on Hemlock Street. Even though the state never handles the liquor sold there, it still collects a 33% tax on every bottle, he said. Selberg estimates he has paid nearly $600,000 in taxes to the state over the past seven years. “In short, I cannot afford to maintain this style of distillery in Oregon, and I refuse to be cowed and controlled in how I can run my business,” Selberg said.
Airbus takes lead over Boeing
Deliveries of Boeing airliners tumbled 37% in the first half of 2019 as the company struggled to fix its best-selling plane after two deadly crashes, and Europe’s Airbus surged far ahead in the competition between the world’s leading aircraft manufacturers. Airbus said Tuesday that it delivered 389 planes in the first half, up 28% from 303 a year earlier. Shipments were strong for its more fuel-efficient A320neo family of planes. Boeing reported that it delivered 239 planes in the first half of 2019, down from 378 in the same period last year. The drop-off has accelerated during the year, with the second quarter being worse than the first.
Fed faces fire on interest rates
The Federal Reserve’s meeting this month was never going to be an easy one given that officials remain split over when — or whether — to cut interest rates. The Fed’s chair, Jerome Powell, will get a chance to lay the groundwork for the Fed’s July 30-31 meeting when he testifies before lawmakers Wednesday and Thursday. Markets are fully pricing in a 0.25 percentage-point rate cut this month. The 17-member Fed policymaking committee split sharply in June over whether the central bank should cut rates this year.