Page 25 - ARUBA TODAY

BUSINESS Wednesday 25 July 2018
A25

Ivanka Trump is shutting down her clothing company

By BERNARD CONDON White House adviser.
Associated Press Still, the company drew
NEW YORK (AP) — criticism for benefiting from
Ivanka Trump is shutting their White House ties.
down her clothing com- In April last year, the Chi-
pany and laying off 18 em- nese government granted
ployees after some stores her company provisional
dropped her line and she approval for three new
decided ethics restrictions trademarks, the same day
were holding back its abil- she and her husband Jar-
ity to grow. ed Kushner dined with the
The president’s daughter president of China and his
said in statement she made wife at President Trump’s
the decision to focus more Mar-a-Lago resort.
on work as a White House Ivanka Trump’s brand has
adviser. said the 2017 Chinese
“After 17 months in Wash- trademarks were filed de-
ington, I do not know when fensively to protect against
or if I will ever return to the squatters using her name.
business, but I do know that China has said its trade-
my focus for the foresee- marks policy regarding
able future will be the work Ivanka Trump’s company
I am doing here in Wash- is in line with normal legal
ington,” she said, “so mak- practice.
ing this decision now is the The Ivanka Trump brand
only fair outcome for my In a Thursday, July 19, 2018 file photo, Ivanka Trump, daughter of President Donald Trump, applauds has also come under criti-
team and partners.” during a signing ceremony in East Room of the White House, in Washington. cism for conditions at fac-
Ivanka Trump has recently Associated Press tories where its products
been encouraging U.S. some measures, Nordstrom aging director of Global- $5 million in revenue last were made in China.
companies to pledge to dropped the Ivanka Trump Data Retail, said that “while year, according to a finan- The Associated Press spoke
hire American workers. line last year and recently the company is still viable, cial disclosure report filed with workers last year at an
Her company has been Hudson Bay reportedly did doing business has be- with the government. Ivanka Trump shoe factory
criticized for using Chinese the same. come far more challeng- When Ivanka Trump joined in Ganzhou, China, who
workers abroad to make its The company has also ing and these problems will the White House as adviser described long hours, low
products. come under criticism from only increase.” to her father, she stepped pay and abuse.
Opinions about the brand ethics experts for trade- The bulk of Ivanka Trump’s aside from running her The company said at the
have become highly polar- marks granted by foreign assets —more than $50 mil- company and agreed to time that the “integrity” of
ized and it has faced boy- governments such as Chi- lion worth — was contained several restrictions so that its supply chain was a “top
cotts from anti-Trump pro- na that would want to curry in a trust that holds her busi- her financial interest in the priority” and that it takes
testers. favor with the president. ness and corporations. business would not conflict such allegations “very
With sales flagging by Analyst Neil Saunders, man- That trust generated over with her public role as a seriously.”q

Drugmaker Lilly plans IPO for

part of animal health business

Associated Press ucts. Last fall, however, it end of this year and divest
INDIANAPOLIS (AP) — said it was exploring other its remaining stake in the
Eli Lilly is planning an initial options for the business. business possibly by next
public offering for part of Those included a possible year.
an animal health business sale or a merger. Elanco makes antibiotics
that brought in about 13 The drugmaker decided and feed additives for live- This April 26, 2017, file photo shows the Eli Lilly & Co. corporate
percent of all company that an IPO was the best stock and flea and heart- headquarters in Indianapolis.
revenue last year. way to maximize after-tax worm treatments for pets. Associated Press
The drugmaker said Tues- value for Lilly shareholders, It brought in $3.08 billion of
day that the IPO will repre- Chairman and CEO David Lilly's $22.87 in total revenue
sent an ownership stake of Ricks said in a statement last year.
less than 20 percent. Tuesday. Also Tuesday, Lilly reported
Lilly said it will divest its re- He said it also will help Lilly second-quarter earnings
maining stake in Elanco focus more on drugs for hu- and revenue that topped
Animal Health through a mans. Wall Street expectations,
tax-efficient deal, but of- Lilly's portfolio includes the and the company raised its
fered no other details. insulin Humalog, the can- 2018 forecast above ana-
Eli Lilly and Co., based in cer treatment Alimta and lyst expectations.
Indianapolis, once saw ani- the antidepressant Cym- Lilly shares advanced 3
mal health as a pivotal as- balta. percent, or $2.87, to $91.75
set in equalizing the loss of The company expects to in before-market trading
patents on some top prod- complete the IPO by the Tuesday. q