Ontario will pull all American alcohol from its government-run liquor shelves beginning Tuesday in response to U.S. President Donald Trump’s 25% tariffs on Canadian imports.

Outlets of the Liquor Control Board of Ontario will also take U.S. products out of its catalog so other retailers can’t order or restock those items, according to a Sunday statement by Premier Doug Ford.

“Every year, LCBO sells nearly $1 billion worth of American wine, beer, spirits and seltzers. Not anymore,” Ford said. “There’s never been a better time to choose an amazing Ontario-made or Canadian-made product.”

Ford’s announcement came just hours after Canadian Prime Minister Justin Trudeau slapped retaliatory tariffs of 25% against $155 billion of U.S. goods.

The LCBO is one of the largest wholesalers of alcohol, selling more than 1.1 billion liters of alcohol products in Ontario in 2023. According to the Observatory of Economic Complexity, Canada primarily imports hard liquor from America with an estimated $320 million in sales. The U.S.’s second main export destination for liquor as of October 2024 is Canada, with a $25.9 million trade value, according to the OEC.

In a statement provided to CNBC, the LCBO said it will be stopping all sales of U.S. alcohol products online and in stores “indefinitely,” adding that it is the “importer of record” for all American alcohol into Ontario. LCBO currently lists more than 3,600 products from 35 U.S. states, the statement added.

The move follows other similar Canadian premiers’ announcements of retaliation to the tariffs, including Nova Scotia Premier Tim Houston directing the Nova Scotia Liquor Corporation to remove all American alcohol from their shelves on Tuesday and British Columbia Premier David Eby directing the BC Liquor Distribution Branch to “immediately stop buying American liquor from “red states” and remove the top-selling “red-state” brands from the shelves.”

Costco and the Teamsters union have reached a tentative agreement on a new contract, avoiding a strike, the union said Saturday.

Teamsters spokesman Matthew McQuaid confirmed the agreement, which will have to be approved by members. Details of the agreement weren’t immediately available. The Associated Press left a message seeking comment with Costco.

The Teamsters union represents 18,000 Costco workers in six states: California, Washington, Maryland, Virginia, New Jersey and New York. Overall, Costco has 219,000 U.S. employees and 617 U.S. stores. The company said its labor agreement with the Teamsters applies to less than 10% of those stores.

On Jan. 20, Teamsters members at Costco voted overwhelmingly in favor of a strike if a new three-year contract agreement wasn’t reached by midnight Friday, when the current contract expired.

Union members wanted the Issaquah, Washington, company to make a contract offer that reflects its sales and profit growth. Costco’s revenue rose 5% to $254 billion in its most recent fiscal year, which ended Sept. 1. The company reported net income of $7.36 billion, double its profit in 2019.

“Costco Teamsters deserve an industry-leading contract that reflects the company’s massive profits. If Costco thinks they can exploit our members while raking in billions, we’ll shut them down,” Teamsters General President Sean O’Brien said in a statement.

As cities across the country vie for the next Women’s National Basketball Association team, the league quietly filed a trademark application this week for the name “Detroit Shock.”

The filing, dated Thursday, notes the intended use is for a basketball team, merchandise, jerseys and in-arena signage that could appear on TV or radio broadcasts. It could offer clues into the league’s ultimate decision for the location of a new franchise.

On Friday, Detroit Pistons owner Tom Gores submitted a bid for the Motor City to host a new team. The ownership group would be led by Gores and also includes Detroit Lions principal owner and chair Sheila Ford Hamp; former Detroit Pistons stars Grant Hill and Chris Webber; General Motors CEO Mary Barra; and Detroit Lions quarterback Jared Goff.

“Detroit is a sports town that loves its teams deeply and consistently shows up with unwavering passion,” Gores said in a statement.

The WNBA and Detroit Pistons did not immediately respond to CNBC’s request for comment on the trademark application.

The new trademark application by the WNBA is the only submission from the professional women’s basketball league since early December, according to Josh Gerben, a trademark attorney at Gerben IP, who is not involved with the specific filing.

Unlike other professional sports leagues where individual teams own their own trademark filings, the WNBA holds the rights to all names and logos for the league’s franchises, according to Gerben.

“Circumstantial evidence would be that [Detroit’s] is a winning bid and they’re very much planning on getting this going to have filed that trademark application,” Gerben told CNBC.

However, Gerben said the filing could also be a way for the league to protect itself against “squatters” or others trying to use the name.

Another trademark application was filed for the “Detroit Shock” by an individual named Ryan Reed in July 2023, but that trademark has yet to be approved. A person with the same name, purportedly based in Detroit, identifies as the founder of a women’s basketball league on LinkedIn.

The Detroit Shock were a WNBA team based in Auburn Hills, Michigan, from 1998 to 2009. The team won three WNBA Championships in 2003, 2006 and 2008. In 2009, the franchise moved to Tulsa, Oklahoma, where they played until 2015. Today, they play in Arlington, Texas, as the Dallas Wings.

WNBA Commissioner Cathy Engelbert said at the WNBA Finals in October that at least 10 cities had expressed interest in launching an expansion team.

“We’re not in a huge rush. We’d like to bring it in ’27 or no later than ’28,” Engelbert said at the time in regard to adding a 16th team.

Cleveland, Kansas City, Philadelphia, St. Louis, Houston, Austin, Nashville and Milwaukee are among the locations seeking to bring women’s professional basketball to their cities.

Shares of United Parcel Service plunged more than 15% Thursday after the company issued weak revenue guidance for the year and said it planned to cut deliveries for Amazon, its largest customer, by more than half.

The shipping giant said in its fourth-quarter earnings report that it “reached an agreement in principle with its largest customer to lower its volume by more than 50% by the second half of 2026.”

At the same time, UPS said it is reconfiguring its U.S. network and launching multiyear efficiency initiatives that it expects will result in savings of approximately $1 billion.

UPS CEO Carol Tome said on a call with investors that Amazon is UPS’ largest customer, but it is not the company’s most profitable customer. “Its margin is very dilutive to the U.S. domestic business,” she added.

“We are making business and operational changes that, along with the foundational changes we’ve already made, will put us further down the path to become a more profitable, agile and differentiated UPS that is growing in the best parts of the market,” Tome said in a statement.

Amazon spokesperson Kelly Nantel told CNBC in a statement that UPS had requested a reduction in volume “due to their operational needs.”

“We certainly respect their decision,” Nantel said in a statement. “We’ll continue to partner with them and many other carriers to serve our customers.”

Amazon said before the UPS announcement that it had offered to increase UPS’ volumes.

UPS forecast 2025 revenue of $89 billion, down from revenue of $91.1 billion in 2024. That is well below consensus estimates for 2025 revenue of $94.88 billion, according to analysts polled by LSEG.

For the fourth quarter, UPS missed on revenue, reporting $25.30 billion versus $25.42 billion analysts anticipated in a survey by LSEG.

Amazon has long relied on a mix of major carriers for deliveries, including UPS, FedEx and the U.S. Postal Service. But it has decreased the number of packages sent through UPS and other carriers in recent years as it looks to have more control over deliveries.

Amazon has rapidly built up its own logistics empire since a 2013 holiday fiasco left its packages stranded in the hands of outside carriers. The company now oversees thousands of last-mile delivery companies that deliver packages exclusively for Amazon, as well as a budding in-house network of planes, trucks and ships. By some estimates, Amazon’s in-house logistics operations have grown to rival or exceed the size of major carriers.

UPS has, for its part, taken more aggressive cost-control measures, including catering to more profitable delivery customers. On the investor call, Tome highlighted health care; small business; international; and business-to-business, or B2B, as “the best parts of the market” that it has leaned into more heavily. In recent quarters, UPS has benefited from an influx of volume from bargain retailers Temu and Shein, which have rapidly gained popularity in the U.S.

Last January, UPS laid off 12,000 employees as part of a bid to realize $1 billion in cost savings.

Sports bar chain Twin Peaks starts trading Thursday on the Nasdaq using the ticker “TWNP,” making it the first restaurant initial public offering of the new year and a potential litmus test for others looking to go public.

The IPO market has been tepid for several years, particularly for consumer companies. Soaring inflation, higher interest rates, cautious consumers and the risk of lower valuations scared many companies away from going public. Market conditions meant that some companies chose to seek a sale rather than trying their luck with the public markets. Even the rare success, like Cava’s IPO, didn’t convince others to follow its path.

But many are hopeful that the IPO market will thaw this year.

“Last year was a stronger year than 2023, and we’re expecting 2025 to have more IPOs than 2024,” said Nick Einhorn, vice president of research for Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs. “That could certainly include more consumer IPOs.”

Twin Peaks won’t be the first consumer company to make the leap this year — and that debut may not inspire confidence.

Pork producer Smithfield Foods, a subsidiary of Hong Kong-based WH Group, began trading on Tuesday. Shares fell 7% from its IPO price of $20 during its market debut. The company had already downsized its offering by 8.1 million shares and priced below its marketed range. Smithfield’s challenges include its ties to China, U.S. trade tensions with Mexico and proposed immigration policies that would raise its labor costs.

For its part, Twin Peaks, a Hooters rival known for its revealing uniform, is relatively small, with an estimated equity value of $1.04 billion to $1.28 billion and 115 restaurants, according to an investor presentation published by owner Fat Brands. (Fat Brands and its chair Andy Wiederhorn were criminally indicted last year for an alleged $47 million bogus loan scheme; both have denied the charges.)

Fat Brands is spinning off Twin Peaks and plans to use the cash to pay off the debt on its balance sheet.

Here are three other restaurant companies that are watching the IPO market for their chance to go public:

JAB Holding, the investment arm of the Reimann family, has been looking to offload Panera Brands, the parent company of Panera Bread and Einstein Bros. Bagels, from its portfolio for several years. JAB originally took Panera Bread private in 2017 for $7.5 billion.

In 2021, Panera announced an investment from Danny Meyer’s special purpose acquisition company that would help the company go public. But the two parties called off the deal by mid-2022, citing market conditions.

A year and half later, in December 2023, Panera Brands confidentially filed to go public. Six months after the confidential filing, the company announced a CEO transition and tied the shakeup to “preparation for its eventual IPO.”

However, a public filing never followed. The restaurant industry began to see a pullback in spending, as many consumers opted to cook at home instead of dining out at eateries.

Plus, Panera’s Charged Lemonade went viral for all of the wrong reasons; the company removed the highly caffeinated drink from its menu after multiple wrongful death lawsuits tied to it. Panera settled with the first plaintiff in October.

Earlier this month, Panera’s CEO resigned, and the company tapped its chief financial officer to step in as interim chief. With its leadership in flux, it looks unlikely that Panera will try to go public again this year.

A year and a half ago, Bain Capital announced that it is buying Fogo de Chao, a fast-growing Brazilian steakhouse chain. Like Krispy Kreme, Sweetgreen and Dutch Bros., the chain had filed to go public in 2021 — but it missed the window. 

Fogo de Chao has over 100 locations globally and 76 in the U.S. alone. The company plans to open another 15 restaurants this year.

Whenever the IPO market is ready, so will Fogo de Chao.

“If the optionality is there, then we’ll launch,” Fogo de Chao CEO Barry McGowan told CNBC at the ICR Conference in Orlando earlier in January. “My hope is, this year, we’ll see what happens to the consumer markets. I think it’s going to get started this year or in the next year.”

McGowan joked that Fogo de Chao’s longtime CFO Tony Laday has filed more S-1 filings than any other chief financial officer; the company filed three the first time it went public, and seven before Bain bought it.

Thanks to Bain’s investment, Fogo de Chao isn’t in a rush to go public.

“We’re not in a hurry to go. We don’t want to file seven more times. We want to be more certain before we file,” McGowan said.

Roark Capital assembled Inspire Brands by cobbling together a slew of acquisitions into a restaurant conglomerate.

Inspire’s portfolio includes Arby’s, Jimmy John’s, Sonic, Buffalo Wild Wings, Dunkin’ and Baskin Robbins. Across all of its brands, it has more than 32,600 restaurants globally and totals $30 billion in system sales.

Nearly a year ago, Bloomberg reported that Roark was in early-stage IPO discussions with potential advisers and seeking a valuation of $20 billion for Inspire. But it’s been crickets since then.

Still, Pitchbook identified Inspire Brands as one of 50 private equity-backed names that could go public in 2025.

“Obviously, private equity backers will want to exit their position eventually, and IPOs are often a way to do that,” Einhorn said.

And unlike Panera, Inspire has a stable leadership team. CEO Paul Brown co-founded the company and has held his role since 2018. CFO Kate Jaspon joined Inspire in 2021 after it acquired her employer Dunkin’. More than a decade ago, she was a vice president at Dunkin’ during its own IPO.

Starbucks announced several changes, including its plan to cut some items from the food and drink menu.

‘We’ve taken steps to refocus the business, our mission and our marketing to better align with our identity as a coffee company,’ Starbucks chairman and CEO Brian Niccol said Tuesday. ‘We’re relying less on discounts to drive customer traffic and doing more to demonstrate our value.’

Niccol did not say which food and drink items would be leaving.

Among other changes, the coffeehouse chain is no longer charging extra for nondairy milk, will reintroduce the coffee condiment bar and will provide ceramic mugs to customers who dine in-store.

These changes are in an effort ‘to re-establish Starbucks as the community coffeehouse and improve the café experience,’ he said.

A Starbucks spokesperson said customers who want to enjoy their beverage at the establishment will receive the drink in a ceramic mug, glass or in their clean personal cup. They can also receive free refills of hot brewed or iced coffee, or hot or iced tea during their visit.

Fox Corp. is scoring big this Super Bowl.

The broadcaster has sold out of ad spots for Super Bowl 59 on Feb. 9, and more than 10 of those commercials sold for $8 million apiece, according to a person familiar with the matter.

Fox reported during its November earnings call with investors that it sold out of ad spots for the Super Bowl in the fall of 2024. At the time, media reports pegged average prices at more than $7 million per ad.

“We’re sold out for the Super Bowl at record — what we believe [is] a record pricing,” Fox CEO Lachlan Murdoch said on November’s call.

Much of the ad inventory for the Super Bowl was sold during Fox’s Upfront presentation to investors last spring, and when it became clear that open spots were dwindling, the price of each unit stepped up, said the person familiar with the matter, who spoke on the condition of anonymity to discuss nonpublic matters.

Typically, pricing for Super Bowl ads can escalate by about $100,000 as remaining inventory lessens and game day approaches. This year, the jump in price was closer to $500,000 per spot, the person said.

The voracious appetite for commercial time during the country’s biggest live sports event is no surprise, even if the pricing is eye-popping. Live sports continue to beckon the biggest audiences as the cable TV bundle shrinks, making the matches some of the most coveted programming on live TV for advertisers.

Last year, an estimated 123.7 million people watched the Super Bowl, which was aired on Paramount’s CBS broadcast network, streaming service Paramount+ and Spanish-language telecaster Univision, among other platforms, according to Nielsen.

In 2023, the last time the Super Bowl aired on Fox, more than 115 million viewers tuned in. These audience sizes are a key reason why media giants have shelled out hefty sums for the rights to NFL games.

“If I learned anything, it’s that we’re in a period now where the live sporting event, where people and families come together to watch, is that much more coveted,” said Mark Evans, executive vice president of ad sales for Fox Sports. “There’s an escalation in price and interest in the demand for live sports, but we’re not at its peak. We’ve still got runway for growth.”

The advertising market has been improving since its slump during the height of the Covid-19 pandemic. Traditional media companies with sports rights and tentpole live programming are benefiting the most, while advertising for general entertainment programming still lags in comparison.

This year’s Super Bowl, which will see the reigning champion Kansas City Chiefs once again take on the Philadelphia Eagles, will have plenty of commercials from the typical players, including automakers, restaurants and food and beverage companies, with lots of familiar celebrity faces, said Evans.

Viewers will notice an increase in ads from companies in the artificial intelligence and pharmaceutical industries, while there will be fewer commercials from streaming services and movie studios, he said.

Evans noted that “multiple advertisers have fallen in love with the creative,” adding there will be more 60-second ads in addition to the usually popular 15- and 30-second spots.

Advertisers will also get a little more bang for their buck this year. In addition to broadcasting on Fox, the company is also offering the Super Bowl on its free, ad-supported streaming service Tubi for the first time. Tubi will air the same ad load as the broadcast network.

Fox Corp. is scoring big this Super Bowl.

The broadcaster has sold out of ad spots for Super Bowl 59 on Feb. 9, and more than 10 of those commercials sold for $8 million apiece, according to a person familiar with the matter.

Fox reported during its November earnings call with investors that it sold out of ad spots for the Super Bowl in the fall of 2024. At the time, media reports pegged average prices at more than $7 million per ad.

“We’re sold out for the Super Bowl at record — what we believe [is] a record pricing,” Fox CEO Lachlan Murdoch said on November’s call.

Much of the ad inventory for the Super Bowl was sold during Fox’s Upfront presentation to investors last spring, and when it became clear that open spots were dwindling, the price of each unit stepped up, said the person familiar with the matter, who spoke on the condition of anonymity to discuss nonpublic matters.

Typically, pricing for Super Bowl ads can escalate by about $100,000 as remaining inventory lessens and game day approaches. This year, the jump in price was closer to $500,000 per spot, the person said.

The voracious appetite for commercial time during the country’s biggest live sports event is no surprise, even if the pricing is eye-popping. Live sports continue to beckon the biggest audiences as the cable TV bundle shrinks, making the matches some of the most coveted programming on live TV for advertisers.

Last year, an estimated 123.7 million people watched the Super Bowl, which was aired on Paramount’s CBS broadcast network, streaming service Paramount+ and Spanish-language telecaster Univision, among other platforms, according to Nielsen.

In 2023, the last time the Super Bowl aired on Fox, more than 115 million viewers tuned in. These audience sizes are a key reason why media giants have shelled out hefty sums for the rights to NFL games.

“If I learned anything, it’s that we’re in a period now where the live sporting event, where people and families come together to watch, is that much more coveted,” said Mark Evans, executive vice president of ad sales for Fox Sports. “There’s an escalation in price and interest in the demand for live sports, but we’re not at its peak. We’ve still got runway for growth.”

The advertising market has been improving since its slump during the height of the Covid-19 pandemic. Traditional media companies with sports rights and tentpole live programming are benefiting the most, while advertising for general entertainment programming still lags in comparison.

This year’s Super Bowl, which will see the reigning champion Kansas City Chiefs once again take on the Philadelphia Eagles, will have plenty of commercials from the typical players, including automakers, restaurants and food and beverage companies, with lots of familiar celebrity faces, said Evans.

Viewers will notice an increase in ads from companies in the artificial intelligence and pharmaceutical industries, while there will be fewer commercials from streaming services and movie studios, he said.

Evans noted that “multiple advertisers have fallen in love with the creative,” adding there will be more 60-second ads in addition to the usually popular 15- and 30-second spots.

Advertisers will also get a little more bang for their buck this year. In addition to broadcasting on Fox, the company is also offering the Super Bowl on its free, ad-supported streaming service Tubi for the first time. Tubi will air the same ad load as the broadcast network.

Tesla’s fourth-quarter earnings report lands just over a week after President Donald Trump began his second term in the White House, with Elon Musk right by his side.

Now that the Tesla CEO is firmly planted in Washington, D.C., in a high-profile advisory role, shareholders in the electric vehicle maker have some questions.

On the forum Tesla uses to solicit investor inquiries in advance of its earnings calls, more than 100 poured in from shareholders about Musk’s politics, including his official role at Trump’s Department of Government Efficiency (DOGE) and his endorsement of far-right candidates.

“How much time does Elon Musk devote to growing Tesla, solving product issues, and driving shareholder value vs. his public engagements with Trump, DOGE, and political activities?” one retail investor asked, adding, “Do you believe he’s providing Tesla the focus it needs?”

In addition to contributing $270 million to help Trump and other Republican candidates and causes, Musk spent weeks on the campaign trail during the fourth quarter working to propel Trump back into the White House. After Trump’s election victory, Musk then spent considerable time far away from Tesla’s factory floor at Trump’s Mar-a-Lago resort in Florida.

One of the top-voted questions about Musk asked how much time he intends to spend “at the White House and on government activities vs time and effort dedicated to Tesla.”

Musk and Tesla didn’t immediately respond to a request for comment.

Musk has also involved himself in German politics, giving a full-throated endorsement of the country’s far-right, anti-immigrant party AfD (Alternative für Deutschland) in December ahead of the February election.

According to research and consulting firm Brand Finance, the value of Tesla’s brand fell by 26% last year, with factors including Musk’s “antagonism,” Tesla’s aging lineup of EVs and more. The researchers found that fewer consumers would recommend or consider buying a Tesla now than in previous years.

During public remarks following last week’s inauguration, Musk repeatedly used a gesture that was viewed by many historians and politicians as a Nazi salute. Ruth Ben-Ghiat, whose scholarship has focused on fascism, described it as “a Nazi salute and a very belligerent one,” while neo-Nazis praised Musk for his antics.

A shareholder on Say asked, “Will you apologize for the misunderstanding that occurred when you made the hand gesture thanking folks for their support. It would go a long way with your investors and the American public at large. Thanking you in advance Elon!”

In response to the criticism, Musk said anyone calling the salute a hateful gesture was pushing a “hoax.” But after that, he engaged in Nazi-themed word play on X, prompting the Anti-Defamation League to rebuke him, writing it is “inappropriate and offensive to make light” of the “singularly evil” Holocaust. And Musk later appeared via video at a rally for the AfD in Halle, Germany.

Some investors asked whether Tesla had “sales lost due to political activities of Elon,” how the company plans “to respond to Musk’s now infamous Nazi salute,” and how Tesla “is addressing the negative impacts of Elon’s public views and activities.”

But Tesla is under no obligation to bring any of these topics up on the earnings call. Ahead of the third-quarter call in October, investors had a lot of questions and concerns about similar issues regarding Musk’s involvement in politics, though that was before Trump’s election victory.

Trump was never mentioned on that call.

Frontier Airlines said Wednesday it has again proposed merging with struggling rival Spirit Airlines, which is in bankruptcy.

Frontier and Spirit first announced a deal to merge in 2022, but a JetBlue Airways offer derailed that plan. JetBlue’s proposed acquisition of Spirit was blocked by a federal judge last year, and Spirit filed for bankruptcy protection in November.

Frontier said in a release that it has met with Spirit’s board and executives since it made its proposal this month. Frontier executives said in a email to counterparts at Spirit this week that their plan is better than Spirit’s own plan to emerge from bankruptcy.

“We continue to believe that under the current standalone plan, Spirit will emerge highly levered, losing money at the operating level, and this would not be a transaction we would pursue,” wrote Frontier Chairman Bill Franke and CEO Barry Biffle in a Tuesday email to Spirit Chairman Mac Gardner and CEO Ted Christie. “As a result, time is of the essence.”

Christie and Gardner told their Frontier counterparts that they were rejecting the deal, calling the terms “inadequate and unactionable,” according to a letter shared in a securities filing on Wednesday.

Spirit said it expects to exit Chapter 11 bankruptcy this quarter. It has cut costs recently, including by slashing some 200 jobs and selling some of its Airbus planes. The airline had also been particularly challenged by a Pratt & Whitney engine recall that grounded dozens of its jets.

Budget carriers like Frontier and Spirit have struggled post-pandemic, as costs like salaries have risen and consumers have opted for trips abroad on carriers with options for roomier and more expensive seats.

Both Frontier and Spirit have been working to upend their business models that were marked by low fares and fees for add-ons from seat assignments to cabin baggage.

The airlines last year did away with cancellation and change fees for some of their tickets and started bundling perks along with tickets. Frontier last year said it would start offering a premium section at the front of the plane.