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First Commonwealth plans to construct a new 81,000-square-foot mixed use building and an adjacent 5,000-square-foot financial center at 6126 Hamilton Boulevard. The credit union will initially occupy the top two floors of the mixed use building, while the first floor of the building will be available for lease as retail and office space, according to John Miller, COO for First Commonwealth.
Lower Macungie Township commissioners approved the plans in December. The new headquarters is expected to be complete in spring 2020.
The new building will consolidate the credit union’s two existing headquarters locations, at 257 Brodhead Road in Hanover Township and on Union Boulevard in the city of Allentown.
“All back office and support departments from our current headquarters will be relocated to the facility and our contact center will be relocated from our Allentown (Union Blvd.) location,” Miller said. “We will be looking to lease space on the first floor for occupancy in summer 2020.”
Miller, the executive overseeing the project, said Boyle Construction Inc. of South Whitehall Township will be the construction manager on the project.
After construction is complete, the Hanover Township location will close. The Union Boulevard office will remain open and serve as a financial center with retail services.
The new building will initially house approximately 120 employees but allows room for up to about 240.
“Our retail staff will continue to operate out of our conveniently located financial centers throughout the Greater Lehigh Valley area,” Miller said. “The second floor of the new retail location in Trexlertown will feature our investment services team.”
Founded in 1959, First Commonwealth will mark 60 years in business this year. It has been in its current corporate offices for more than 20 years. Over the same time, the credit union has seen its assets triple and services expand to include business services, digital banking, investment services, financial wellness and other retail technologies.
The credit union has more than 61,000 members and assets of roughly $721.5 million, according to the National Credit Union Administration, the industry’s federal regulator. In 1998, it had assets of about $244 million and nearly 28,000 members.
First Commonwealth has seven branches in the Greater Lehigh Valley and 170 full- and part-time employees. An eighth location – in Emmaus – is scheduled to open in April.
“We also plan on opening a ninth location in Whitehall in late 2019,” Miller said. “The location adjacent to our new headquarters would be our 10th financial center location.”
The leadership team at First Commonwealth began hunting for a new headquarters in 2017 in order to support further growth. The intent was to centralize services, improve operations and bring staff members under one roof. The team determined that a move of the credit union’s headquarters was needed, and the new location had to offer an open and collaborative environment, must be attractive to the next generation of worker, and should be in a “new retail location” to enhance the First Commonwealth brand, Miller explained.
“After careful consideration of many available sites in the Lehigh Valley, we chose this site in Lower Macungie Township because of how it addresses all the factors,” Miller said, adding that officials in Lower Macungie have been very supportive. “The area supports the type of live-work-play environment that will help us be an employer of choice in the future.”
Sean Boyle, president of Boyle Construction, said his company was appointed construction manager for the project in early January.
“We just had a meeting, and I can tell you that they want the latest and greatest technology in the building. They want to also really do some nice unique things for their employees, like a fitness center and outdoor space for meetings. They are cognizant of environmentally friendly, energy-efficient features,” Boyle said.
Boyle said that construction is expected to begin around April 1, starting with the shell of the building.


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With over 50 percent of the Indian population making a living from agriculture, the farmer is integral to India's socio-economic framework. But Indian agriculture needs a boost.
Making a difference
India is the world’s second-most populated country, with more than 1.2 billion inhabitants. That number requires a large domestic agricultural sector. And in India, over 50 percent of the total workforce is involved in the agricultural and fisheries sectors. Rice, wheat, sugar cane and mangoes still account for the most important produce coming out of the hands of Indian farmers. However, agriculture's share of the Indian economy has declined to 13.7 percent, and GDP growth could benefit from better performance and increased profitability at the farm level.
"In a highly subsidized fertilizer market like India, to sell, it is important to establish the effectiveness of Yara Crop Nutrition by clearly demonstrating, recording and highlighting the difference we are making," Yara India Country Manager Sanjiv Kanwar explains.
The state of Maharashtra is a leading producer of fruits and vegetables in India, and existing yields of crops such as grapes and bananas are already among the highest in the world.
Understanding end-user needs
"But three years back, we found knowledge gaps in Maharashtra. Farmers followed imbalanced plant nutrition practices, even in progressive crop segments like grapes and pomegranate. The potential to increase marketable yields, the quality of produce and profitability to the growers was big," Sanjiv says.
"At Yara India, the Creating Impact ideology is integral to our business strategy. It gives me and my team great satisfaction that we are not just doing a job but are actually impacting the lives of thousands of farmers who look to us for advice and quality products. Wherever we create a difference, sales follows automatically," he adds.
Impact is created through close end-user engagement, to understand their needs and problems and deliver real benefits. The difference that nitrate-based, chloride-free, high-quality products made across different crop segments was visible almost immediately.
In a crop like pomegranate, a 10 to 15 percent yield increase with Yara Crop Nutrition is very common, and there is a significant boost in quality. Grapes have a similar story, and the real difference is the increase in exportable yields.
"To be connected to farmers, to see the difference we make, really boosts our confidence and makes us proud to be a part of Yara," Yara India General Sales Manager Mradul Jauhari says. "And this is only the beginning."
Creating impact for Southeast Asia
Creating impact in Finland
Impact through education

domain: news


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Since its initial release in 2012, Diablo 3
- combined with its recent Reaper of Souls
expansion - has sold more than 20 million copies worldwide across all platforms, Activision revealed
during a financial report today.
Expect that number to level up when Diablo 3: Ultimate Evil Edition
, which includes the base game, RoS
expansion and some goodies
for PlayStation fans, releases for PlayStation 4 and Xbox One on August 19.
[Image: Activision Blizzard]


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But some people want to be out of touch
As satellite-based Wi-Fi becomes more ubiquitous, airline passengers are becoming pickier, expecting faster and cheaper connections. That puts airlines in a bind as they have to figure out which of several competing systems to use.
But not that out of touch
Wal Mart pushes back against Chinese fines
Wal-Mart stores have been fined almost $10 billion in China, cited for things including selling donkey meat that turned out to be fox. (Or possibly the other way around. Does it matter?) The retailer has stepped up inspections, but it's also started pushing back, saying local retailers and manufacturers have to clean up their acts.
The rich get richer
Startups used to hit up investors when they needed the cash. Now there's a new dynamic: Start-ups with plenty in the bank are pulling in even more investments.
For all the commentary about how the movie Noah doesn't quite adhere to the Biblical text, here's an argument that the movie is "more faithful to the overarching themes" of Genesis than are most Sunday School lessons.


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Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
2020-03-24 • Updated
Performance in 2020: +1.6%
Last day range: $1,481 – $1,560
52-week range: $1,266 – $1,700
Recently, the US Fed announced an unprecedented “all-inclusive” quantitative ease program that aims to shield the American economy from the risk of high borrowing costs. Consequently, that should reassure available funding at healthy rates and keep the economy going. This action switched the investors’ mood. Previously, they were dumping all assets including gold in order to ensure cash at hands – that’s why the precious metal has been losing value for the last two weeks, and the US dollar has been mostly growing stronger. Now, with the Fed’s measures, the cash circulation in the economy appears to be somewhat guaranteed. Hence, the investors are getting back to the healthy flight to safety mode. Consequently, gold gets back to enjoy high demand and rises in value. Goldman Sachs comments this may be a good moment to buy the precious metal.
What will happen? FOMC press conference is among the primary methods the Fed uses to communicate with investors regarding monetary policy…
US stock market corrects, gold recovers and the crypto market drops hard! Best trade opportunities during this week in the article! Let’s check the charts and set some goals! NASDAQ (US100) US100 index plunges as the US dollar strengthens…
The stock market has reversed, and now it’s going lower and lower…
Walmart is one of the biggest retail corporations in the US, with $244 billion in total assets. Does it worth buying amid rising prices and supply concerns that shatter the world economy?
Japan's inflation is set to reach 2% in April's reading, for the first time since 2015. But what about the weaker Yen?!


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Queenslanders will have a wider choice of cruise ships when Royal Caribbean International begins its first Brisbane port season from December.
While P&O Cruise is the most regular cruise company departing and returning from Brisbane, the addition of Royal Caribbean’s Legends of the Seas ship will raise the stakes in the booming cruising market.
Princess Cruises also has regular Brisbane-based cruises, while Carnival has a cruise to Singapore this year.
The 2000-guest Legends of the Seas will first call in Brisbane in June before stopping at Airlie Beach and Cairns on its way to Singapore, before its maiden season in Australia from December this year.
The 70,000 ton ship is one of the largest cruise ships to dock at the Brisbane Cruise Terminal at Hamilton.
Royal Caribbean International commercial director Sean Treacy said the appetite for cruising in Queensland had grown significantly over the years.
According to Mr Treacy, the Legends of the Seas would bring more than $24 million into the Queensland economy in 2015-16 including more than $20.6 million to Brisbane during 17 turnarounds, $15.5 million to Cairns and $1.5million to Airlie Beach during its five calls.
Legends of the Seas will arrive in Brisbane on June 13, Airlie Beach on June 15 and Cairns on June 16 as part of its re-positioning cruise to Singapore.
It returns in December to begin its maiden Australian season covering 15 trips over five months to destinations in Australia, New Zealand and the South Pacific ranging from two- to 18-nights.
Royal Caribbean says the ship boasts facilities that passengers would not find abroad any other cruise ship sailing from Brisbane.
A feature of the ship is a central atrium where high flying acrobats put aerial displays, an outdoor rock climbing wall, a mini golf course and an indoor swimming pool.
Food lovers are catered for with multiple specialty dining venues, including a sushi restaurant, a 12-seat private dining room, and a two-deck grand dining room.


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Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
The Golden State Warriors unveiled the franchise's first-ever Chinese New Year uniforms yesterday, ahead of the official game debut on Friday, February 20th. The new style, designed by Adidas, features Chinese characters (that translate into "Warriors") and use red and yellow colors against a slate-colored background to represent Chinese culture. "We have been working with the NBA for two years now on our Chinese New Year uniforms to recognize the tremendous fan base that our Asian community represents," Warriors President and COO Rick Welts explains in an official statement. The team is also one of the first NBA teams to launch a Weibo account. (They currently have 1.5 million followers.) Pre-orders for the new jersey are available here. Although they won't arrive in time to wear at their debut game (unless purchased at the stadium), there will be three more opportunities to wear them along with the team.
· Golden State Warriors [Official Site]
· Warriors' Stephen Curry Strikes a Stylish Deal with his Mom [Racked SF]


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What would happen if one of the world’s most popular crowdfunding platforms started to accept Bitcoin? All hell would break loose for sure, but probably in a good way. Despite various attempts, the combination of Bitcoin and crowdfunding remains an illusion. But that situation might be about to change, depending on how you want to interpret the comment made by the European director of design and technology at Indiegogo.
Bitcoin debit card providers are working hard to gain a foothold in the hybrid industry between traditional finance and digital currencies. Spending Bitcoin through traditional means is positive for both consumer and merchant, but that doesn’t mean it will be an easy victory. E-Coin, one of the leading Bitcoin debit card providers, has announced their crowdfunding campaign on BnkToTheFuture.
Make sure to read: Fintech Companies Leapfrog Banks To Offer Faster Payments


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Thanks for subscribing and welcome back. Next week, Joe Uchill is launching a terrific new newsletter — Codebook, on cybersecurity, cyber war and cyber break-ins. I urge you to sign up here.
On to the Future of Work. Please invite your friends and colleagues to join the conversation. Write me anything on your mind, including about what you are reading here. Just hit reply to this email, or message email@example.com. Let's start with ...
1 big thing: China's demand for western tech secrets
For decades, western companies have griped that Beijing is forcing them to hand over tech secrets and source code as a price of access to the Chinese market. Now they have a White House prepared to act forcefully to stop it — starting tomorrow, Axios' Jonathan Swan reports — but the fear is a tit-for-tat trade war, which could be costly in the form of business and jobs.
What's happening now:
- President Trump plans to announce tentative tariffs, allow a comment period for industry and other players, then enact the sanctions, report Bloomberg's Andrew Mayeda and Jennifer Jacobs.
- But China is drawing up a reprisal list that includes soybeans, sorghum and live hogs, writes the WSJ's Lingling Wei, Yoko Kubota and Liza Lin.
The background: For Beijing, the demand for tech secrets is part of its pathway to an advanced economy in order to keep delivering economic growth to the Chinese people, says Mary Lovely, an economics professor at Syracuse University. "Political stability is the key," she tells Axios.
- This is not something new. Starting in the 1930s, the Soviets under Stalin developed their industrial base by inviting American and German companies to build steel mills, railroads and dams. They then kicked them out.
How to fix it:
- Josh Kallmer, senior vice president of global policy at the Information Technology Industry Council, says the U.S. solution should be carried out cooperatively with Europe and Japan.
- One possibility is to mirror Chinese practice — say to demand that Huawei, as a price of doing business in the U.S., forms a joint venture with a U.S. company and transfer its source code, according to James Andrew Lewis, a tech and China expert at the Center for Strategic and International Studies.
"The Chinese do fear reciprocity. When you mention it, you can just see them go rigid," Lewis tells Axios.
2. The AI war ...
One of the most urgent themes in technology is the global rivalry for dominance of the evolving sector of artificial intelligence — geopolitical and economic supremacy is said to be at stake. Experts say the U.S. and China are the top contenders, but other nations, including Russia, are working on AI, too.
Why it matters: "The global spread of a technosystem conceived in, and to an unknown extent controlled by, an undemocratic, authoritarian regime could have unprecedented historical significance," the Economist writes in its latest edition.
- Robert Work, a former deputy secretary of defense in the Obama Administration, tells Axios that this contrast — the difference between how democratic and authoritarian systems tend to operate — means "how we use AI will be different."
- In September, for instance, Vladimir Putin said that whoever leads AI "will become the ruler of the world.” Given Putin's effort to "attack the cohesion of democratic countries" the last two years, if he did have sophisticated AI, he "would be able to probe divisions of the entire society," said Work, who is a board member at Govini, an analytics firm.
- "Russia looks at this as 'active measures,'" meaning as part of its longstanding system of clandestine attack on other countries.
With China, the AI race is likelier to have an economic texture, said Andrew Moore, dean of computer science at Carnegie Mellon University. "It will be the economic question of who will be the Googles, Amazons and Apples in 2030. There is a good chance they are more likely to come out of China than the U.S.," Moore tells Axios.
... and fast-improving Chinese technologists
We reported last week that, against the prevailing narrative that China has more or less already won the artificial intelligence race, some experts say there is still very much a contest. They said this is because while China and its companies are spending a lot of money to dominate AI, they continue to be held back by intellectual inflexibility — they cannot or will not pivot as quickly as western researchers, and may always be fated to be behind.
Some FOW readers pushed back: Their take is that China is either already in or is on its way to the catbird seat when it comes to AI. "We do have sustainable differentiation, but China learns fast," Bart Riley, an advanced battery expert, told me.
What we're hearing: In response, I called around for more of this side of the debate.
1. Carnegie Mellon's Andrew Moore, also quoted in the above post, told me that AI is moving along two tracks — research and development. And, if the aim ultimately is to be the greatest AI commercial gargantuan — to create the new Googles and Amazons, as discussed above — it is the latter category where focus is important.
- Even if AI researchers make no further major advances, they have accomplished enough already "for hundreds or thousands of important applications of AI," Moore said. "There is plenty of new technology waiting for someone to get around and implement."
- "What is blocking you is access to trained people. This is where China is in good shape," he said.
2. Hector Abruña, a professor and battery researcher at Cornell University, said the time is over when China's best students go to the U.S. to study and stay to live there.
- They still go to top U.S. universities for the cachet, but then many return home and work in leading labs there.
- That has created "a dramatic turnaround" in terms of the quality of Chinese science, he told Axios.
3. 1 out of 5 U.S. stores are at risk
Amid a retail bloodbath last year and the first two months of 2018, the U.S. still has far too many shops, and their numbers need to shrink — 1 out of 5 need to close to reach the historical average, according to Costar, a research firm.
By the numbers: Ryan McCullough, senior real estate economist with Costar, said the U.S. has 18% too much retail space when compared with the historical average.
- To return to where they should be, U.S. retailers would need to maintain current sales, but close almost 1.6 billion square feet of selling space.
- "We aren’t predicting that is going to happen, but it does explain why closures are so prevalent today!" McCullough said in an email exchange.
- In fact, Cushman & Wakefield, the real estate brokerage firm, is forecasting that 12,000 stores will close in the U.S. this year, up 25% from the 9,000 that were shuttered in 2017.
4. Worthy of your time
China wants to shape the future of AI (MIT Tech Review's Will Knight)
Seeds of instability — germinating again (WSJ's Greg Ip)
Amazon is corporate America's nightmare (Bloomberg's Shira Ovide)
Lunch with the Emir of Kano, Nigeria's ex-central banker (FT's David Pilling)
Retail execs: Another big year for bankruptcies (Retail Dive's Ben Unglesbee)
5. 1 fun thing: Bezos' new pet
The invitation-only MARS conference, held in Palm Springs, Calif., is all about robots, reports CNET's Jennifer Bisset. And by the look of Twitter, much of it was also about Jeff Bezos, the CEO of Amazon, who was photographed and tweeted in numerous settings galavanting with robots.
The mechanical dog above, SpotMini, was created by Boston Dynamics.
6. Bonus fun thing: slower food
Is it a huge deal whether your burger and fries arrive in a little under three minutes versus four? It does if you care about your rank in QSR Magazine's list of the fastest drive-thru chains in the U.S. — especially if, say, you happen to be McDonald's and your speed somehow dropped a full half-minute since the last sorting.
By the numbers: According to QSR, the fastest fast food is Raising Cane's, a chicken-finger joint based in New Orleans. On average, you got your fingers in 168 seconds. Chick Fil-A was the longest on the list, fulfilling an order in 251 seconds. It took a full 21 seconds longer to be delivered a meal at Burger King, and more than a minute at McDonald's (31 seconds longer than the last list).
But, but but: Some got faster. Taco Bell cut eight seconds off its serving time, delivering its Mexican meals in 212 seconds; and Burger King's showed a 12-second improvement.


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Insurance regulator Irdai on Friday extended the ‘use and file’ procedure for the most of the life insurance products, allowing the life insurance companies to launch new products without its prior approvals.
This regulator’s measure will be “streamlining” the process for life insurers of issuing new products, except for a few like individual savings, individual pensions and annuity, in the market as it will reduce time to market, according to analysts.
Issuing a circular on the ‘Use & File procedure’, Irdai said the country’s life insurance industry is expected to use this opportunity to respond faster to the emerging market needs, in terms of designing and pricing of insurance products resulting in more choices for the policyholders, which will further help in increasing the insurance penetration in India.
This circular will come into force with immediate effect. For the use and file procedure for products launching into the market, insurance companies will have to adopt a board-approved product management and pricing policy (BAPMPP). The board will also constitute a product management committee (PMC), which will have an appointed actuary, chief risk officer, chief marketing/distribution officer, chief technology officer and chief compliance officer of the insurer as members and also an option to include other members of its senior management as invitees. “The PMC shall review and approve the products/riders in line with BAPMPP,” Irdai said. Irdai’s move on Friday came after the similar relaxations were extended to all the health insurance products and almost all the general insurance products by it vide a circular dated June 1.
According to industry analysts and observers, earlier it took around two-three months on an average for an life insurance product to get approved by the regulator, depending on the product category and insurance companies which file the product.
According to Krishnan Sitaraman, senior director & deputy chief ratings officer, Crisil Ratings, “Previously, for every product, life insurance companies would have to file it with Irdai for prior approval before launching it. And after its approval, they could go to the market with the product. Now, they can directly launch new products, except for a few like individual savings, individual pensions and annuity.”
Sitaraman said in the revised dispensation, for launching a new products directly, an insurance company will need to have in place a structured internal process that includes a product management committee constituted by its board which will be reviewing and approving the product. “Once that process is adhered to, the company can go ahead with launching the product. After launching the product, the insurance company will have to file it with Irdai,” he said.
“Today’s move by Irdai will provide more flexibility to insurance companies to be quick to the market with their products. This was also a demand from insurance companies that they should have this kind of a facility so that they can introduce innovative products frequently. This is a market friendly step I would say from the regulator and one which was extended to non-life insurers a few days back,” Sitaraman told FE.
“This announcement will increase efficiency in new launches by streamlining the process for insurance companies of issuing new products in the market. It will reduce time to market. India is an under penetrated market on the insurance front. This measure can help support market penetration to an extent,” Sitaraman averred.
He, however, said it will be too early to come to the conclusion whether this measure will increase growth in the sector as decisions like new product launches will typically be driven by fundamental reasons like customer needs rather than the time taken for regulatory approvals.
Srinivasan Parthasarathy, chief actuary, HDFC Life Insurance, said this is a welcome move of Irdai. “We believe this will certainly reduce the time taken for launching life insurance products. Earlier, the process took a few months. Following this procedure, it can be done within a few days. Individual unit-linked, health and term insurance products are allowed to be filed under the ‘use & file’ procedure, ensuring adherence to the existing regulations,” Parthasarathy said, adding considering the “judicious use of this process over time”, the company hopes that the regulator will extend it to other life insurance product categories as well.”The penetration of life insurance is very low in India, compared to that of matured markets. Providing simple and customisable products, easy-to-use platforms and superior service facilities will go a long way in financially securing a bigger portion of our population,” he added.


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The Free Press
A mom grocery shopping with her daughter fills her cart with chips, ice cream and sugary cereal, only to see that her daughter placed the same food products in her own small cart.
The new television ad is part of a powerful new campaign by Blue Cross and Blue Shield of Minnesota aimed at the obesity epidemic. Part of the health insurer's "Today is the Day" campaign, the ads stress how bad choices by parents are emulated by their kids.
Blue Cross has been a leader in demonstrating that high-quality education and wellness efforts can have a real effect. Their anti-smoking campaigns have helped bring a significant reduction in tobacco use.
Blue Cross was in Mankato this week to showcase the success of local businesses and groups it has partnered with to develop meaningful wellness programs.
One of those partners, Mankato Clinic, began a wellness program for staff that uses a data-driven and practical approach that's shown success. All clinic staff were invited to fill out an online health survey. Those participating got back information to help them improve their own health. Collective information from all the surveys was then given -- without any individual names attached -- to the clinic's wellness committee to help it target its plans.
The areas of concern for staff are not surprising: the need for more physical activity, weight management and nutrition.
The clinic has responded with simple, practical steps such as putting healthier food in vending machines and serving items such as granola bars and fruit at meetings and functions rather than cookies and soda.
They also created distance-marked walking routes inside and outside buildings, added bike racks and actively encourage physical activities at work.
Others, including the Mankato Public Schools, Dotson Co. and Schwickert's, also implemented wellness programs for employees and, in the case of the schools, for students.
Blue Cross, which will help clients set up wellness programs, says a good program starts with an assessment of employees, setting clear goals, measuring success, getting feedback and changing as needed.
The benefits of wellness programs are clear: health care cost savings, happier and more productive employees and less missed work. Still, too few organizations commit to long-term wellness programs.


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Eastman Chemical Co., the biggest U.S. producer of chemicals from coal, agreed to buy Solutia Inc. for about $3.38 billion to expand in materials for tires and in films used to make windshields and iPads.
Solutia’s investors will receive $22 in cash and 0.12 of an Eastman share for each of their shares, the companies said in a statement today. The cash and stock offer, valuing Solutia shares at $27.65 apiece based on yesterday’s closing price, is 50 percent higher than the 20-day trading average.
Eastman, created when Eastman Kodak Co. spun off its film unit in 1994, said sales in the Asia-Pacific region will nearly double with its acquisition of St. Louis-based Solutia, the former chemical unit of Monsanto Co. The deal will also boost profit margins and sales to the auto market, Eastman Chief Executive Officer Jim Rogers said in a telephone interview.
“The margins are definitely attractive,” Rogers said. Eastman likes Solutia’s “position in each of their key markets being number one, and we like their geographic diversity and what it does to our end-market diversity.”
Solutia rose 41 percent to $27.52 in New York. Eastman, based in Kingsport, Tennessee, climbed 7 percent to $50.41.
The takeover would be the largest in the diversified chemicals sector since April 2009, when Dow Chemical Co. bought chemicals maker Rohm & Haas Co. for more than $16 billion. There have been more than 90 deals of that type in the U.S. in the past five years, according to data compiled by Bloomberg.
Eastman is paying about 8.6 times earnings before interest, taxes, depreciation and amortization for Solutia, Bloomberg data show. That matches the median in a survey of five comparable deals over the past five years and compares with about 12 for the Rohm & Haas takeover.
Eastman will assume Solutia’s debt and borrow about $3.5 billion to finance the deal, Chief Financial Officer Curtis Espeland said on a conference call. Solutia’s net debt was $1.22 billion at the end of last year, it said today in its fourth-quarter earnings statement.
Solutia was spun off from Monsanto in 1997 and emerged from Chapter 11 bankruptcy protection in 2008. Solutia CEO Jeffry Quinn sold the company’s nylon unit in 2009, which at the time was the largest business, and boosted margins. Solutia’s net income more than tripled to $262 million last year on 7.5 percent higher sales.
“Solutia has been a perennial take-out candidate,” Ted Chen, an arbitrage analyst for Jefferies & Co. in New York, said in a report. “The likelihood of a topping bid is low.”
Eastman approached Solutia after its directors last year agreed to consider using its cash flow to fund an acquisition, Rogers said. He declined to say whether there were competing bids. Debt financing was committed by Citigroup Inc. and Barclays Plc, who also are advising Eastman on the deal.
“As we started to boil the ocean, as it were, on acquisitions, Solutia is the one that rose to the top,” Rogers said.
Eight of the top 10 raw materials used by Solutia are made or purchased by Eastman, Mark Costa, an Eastman executive vice president, said on a conference call today. That will contribute to $100 million in cost savings that can be achieved by the end of 2013, Eastman said.
More than half of Solutia’s $2.1 billion of revenue comes from auto applications, mostly tire ingredients and windshield interlayers that prevent shattering, Costa said in the interview. Both companies overlap in supplying architectural and auto markets, Rogers said on the call. Buying Solutia will help increase sales in the Asia-Pacific region by about 10 percent a year, Eastman said.
The deal should immediately be accretive, excluding costs, lifting Eastman’s earnings per share to about $5 for 2012 and to more than $6 in 2013, the company said. It will bring tax benefits to free cash flow equal to about $1 billion through 2013, it said.
Quinn will leave after the deal closes in about six months, Rogers said. Susannah Livingston, a Solutia spokeswoman, didn’t immediately return a call seeking comment.
The use of stock to fund about 20 percent of the purchase price will help Eastman retain it’s investment-grade credit ratings, Rogers said. Standard & Poor’s today affirmed its BBB rating on Eastman’s debt with a stable outlook. Fitch Ratings affirmed its BBB assessment and revised its outlook to negative.
Eastman’s debt will near triple to 2.8 times Ebitda, said Carol Levenson, an analyst at Gimme Credit LLC in Chicago.
‘Pushing the Envelope’
“We consider three-times leverage pushing the envelope for an investment-grade company with this amount of business risk,” Levenson said in a note today.
The cost to protect Eastman’s debt from default for five years surged to the most this year. Credit-default swaps on the company’s debt increased 21.2 basis points to 100.9 basis points as of 4 p.m. in New York, according to data provider CMA, which is owned by CME Group Inc. and compiles prices quoted by dealers in the privately negotiated market.
Credit-default swaps, which typically fall as investor confidence improves and rise as it deteriorates, pay the buyer face value if a borrower fails to meet its obligations, less the value of the defaulted debt. A basis point equals $1,000 annually on a contract protecting $10 million of debt.
Deutsche Bank AG and Moelis & Co. provided financial advice to Solutia and Kirkland & Ellis LLP acted as legal counsel. Perella Weinberg Partners LP advised Solutia’s board, which also received an independent evaluation of the company’s long-term plan from Valence Group LLC. Jones Day is Eastman’s legal counsel.
Eastman and Solutia agreed to a break fee of $102 million for the deal, Espeland said on the call.
The value of the deal was calculated using the 122.1 million shares of Solutia that were outstanding as of Sept. 30, according to data compiled by Bloomberg.


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COVID-19 hit Ecuador’s flower sector arduous, so one farm has constructed hashish greenhouses to make the most of authorized reforms. It sees the best potential in hemp flowers, which is smoked as a palliative for circumstances similar to nervousness
By Alexandra Valencia / Reuters, TABACUNDO, Ecuador
At one in every of Ecuador’s oldest flower farms, employees are planting hemp on land that was historically used for roses, betting that promoting cannabinoid merchandise wold assist offset the decline in flower gross sales brought on by the COVID-19 pandemic.
Declining gross sales spurred by COVID-19 dealt a heavy blow to Ecuador’s flower sector, one of many Andean nation’s conventional export industries, leaving farms slicing output or searching for to reinvent themselves.
The Boutique Flowers farm in Tabacundo, an hour north of the capital, Quito, has constructed hashish greenhouses to make the most of latest authorized reforms that enable for cultivation of the plant — regardless that marijuana stays unlawful.
Marijuana incorporates increased ranges of tetrahydrocannabinol (THC) — the cannabinoid that causes a excessive — than hemp. Ecuadorean legislation requires that hashish have lower than 1 % THC.
“The challenge was born from arduous occasions,” mentioned Klaus Graetzer, Boutique Flowers floriculture supervisor and president of hemp start-up CannAndes.
“Within the pandemic, the flower trade was hit arduous. We noticed the possibility to make the most of this new regulation,” he mentioned.
His 30 hectare farm slashed rose manufacturing by 37.5 % to fifteen million stems final 12 months as a consequence of a drop in orders from the US, Europe and Russia, its essential markets.
Ecuador’s complete flower exports fell 8 % final 12 months, flower producer and export affiliation Expoflores says.
Hashish vegetation are more and more cultivated globally for the extraction of cannabidiol (CBD), which is being researched for numerous medical functions and has discovered elevated use as a relaxant.
Nonetheless, CannAndes sees the best potential within the area of interest enterprise of hemp flowers, which is smoked as a palliative for circumstances similar to nausea or nervousness.
Hemp flowers wouldn’t have psychotropic results, and will be produced with a lot of the flower trade’s conventional infrastructure. In distinction, CBD oils require industrial equipment to separate oil from plant materials.
“The concept is to get to export smokable CBD flowers to Switzerland: That’s the most important marketplace for this flower,” CannAndes supervisor Felipe Norton mentioned. “Given the expertise we’ve with flowers, it’s a very good alternative.”
CannAndes plans to start exporting the product within the subsequent two years, and it’s searching for licenses from Ecuadorean authorities to promote CBD merchandise similar to lotions for physique care in addition to teas and edible oils for sweets and sweets.
Ecuador’s flower trade leaders stay skeptical of hemp as a result of the worth of the related merchandise swing sharply with shifts in client fads and authorities regulatory choices, Expoflores president Alejandro Martinez mentioned.
Ecuador in late 2019 legalized the imports of hemp seeds, in addition to the manufacturing, advertising and export of hemp. The Ecuadorian Ministry of Agriculture, Livestock, Aquaculture and Fisheries has accepted 46 10-year licenses for numerous phases of hemp improvement.
“We’ve the local weather and soil circumstances to do the cultivation, however will probably be the demand that may dictate the extent of provide,” Ecuadorian Vice Minister of Productive Growth Ney Barrionuevo mentioned. “For now, it’s incipient.”
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Downtown South Bend starts TakeOut 25 Initiative
SOUTH BEND, Ind. (WNDU) - Downtown South Bend is calling on the community to help the city’s restaurants with its TakeOut 25 Initiative.
This week marks the beginning of Downtown South Bend’s TakeOut 25 Initiative where you can pledge to spend $25 a week at a locally owned downtown restaurant.
“I’m really excited for people to take advantage of this, and then maybe discover a restaurant that they hadn’t been to before,” Downtown South Bend Executive Director Milt Lee said.
The goal is to help the city’s restaurants that continue to deal with the effects of the pandemic.
“So they’ve really had to find a way to continue to thrive and survive and deliver great experiences, and they’ve made that pivot. They’ve adjusted, and we’re fortunate to have these downtown restaurants that can create these takeout experiences,” Lee said.
Lee says joining the pledge to order takeout from one of the dozens of downtown restaurants can have a big impact.
“If just 10 percent of the population would take this pledge and commit one additional week’s trip to a locally-owned restaurant, it could mean over the course of a year, it could be a million-dollar impact,” Lee said.
If you post in the TakeOut 25 Downtown South Bend Facebook group, you could be the lucky winner of a $100 restaurant gift card.
“You get a great experience, have great food, have a chance to win a hundred dollars and make a great impact in your community,” Lee said.
For more information about the TakeOut25 Initiative, click here.
Copyright 2021 WNDU. All rights reserved.


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You're not going to find a lot of businesses opened on Sundays in South Central PA, including any of the shops listed in this thread. Looking at the hours, all the shops are closed by 5 on Fridays. It's amazing how many train shops were once in this area even five years ago and now its down to a small handful.
Mainline Hobby in Blue Ridge Summit is open on Sunday afternoons. That's a little over an hour south off US 15 southwest of Gettysburg.


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On Thursday, June 28, the ULAB Center for Enterprise and Society (CES), under its Startup ULAB initiative, organized an event called “Mentorship Direct” featuring Mr. Adnan Imtiaz Halim, Co-founder and CEO of Sheba. XYZ, one of the top startups of the country.
The Startup ULAB initiative, inspired by the ICT Ministry’s Startup Bangladesh program, aims to connect aspiring and current ULAB student entrepreneurs with the wealth of resources at a university to promote entrepreneurship, whether it is through faculty or external mentorship, access to funding, incubation support, and so on.
Mr. Adnan Imtiaz Halim, before founding Sheba.XYZ in 2016, gathered over a decade of industry experience working at Nokia, Ericsson, Qubee, and Grameenphone. He held positions such as the Head of Business Development at Qubee.
Sheba.XYZ is considered to be one of the top startups of the country with one of the highest valuations. Sheba has already served over 25,000+ household customers. ULAB CES is Bangladesh’s first university-based research center aimed at the creation of knowledge at the nexus of business and society.


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In today’s digital world, Customer Experience (CX) is a top priority for any business. Customers now expect a seamless and personalised experience that is fast and delivered at scale.
Offering customers a poor experience, therefore, is a surefire way to turn them away and can ultimately hurt a business’s bottom line. Additionally, if brands are unable to meet customers in their preferred channels, they risk being left behind.
With this in mind, it’s important these businesses are constantly evaluating the CX they are offering and looking to make improvements wherever possible.
To help navigate the complexities of digital transformation and CX, global technology firm SAP is offering a free virtual content experience via the SAPPHIRE NOW event, which is taking place from June 21-24.
The SAPPHIRE NOW event will feature a dedicated CX Track featuring top brands such as:
Invacare, Corporation, Vedanta, Burberry, Bridgestone, Tally Weijl Trading AG, smart Europe GmbH, South Shore Furniture, Hindustan Zinc, Gloria Jeans, Hillyard, Toyota Material Handling, Gordon Food Service, GEA Group, & Cognizant.
Attendees will have the opportunity to hear from industry leaders and find out how they can improve their own digital transformation efforts in the CX space and ensure their customer experience stands out for the right reasons.
SAPPHIRE NOW will showcase a number of key pillars, including:
- Creating personalised experiences in a ‘Commerce Everywhere’ environment
- Why customer data platforms are critical
- Boosting revenue by connecting with every customer
- Delivering superior CX while supercharging growth and resilience
- Using intelligent engagement and next-gen e-commerce to connect, sell and improve customer lifetime value
It will not just be the CX Track on the agenda at SAPPHIRE NOW. Finance, HR, Industries, IT, Midmarket (SMB), Procurement and Supply Chain will all have dedicated tracks during the event.
Find out more about the SAPPHIRE NOW CX Track here.
Learn about the entire SAPPHIRE NOW event here.
GHO Sydney has developed a new educational platform for Family Planning NSW to help parents and carers of children with disabilities navigate the changes to their bodies, emotions and social interactions. The project, ‘Planet Puberty’, was made possible through funding from the federal government’s Department of Social Services, and was co-designed with people with disability […]


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[Ed. – Impeach the motherf*cker.]
The manufacturing industry posted net job gains of 284,000 over 2018, capping its best calendar year since 1997.
A priority for President Donald Trump, manufacturing saw marked hiring in December with an additional 32,000 jobs. Most of the gains occurred in blue-collar durable goods manufacturing, with growth in fabricated metals and computer and electronic products, the Labor Department said in its release. The definition of durable goods is items with a life expectancy of three years or more, such as automobiles, furniture and machinery.
Manufacturing added 207,000 jobs in 2017.
“Manufacturers are bringing people back into the workforce, and we need this trend to continue,” said Dr. Chad Moutray, chief economist at the National Association of Manufacturers. “Our industry currently faces a workforce crisis with more than half a million open jobs today, and 2.4 million jobs expected to go unfilled over the next decade. Closing the skills gap continues to be the top challenge facing manufacturers in the United States and is absolutely essential to ensuring that the sector continues to grow.”


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Prosper Marketplace relaunches its BillGuard app under the Prosper brand
By Jonathan Shieber
With the rebranding, the former BillGuard becomes Prosper’s first mobile app and is the company’s first beachhead into what chief executive Aaron Vermut hopes will be a broader suite of mobile products.
The move brings the marketplace lender in line with a range of financial services companies that are offering one-stop windows into a user’s total financial history.
The Prosper Daily app will offer BillGuard’s budgeting and spending tracking services, alerts for potential fraudulent charges, and credit monitoring.
“Getting people into an installment loan off of a high rate credit card can change and improve their life,” says Vermut, responding to criticism that the company only operates as a quasi-payday lending service. “We bought BillGuard to help us to continue to achieve our goal of helping customers achieve their own goals of getting on top of their finances.”
Vermut argues that the financial tools that give borrowers a window into their finances are equally as helpful as the company’s 12% to 13% loans — which, he said, are still lower than credit card fees.
Under the Prosper brand, BillGuard’s services won’t change much. Already users have the option to “optimize” their credit through a button in the app that links to Prosper’s lending service.
Vermut views the mobile app as a way to engage with potential customers even if those people can’t receive Prosper loans. “We turn away a lot of people from Prosper,” he said. “We should be giving them this app so we can become a trusted partner in their financial life.”
Ultimately, Prosper’s strategy is to expand its services through new mobile apps.
“We look at ourselves as a fintech company that is designing… unsecured credit products for the middle class consumer,” Vermut said.
That means the company could be coming up with new ways to deliver loans based on the financial information it gleans from the Prosper Daily app, Vermut said.
The article first appeared in Techcrunch.com


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Oddbits: New brewpub in Sonoma, Events, beerunch, Brews on the Bay, Toronado Lagunitas, Elysian nights and more
By William Brand
Friday, September 12th, 2008 at 12:01 pm in Uncategorized.
Oddbits...The Bay Area has a new brewpub. It’s Sonoma Springs Brewing Company. It’s slated to open it’s doors at 750 West Napa Street, Sonoma (707-202-8295) in mid-September. The co-founder and brewer is Tim Goeppinger. They plan to supply area pubs and bottle in a limited fashion.
Tim’s big interest is German-style lagers and ales. I tried his Dunkelweiss a couple of months ago and loved it. He really caught the style. Here’s a note from Tim:
We will begin by showing the public why we are the New Bavaria Brewery with a lineup of 4-5 Bavarian style wheat ales:
New Bavaria Hefewiess, Dunkelwiess,and Roggenbier. Also soon to follow will be the “Henry the Lion” Wheat Wine and its second runnings to be dubbed “Lorelei” Helle Weiss.
Onward...think South Shore Tahoe’s a beer dessert? Brian Bothen who writes the bothenbeerblog says check out Bar 24 inside Bill’s Casino, (It’s next door to Harrah’s and part of the Harrah group – Bill is Bill Harrah). There are 24 beers on tap, Brian says including many Stone, Deschutes and Alaskan beers.
- Beerunch…MateVeza & The Flavor Architects, Saturday Sept. 13, 11:30 a.m. – 2:30 pm., Beerunch, Bambuddha Lounge, 601 Eddy St., San Francisco: Beers: Mateveza Yerba Mate Ale, Kona Coffee Porter, Anderson Valley Barney Flats Oatmeal Stout, Marin Bluebeery Ale, He’brew Lenny’s Bittersweet Rye IPA, North Coast Pranqster Belgian Golden Ale, Anderson Valley Brother David’s Double… all expertly paired with traditional brunch dishes. $35. Benefit for the Pachamama Alliance, a group trying to save tropical rainforests. Tickets: www.beerlunch.com.
- 5th annual Brews on the Bay, Saturday, Sept. 13, Sunday, Sept. 14, noon- 4:30 p.m. Aboard the SS Jeremiah O’Brien, Pier 45, San Francisco. Sponsored by the San Francisco Brewer’s Guild. $40 advance, $50 at the gate. This is a great fest, featuring the best beers from all of San Francisco’s many craft brewers. If you’ve never walked the decks of this restored World War II Liberty Ship and hoisted a glass or two, here’s your chance. See you there.
Two events at the Toronado next week welcoming the National Beer Wholesalers Association to San Francisco for their 71st annual convention
- Lagunitas Brewing Night Tuesday, September 16, 2008, 6 p.m. til closing. Lagunitas IPA, Pilsner, and Hop Stoopid, plus a new recipe Pale Ale and a cask conditioned Red Ale and 2006 Knarlywine, 2006 Undercover Shutdown, 2007 Cappuccino Stout. Wait there’s more: a Saison aged in Pinot barrels.
- Elysian Brewing Night, Wednesday, September 17, 2008, 6 p.m. til closing.The Wise ESBm The Immortal IPA, Bete, Blanche Tripel, Dragontooth Stout, Loser Pale Ale, Night Owl Pumpkin Ale, Avatar Jasmine IPA, All these Elysian beers are coming to California next month. This is an advance taste. The head brewer, co-founder of Seattle-based Elysian, Dick Cantwell, is one of craft brewing’s legends. Many of his beers have won medals consistently at the GABF. Finally, getting his beers in the Bay Area is great. I wrote a column last week about Elysian and tasted their beers. Will post the column later this weekend.
Last note: Does anyone know where Shail can find a bottle of Sam Adams Utopias? E-mail me and I’ll pass it on: email@example.com.
Hey William, Although this may be a futile attempt, i was hoping you could help me. I’m helping organize a friend’s bachelor party in Vegas. The friend and I are both total beer geeks and we are also well aware that Vegas is devoid of decent craft brews (with a few minor exceptions). I suggested to the others also on the trip that we purchase a bottle of 2007 Utopias as a surprise. The problem is, I can’t find it anywhere. I spoke to Craig at CBS and Ed at Ledger’s, and both were sold out and could not think of any place to purchase the bottle (except for eBay, etc). I would like to avoid paying a ridiculous markup for the beer. Do you know of any places in the Bay Area that currently sells Utopias? Any direction would be greatly appreciated.
But wait, there’s more…
- Factoid 1. Bud Light is no longer the best-selling beer in the world. Snow, a light lager sold mostly in China, made by a brewery partly owned by Molson/Coors has edged out ole Bud Little, the Wall Street Journal says.
- Factoid 2. Imbibe Magazine lists five Bay Area places in its 100 best places to drink beer across the U.S. listing: “San Francisco’s own City Beer Store, Alembic, Magnolia Pub, Tornado and the Salt House.” Salt House? Huh.
They’re at 545 Mission Street in San Francisco. Here’s their beer list. OK, but far, far from impressive. I could name 20 better spots, easily. Don’t believe me? Email me and ask for our Best Pubs in the Bay Area list.


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Last month the Food and Drug Administration announced a ban of ephedra — the popular herbal weight-loss supplement, citing potential health threats. But the FDA may not have expected ephedra users' reaction to their move. People from all over the country are stockpiling ephedra before the ban takes effect.
Caroyln Cacciotti [WHERE FROM?] says ephedra helped her lose 40 pounds. When news of the ban came down, she was in the right place at the right time. She works at a health food shop that sells the supplement. She says she cleaned out the store. "I went to the shelf, grabbed all the liquids, all the individuals, went through the books," she says.
She's already got 12 bottles in her not-so-secret stash. At two doses a day, that's about a year's supply. And she's not sharing. Not even with her sister-in-law, Jeannie Cacciotti, who lives down the street.
"She was my supplier, you know, because she worked at the store," says Jeannie. "I would say pick me up a bottle, here's the money. And now she's saying, 'No, there's no more left,' because she has it all!"
Dieters Credit the 'Ephedra Stack'
They're desperate to get ephedra quite simply because it works like nothing else for short-term weight loss. But they're quick to point out, ephedra is not a drug. The active ingredient, ephedrine, comes from a plant. But it's a stimulant that increases your heart rate, raises your blood pressure, and speeds up your brain activity.
However, with 16,000 reports of palpitations, heart attack, stroke and other adverse events, including 155 associated deaths – professional athletes among them — the FDA is warning consumers to stop taking ephedra immediately.
Justin Varuzzo [FROM WHERE?] has lost more than 100 pounds. He worked out, but credits ephedra with the drop in pounds. He says combined with diet and exercise, ephedra gives him that extra little something. "Most of the stuff that you buy at the store, like Xenadrine, it's usually ephedra, caffeine, and aspirin mixed together, which they usually call the "ephedra stack," says Varuzzo.
It's that powerful combination — or stack — ephedra users say, that gives them the best results.
Mary Beth Schultz,[FROM WHERE] a mother of three, has been struggling with her weight ever since the birth of her second child. "I used to work out like crazy, and then I had children, and I got married, and I have a job, and I don't have time to work out like I used to," she says.
Schultz lost more than 30 pounds — but says she couldn't have done it without Metabolife, [WHICH HAS EPHEDRA AS KEY INGREDIENT?]
A Staple for Many Athletes
Ephedra works by suppressing the appetite and boosting energy. That's why it's not only popular with people trying to lose weight – it's a staple for many athletes.
Jonathan Salitros is a competitive body builder in Minnesota who says he uses ephedra to help him in his competitions. "If I take one ephedrine pill, stacked, through a Xenadrine product, it'll last about five to six hours," he says. "That's the difference between first and fifth place for me."
"Ephedra was being sold as a performance enhancer not just a weight-loss product. And that's why a lot of athletes were flocking to it," says David Zenczenko, editor in chief of Men's Health Magazine. A surprising 46 percent of men take dietary supplements…[..? DO WE KNOW WHAT TYPES?/ multivitamins or ephedra-related stuff?]
Baltimore Orioles pitcher Steve Bechler was just 23 years old when he died in spring training last February. His wife filed a $600 million dollar lawsuit against the makers of Xenadrine, the product Bechler was taking – the same product Jonathan Salitros relies on for his competitions. He says Bechler was a poster child for people who shouldn't be taking ephedra in the first place.
Salitros says of Bechler, "He had had high blood pressure, he came in overweight. He was in the heat of southern Florida. He was on a diet that was nothing but liquids. You add that all up, ephedra wasn't made for that kind of situation."
Of course, many users may not know they're at risk. Still, Salitros and the others say it's the misuse of ephedra by some that has resulted in denying the product to everyone else.
But with the bad publicity from Bechler's death, and that of Minnesota Vikings lineman Corey Stringer in 2001, the industry was already scrambling to replace a product that generated $1.3 billion in sales last year.
Dr. Tieorana Low Dog, [WHERE IS SHE] an expert in herbal medicine, knows all about the overwhelming number of weight-loss supplements on the market. "This is a huge business," she says. "And I think that there's a very willing population out there who's very frustrated. And who will pay a lot of money in their attempt to lose weight."
But so far, she says, the industry hasn't been able to find any combination of herbal ingredients that work as well as the ephedra stack.
"There are a lot of products out there that claim to be miracle weight-loss cures. And the majority of them just simply do not deliver what they promise."says Low Dog.
The top ephedra brands have all rushed to replace their old ephedra-laced/based? products with supplements containing a combination of new ingredients — like green tea, or hoodia, a cactus extract.
Anna Nicole Smith, the former plus-sized model turned reality TV star says she's lost 30 pounds on Trimspa, an ephedra-free weight-loss product.
Low Dog says Trimspa and a new ephedra-free Hydroxycut, both of which cost about $40, show promise and should be studied further.
However, she says, "I don't see anything in there that's very impressive. And certainly the product itself with all of the ingredients has not been subjected to any rigorous clinical trial."
While these products may be a waste of your money, she says, they're probably safer than ephedra. But there's one new ingredient to watch out for— bitter orange. It contains synephrine – a compound very similar to ephedra. And it's in lots of products, like Dexatrim.
"We're probably gonna see the same kind of problem that we saw with ephedra… So, we may have just traded one problem for another," she says.
The bottom line is not good news for anyone looking for a safe substitute for ephedra.
Low Dog advises instead, "Invest some of that money that you're spending on these products, some of them which are costing $150 a month, spend that money on a gym membership and go see a nutritionist."
No magic pill has yet emerged to rival the benefits of diet and exercise. Health care professionals say that even with ephedra, weight loss averages just two pounds per month.
But that's not stopping Robin Shultz from finding a supply for his wife. "I'm going to find it. It is out there," he says. "And then there's always Canada. Canada is there for a reason."


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The Best (And Worst) Tech Stocks of Q1
If you invested in technology vendor stocks in the first quarter, congratulations are in order. Thirty-four of 35 companies tracked by CRN enjoyed share-price increases during that period and nearly half increased by more than 20 percent. By comparison, the Dow Jones increased 8.1 percent and Nasdaq increased 19.7 percent during the first quarter. Here's a look at the best and worst vendor stocks.


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All Pakistan Textile Manufacturers Association Chairman SM Tanveer has lamented the inordinate delay in the notification issuance for Technology Up-gradation Fund Scheme (TUFS), hindering the industry from undertaking BMR and fresh investment initiatives for the textile Industry.
According to Tanveer, the federal government has withheld the notifications of initiatives under the Textile Policy 2014-19, to avail the terms of TUFS.
He said the textile industry has already lagged behind the region on the front of technology and machinery up-gradation.
Consequently, serious structural imbalances have occurred across the textile value chain, as 25% of the basic textile worth $4 billion is being exported annually without converting into garments due to the non-existence of backward and forward linkages to add value up to $15 billion exports, said the APTMA chief.
Published in The Express Tribune, April 1st, 2015.
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A temporary maintenance employee was trampled to death on the day after Thanksgiving when shoppers broke down the doors of the Long Island, New York Walmart where he worked. Jdimytai Damour was 34-years old.
According to an Associated Press article, The New York Daily News, and numerous other reports I've read and heard over the weekend, there were more than 2000 people gathered outside this Walmart store. They wanted to be near the front of the line when the doors opened for the Black Friday sales event at 5:00 a.m. In my opinion, the only things people should be doing at 5:00 a.m. are sleeping, working out, feeding hungry babies, or delivering newspapers. I'm usually not even interested in morning sex at 5:00 a.m., much less shopping.
Apparently, this particular crowd did not agree. For these bargain hunters, even 5:00 a.m. wasn't early enough. They were hell bent on getting some good deals on GPS receivers, children's toys, and big-screen TVs. At 4:55 a.m. , they decided they didn't care who they needed to step on to get what they wanted. Literally.
They pushed on the locked doors of the store until the metal hinges gave way and glass shattered onto the floor. Then, they shoved their way into the Walmart, stepping over the demolished doors and Mr. Damour who was lying under their feet, gasping for breath. When the EMTs eventually made it through the massive crowd to attend to Mr. Damour, they were unable to revive him. He was pronounced dead on arrival at the hospital.
Some people refused to stop shopping when police notified them that the store was closing due to the death of a man. Several witnesses reported that many people protested that they had been in line since the morning before and they were not leaving until they finished shopping. They were eventually cleared out until the store re-opened at 1:00 p.m. the same day, approximately eight hours after Mr. Damour died.
The Damour family is still waiting for an official autopsy report. It will probably say "heart attack" or "traumatic internal injuries" but I know the real cause of death: Greed.
Every single person waiting in line that day contributed to Mr. Damour's death. The Walmart corporation that scheduled the Black Friday early opening is partly to blame, as well. The managers of this particular store who failed to hire enough security to protect its employees are also culpable. And then there's all of us.
As members of our more-more-more consumer society, are we completely off the hook? If we didn't buy it, would they sell it? If we didn't show up at 5:00 a.m., would they open the stores that early? Does anyone really need all of the bigger and better electronic crap that we buy and give for holiday gifts?Are we having any real impact on the economy when we purchase a digital picture frame for $42.97?
As parents, we're supposed to instill values in our children like kindness, compassion, and honesty. We're supposed to teach them how helping and giving to others improves the giver's life so much more than receiving "things." We're supposed to raise them in such a way where we are improving the lives of their children. Are we really leaving the world better than we found it by buying an Xbox on sale? Is it worth $259 plus one human life?


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Nigel Huddleston provides update on US trade deal
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Trade minister Nigel Huddleston today insisted Britain is “very keen” to strike a post-Brexit free trade agreement (FTA) with the US. But he said talks have stalled as America is currently not looking to negotiate deals with other countries including the UK.
Mr Huddleston told MPs: “We recognise that the US is not focused on FTAs at present, however, we stand ready to resume negotiations when they are ready.
“And in the meantime, we’re working to improve the trading landscape, including removing US steel and aluminium tariffs and lifting the US ban on British lamb and beef.
“We’re also working with the US on areas of shared interest, including digital trade, SME support and supply chain security.”
Mr Huddleston said the US is not negotiating trade agreements with other countries beyond the UK.
But he insisted there is “very good dialogue with one of our closest allies in so many areas” and “considerable progress can and will continue to be made even without an FTA”.
Conservative former minister Sir Edward Leigh described a deal with the US as the “greatest prize of all”.
Sir Edward added: “Will the minister confirm that as far as we’re concerned there are no barriers at all to trying to conclude an agreement, whether it’s chlorinated chicken or whatever?
“We want this deal with the US. Will it happen do you think?”
Mr Huddleston said: “We’re very keen to conclude a deal with the US but at the moment they’re not able to enter into those negotiations.
“But that will not prohibit us from continuing to find opportunities and remove barriers where and when we can, as well as seeking those opportunities across the world.”
Brexiteers were hopeful of a trade deal between the UK and the US after leaving the EU.
Former US President Donald Trump talked up the prospect, but there has been little progress under his successor Joe Biden.
It comes as Business and Trade Secretary Kemi Badenoch today travels to Mexico in a bid to make progress on two “post-Brexit wins”.
On a two-day visit to Mexico City, she will hold talks with counterparts to discuss the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
A major opportunity made possible by the UK’s departure from the EU is joining the 11-country CPTPP made up of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Mrs Badenoch, a rising Tory star, will also look to renegotiate Britain’s free trade agreement with Mexico.
The Business and Trade Secretary said: “Mexico is a top-20 global economy, and a core member of the exciting trans-Pacific trade bloc.
“I’m here to push progress on two significant post-Brexit wins that will not only benefit British businesses, but also show what the UK has to offer CPTPP countries.
“We will add £2trillion to the bloc’s GDP when we join, taking it up to 15 percent of the world’s GDP, and will add a strong voice promoting free trade and defending against protectionism on the global stage.”
Source: Read Full Article


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U-turn as M&S buys 80% abroad
MARKS & Spencer, the High Street giant that once traded on its famous Buy British policy, is now importing 80% of its fashions from abroad. The astonishing turnaround has happened in less than four years. And it has brought dire consequences for Britain's beleaguered textile industry.
But ditching the patriotic policy has coincided with a remarkable upturn in M&S's fortunes - last year the chain reported a 31% rise in group profits compared with 2001. In 1999, M&S was still claiming to source more than two thirds of its clothing in Britain, even though it had already dropped the Buy British slogan printed on carrier bags in the Eighties.
The news that M&S has virtually reversed that figure has been greeted with grim resignation by manufacturing bosses and trade bodies.
John Wilson, chief executive of the British Fashion Council said: 'It is a shame for the industry but the shift typifies what has been happening with the majority of British retailers over the past decade. Consumers want to buy cheaper goods and the only alternative is to source them from the Far East.'
Equally pragmatic is David Suddens, former chief executive of clothing manufacturer William Baird, which unsuccessfully sued M&S for £53m after losing a key contract to supply the retailer. Baird was forced to axe 4,500 jobs after the 30-year relationship ended. Last year it was subject to a £17m takeover by rival Jacques Vert.
'It's not a surprise,' said Suddens, now heading the Dr Martens footwear group. 'The British fashion industry is long gone. People say they want to buy British, but when it comes to it they want the best price. Clothes from abroad can now be relied on to be of unbeatable quality and value.'
More and more British retailers are looking abroad, where labour is cheaper, to maintain profit margins. Imported garments cost a fraction of British-made equivalents, even with shipping costs.
M&S saved £120m when it restructured its British supply base in 2000, ditching Coats Viyella as well as Baird. Since then, Coats has also succumbed to the domestic textile slump. It has just ended more than 100 years on the London Stock Exchange by agreeing a £414m bid from investment group Guinness Peat.
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Coffee may be the perfect morning pick-me-up, but a new study suggests drinking too much can compromise our brain health over time.
Researchers in Australia have found that high coffee consumption is associated with smaller total brain volumes and a 53 percent increased risk of dementia.
The experts offer no explanation for the surprising link, which follows multiple previous studies showing that drinking coffee in moderation can actually prevent dementia.
The new study also follows a wealth of previous evidence that drinking coffee has other health benefits over time — as long as it’s not consumed in excess.
While excessive coffee consumption was not specifically found to cause dementia, the authors of this new study caution against high consumption of the black stuff, which they define as more than six cups a day.
It’s easy to down several coffees throughout the day without keeping track of how much we’ve been drinking. Now, new research from the University of South Australia shows that too much can affect brain health over time
DAILY COFFEE INTAKE: WHAT IS THE OFFICIAL ADVICE?
According to US federal dietary guidelines, three to five 8-ounce cups of coffee per day can be part of a healthy diet — but this guideline only applies to regular black coffee.
An 8 ounce cup is equivalent to about 240 ml – just under half a pint – and is about the capacity of a small serving of coffee in the UK.
According to the British Dietetic Association (BDA), an average cup of coffee contains about 90 mg of caffeine, depending on the type of coffee and how it’s made.
“A double espresso, the typical base for many coffee shop coffees, contains about 125 mg, and the more shots you have in your coffee, the more caffeine you’re taking in,” says the BDA.
Health organizations around the world suggest that most people can safely consume up to 300mg of caffeine per day.
In addition, despite its benefits, research has shown that caffeine can also be dangerous if consumed in excess.
The American Academy of Pediatrics recommends that children generally avoid coffee and all drinks with caffeine in them.
The American Heart Association also warns that popular coffee-based drinks like lattes and macchiatos are often high in calories, added sugar and fat — effectively canceling out any of the black stuff’s benefits.
The study, published in Nutritional Neuroscience, is led by experts from the University of South Australia (UniSA), along with academics from other institutions, including the University of Cambridge and the University of Exeter.
‘Coffee is one of the most popular drinks in the world. But with global consumption exceeding nine billion kilograms per year, it is critical that we understand all the potential health implications,” said study author Kitty Pham of UniSA.
‘This is the most comprehensive study into the links between coffee, brain volume measurements, the risk of dementia and the risk of stroke.
“It is also the largest study that takes into account volumetric imaging data of the brain and a wide range of confounding factors.”
‘Taking into account all possible permutations, we consistently found that higher coffee consumption was significantly associated with reduced brain volume.
“Essentially, drinking more than six cups of coffee a day can put you at risk for brain diseases like dementia and stroke.”
According to the European Food Safety Authority, we should drink a maximum of 400 mg of coffee per day, about four to five cups, although the daily maximum for pregnant women is only 200 mg.
“Typical daily coffee consumption is somewhere between one and two standard cups of coffee,” says study author Professor Elina Hyppönen.
“Although the unit sizes may vary, a few cups of coffee a day is generally fine.
“However, if you find that your coffee consumption is moving towards more than six cups a day, it’s time to reconsider your next drink.”
The experts assessed the effects of coffee on the brain in 17,702 UK Biobank participants, aged between 37 and 73.
Those who drank more than six cups of coffee a day were 53 percent more likely to develop dementia than those who drank one to two cups a day.
Drinking more than six cups of coffee was also associated with a 17 percent increased risk of stroke.
About 50 million people are diagnosed with dementia worldwide, and in Australia, dementia is the second leading cause of death, with an estimated 250 people diagnosed every day.
In a stroke, the blood supply to the brain is disrupted, resulting in lack of oxygen, brain damage and loss of function.
If your coffee consumption is moving towards more than six cups a day, ‘it’s time you reconsidered your next drink,’ study suggests
COFFEE AND DEMENTIA: PREVIOUS STUDIES
2018: Krembil Brain Institute, Canada
Drinking coffee can protect you from developing both Alzheimer’s and Parkinson’s disease
2018: Rutgers University, USA
Two compounds in caffeine prevent the build-up of a toxic protein, alpha-synuclein, which is associated with dementia with Lewy bodies.
2016: University of Coimbra in Portugal
Moderate coffee consumption may reduce the risk of developing Alzheimer’s disease by up to 27 percent
2014: Institute for Scientific Information on Coffee
Drinking three to five cups a day can reduce the chance of developing Alzheimer’s disease by up to 20 percent.
Worldwide, one in four adults over the age of 25 will have a stroke in their lifetime. Data suggests 13.7 million people will have a stroke this year, resulting in 5.5 million deaths.
‘This research provides essential insights into heavy coffee consumption and brain health, but as with many things in life, moderation is key,’ says Professor Hyppönen.
‘Along with other genetic evidence and a randomized controlled trial, these data strongly suggest that high coffee consumption may adversely affect brain health.
“While the exact mechanisms aren’t known, one simple thing we can do is to stay hydrated and remember to drink a little water in addition to that cup of coffee.”
Earlier this year, Swiss researchers found that regular caffeine intake reduces the volume of gray matter in the brain, suggesting that coffee intake could impair our information processing capacity.
The experts gave volunteers three 150 mg servings of caffeine per day for 10 days — a caffeine intake equivalent to about four or five small cups of brewed coffee per day, or seven single espressos.
They found a reduction in gray matter, which is usually found on the outer layer of the brain, or cortex, and serves to process information.
UniSA has consistently researched the effects of coffee – one of Australia’s favorite beverages – on human health.
In February, the team revealed that long-term, heavy coffee consumption — six or more cups a day — can increase the amount of fats in your blood, increasing your risk of cardiovascular disease (CVD)..
‘There is certainly a lot of scientific discussion about the pros and cons of coffee,’ Professor Hyppönen said at the time.
“But while it may seem like we’re walking down ancient paths, it’s essential to fully understand how one of the world’s most consumed beverages can affect our health.”
Professor Hyppönen and her colleague Ang Zhou looked at genetic and phenotypic associations between coffee intake and plasma lipid profiles – the cholesterols and fats in the blood.
The study, published in Clinical Nutrition, used data from 362,571 UK Biobank participants, aged between 37 and 73 years.
Not only did they find a link between the two, they also found causal evidence that regular coffee consumption contributes to an unfavorable lipid (fat) profile.
Coffee beans contain a very potent cholesterol-raising compound called cafestol, which is mainly present in unfiltered brews, such as French press, Turkish and Greek coffee, as well as espressos.
Espressos are the foundation for most barista-made coffees, including lattes and cappuccinos. If you order a coffee on the high street, you will probably be served an espresso, whether with or without milk.
It is therefore wise to choose filtered coffee whenever possible and be wary of excessive drinking, even if it helps us through the working day.
Just one cup of coffee a day during pregnancy may increase stillbirth risk, study suggests
3D illustration of a caffeine molecule. Caffeine consumption during pregnancy has been an ongoing topic of discussion
Just one daily cup of coffee during pregnancy may increase the risk of stillbirth, research published in 2020 suggests.
The British study of more than 1,000 pregnant women, including 290 who had stillbirths, looked at daily caffeine intake.
Every 100 mg of caffeine per day during pregnancy — the equivalent of one mug of filter coffee — was associated with a 27 percent higher risk of stillbirth.
Caffeine is believed to constrict the blood vessels of the placenta, which can reduce oxygen reaching an unborn baby.
Babies in the womb clear caffeine about a third as fast as their mothers, and it can result in an irregular heartbeat.
Professor Alexander Heazell, lead author of the study and director of Tommy’s Maternal and Fetal Health Research Center at the University of Manchester, said: ‘This is a relatively small risk, so people shouldn’t worry about the occasional cup of coffee.
“But our research has found that even a fairly small amount of daily caffeine is linked to a greater risk of stillbirth.”
Read more: A cup of coffee a day may increase stillbirth risk, study suggests


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DENVER — Utah Flour Milling, LLC, which was formed earlier this year through a combination of Denver-based PHM Brands LLC and Japan-based NIPPN Corp., has unveiled the site of its new flour mill and custom mix facility: Richmond, Utah.
NIPPN Corp., which operates one of Japan’s largest flour milling businesses, announced on May 15 that it would be entering the US milling market for the first time with a $25 million investment in Utah Flour Milling, LLC. At that time, no announcement was made on where the mill would be located.
On July 25 the companies said the $100 million mill and mix facility will be located adjacent to a Campbell Snacks baking plant in Richmond and primarily will be responsible for production of Goldfish and Pepperidge Farm products. Campbell Snacks is a division of Camden, NJ-based Campbell Soup Co.
“We are thrilled to have secured a long-term supply agreement with the Campbell Snacks bakery in Richmond and look forward to supporting their Goldfish expansion project,” said Gina Steffens, chief executive officer of PHM Brands. “The onsite flour mill will ensure continuous flour availability for Goldfish and Pepperidge Farm cookie production while improving manufacturing performance and efficiency. Ultimately, the project in Utah is the result of critical partnerships with Campbell, NIPPN Corp. and Bratney Companies, which are all very important to us.”
Peter Bisaccia, president of PHM Brands, added, “This is an exceptional opportunity for Panhandle Milling to expand our current operational reach in the flour milling industry and establish valuable supplier relationships with local farmers both within Utah and in neighboring states. With Bratney leading the equipment supply, engineering and construction of this strategic project, the facility will be the most modern, efficient and technologically advanced flour milling facility in the region.”
PHM Brands said the Richmond facility will contain more than one million bushels of grain storage, at a site that provides convenient access to main-artery truck and railway routes.
“With state-of-the-art milling, mix, pelleting and packaging capabilities, the facility will support retail, foodservice, and bulk rail and truck markets, in addition to private label production and co-manufacturing,” Mr. Bisaccia said. “Additionally, the new flour mill will process spring, hard and soft wheats, and will be organic, non-GMO, kosher, halal and GFSI-BRC certified.”
Utah Flour Milling will begin construction of the mill this summer, and it is expected to be completed in the fall of 2024, according to PHM Brands, which also noted the plant’s daily flour production capacity will be between 7,500 cwts and 15,000 cwts. The mill will feature leading-edge technology, including patented pathogen-reduction biotechnology from Energis Solutions, a subsidiary of PHM Brands.
“I am excited that NIPPN Corp. has tied an operational and management partnership with PHM Brands, LLC,” said Toshiya Maezuru, president and CEO of NIPPN. “Through this partnership, NIPPN Corp. will be entering the US flour market for the first time in our long history and will focus on long-term contributions, continuing to strengthen our partnership with PHM Brands and Panhandle Milling and growing this business through our synergies.”
NIPPN’s investment in Utah Flour Milling will accelerate the speed of business growth in the United States by leveraging synergies among the group’s existing companies — NIPPN California Inc., a California-based premix sales company, and Pasta Montana, LLC, a Montana-based pasta production and sales company, NIPPN said.
NIPPN is one of the “big four” flour millers in Japan, along with Nisshin, Showa Sangyo and Nitto Fuji, which combine for over 75% of the country’s flour milling market share. In recent years, NIPPN consistently has garnered between 23% and 24% of the flour milling market share in Japan, and it continues to upgrade its seven flour mills.
Formerly known as Nippon Flour Mills Co. Ltd., the company changed its name to NIPPN in 2021.
PHM Brands currently has overall daily milling capacity of 7,500 cwts split between mills in Farmington, NM (2,500 cwts), and Dawn, Texas (5,000 cwts), according to Sosland Publishing Co.’s 2023 Grain & Milling Annual. The company’s milling capacity will double once the Utah mill comes online.


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Projects creation of logistics centers have emerged in cities such as Togliatti, Nizhny Novgorod. Kirov region from the rest is on a particular account. Here is the geographically prevailing transport hub – and the denouement Trans intersection of federal highways leading from east to west and from north to south. Kotelnichesky prospects recently Volga Logistics Association (Inter-regional non-profit organization of the logistics market participants) reveals serious attention to the Kirov region. Moreover, experts of the Association together with the government of the region are already working on project to build the transport and customs of the distribution center, service-oriented traffic going to the Trans-Siberian and their distribution on the Volga, Europe North and North-west. "In the Kirov region need to create a logistics center, – the President of the Volga Logistics Association Andrey Ivanov. – And the most appropriate place for this – the city Kotelnich, where, in addition to road and rail, is also River Route. " It is worth noting that long Kotelnich predicting future logistics, but as already mentioned, the background and the projects it is only a theory.
In practice, as you know, it's much more complicated. Logistics in the Kirov at held in June at the Kirov conference on the development of logistics and the construction of such a center in the region, the head of the regional department of Economic Development Alexey D. Korshunov voiced about Government activity in this direction. "Our first step was the creation of a" White Paper on transport, "Administration of the Government of CR, which was developed last year – said Korshunov.


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The founders of Project Skyway, the first true technology accelerator for start-up companies in the Twin Cities, have acted like the best entrepreneurs they hoped to nurture: They paid attention to what the market was telling them and then rebooted.
So while Project Skyway is no more, there is a new seed-capital investor in Minneapolis called the Skyway Fund opening for business this weekend as its website goes live.
“What we learned is that we can make 10 times the difference by making early-stage investments,” said Skyway co-founder Casey Allen. “All of the evidence tells me that we [in the Twin Cities] are not ready for an accelerator.”
An accelerator is meant to provide help, and it’s well worth paying attention to what Allen is saying. No amount of smart and well-intended advice really works, he’s arguing, without enough available local capital to turn the most promising new ventures into real businesses.
Allen and his partner Cem Erdem, the founder and chief executive of Augusoft Inc., didn’t understand that when they began discussing accelerators in 2010. Erdem had long aspired to launch one, and in Allen’s account of their first conversations, both of them easily recalled their own rookie mistakes.
It’s how Project Skyway got its name, because Erdem once thought dropping fliers for his business in the Minneapolis skyway system was a fantastic idea. It was only by actually trying out the strategy that he quickly found out it wasn’t.
An accelerator program is designed to help entrepreneurs avoid the most-common blunders and quickly get the company to the point that it begins to look attractive to investors. The concept may seem a bit like a fad, but tech accelerators such as the well-known Y Combinator in Silicon Valley have helped launch successful companies like Reddit and Dropbox.
In exchange for equity in the start-up, the accelerator provides some wolf-from-the-door money, usually $20,000, and lots of help in an intensive, working-side-by-side environment. The entrepreneurs get mentors, other expert advisers and feedback from their peers at other start-ups. They get their strategic plans massaged and product plans tweaked, and may even get asked to rename their companies.
An accelerator also helps in getting funding, of course, from refining the pitch to coaching on terms and valuation. And at the end of perhaps a three-month program the graduates are introduced to a roomful of investors.
That’s where it broke down for Project Skyway.
Allen said a graduating class should be met by “dozens” of “truly active” private investors, the kind of investors who may put money into five or more promising start-ups each year.
“I can count on half of one hand the number of investors here who do that,” he said.
As the Project Skyway founders discussed seating their third class, their conversation turned to being part of the solution to that problem.
The Skyway Fund initially will be the capital of Allen and Erdem, looking to put between $25,000 and $75,000 into five to 10 software start-ups per year. Allen said his focus is exclusively Minnesota and only on ventures that will sell to businesses, not to consumers. As he put it, “Don’t fight it. Go with it. Business-to-business works here.”
Investment candidates need to have some revenue, too, never mind that he’s calling their effort a “seed” fund, which generally means the first outside investment in a new company. How is an entrepreneur supposed to build a product and start selling it without spending any money?
“My insistence on post revenue is what I call the hustle test,” he said. “It sounds tough, but it’s not. The CEO has to be both able and willing to sell. I don’t care if they have $100 a month in recurring revenue, that’s enough for me. The company that has a fully built product and no revenue is entirely unimpressive to me.”
In looking back, Allen said, they don’t consider Project Skyway anything other than a success, as four the 10 companies that went through the program are still alive.
But news of Project Skyway’s end may be disappointing for entrepreneurs looking for a Twin Cities tech accelerator experience. They may look elsewhere, as there are plenty of options in other cities.
The co-founders of a Twin Cities e-commerce start-up called Cympel just moved to Omaha to join the first class of an accelerator that’s getting underway there after July 4th.
Cympel may never generate a dime of payroll taxes in any jurisdiction, and co-founder and CEO Jesse Hultgren said they plan to spend the summer in Omaha and then move back home. But it’s still not great news for Minnesota innovation that anyone leaves for greener grass in Omaha.
Ernest Grumbles, a co-founder of the advocacy and innovation collaborative called MOJO Minnesota, noted that there are several incubators and other programs in Minnesota that serve some of the function that Project Skyway did, and more are in the works. But he called a technology accelerator “an essential tool for the community, both generally and in this time and place.”
So you’d think he’d be sorry to see Project Skyway go away. He would be, too — were it not for Allen’s and Erdem’s new investment focus.
“That in itself is a positive development,” Grumbles said. “We did not have a tech seed fund, and now we do.”