The Week in Business: Nike Faces a Sneaker Critique, and Christine Lagarde Needs a Replacement

on Jul7
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Here’s all the business and tech news you need for the week ahead, so you can catch up quickly and then enjoy the rest of your long, lazy July Fourth weekend.

Nike planned to celebrate Independence Day with a special-edition sneaker emblazoned with the Revolutionary War-era version of the United States flag (with 13 stars for the original colonies). But the shoes were abruptly pulled from the market after Colin Kaepernick, a Nike spokesman and former National Football League quarterback, privately pointed out that the flag had become associated with white supremacist groups. Nike said that the sneaker was canceled “based on concerns that it could unintentionally offend and detract from the nation’s patriotic holiday.” Fresh criticism followed. Gov. Doug Ducey of Arizona announced that he would cut off funding for a new Nike plant in his state that would have employed more than 500 people, expressing disappointment that the company “has bowed to the current onslaught of political correctness and historical revisionism.”

Facebook is cracking down on spammy posts with misleading and even potentially harmful health claims, including bogus cancer cures and those ubiquitous weight-loss “miracles.” Last month, the tech giant updated its algorithms to filter out sensational health content, and now claims to have reduced its prominence in users’ news feeds. One guy you probably won’t be seeing anymore: a supplement salesman who promoted injections of baking soda as part of cancer “treatment.”

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