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Pre-Open stocks action
Stock futures seemed poised to consolidate the gains of Tuesday and Wednesday despite a rebound in U.S. weekly jobless claims. Other data showed durable goods orders rose 0.6 percent in December. Shares of AT&T gained on renewed takeover talk involving SBC, while Nokia rallied after an upbeat sales outlook.
Shares in London and on the Continent weakened at midday in a busy day for European earnings. In Japan, caution before U.S. tech earnings cuffed the Nikkei.
Marathon Oil MRO, -3.25% was downgraded to "equal-weight" from "over-weight" by Lehman Bros., as the broker said it's losing its conviction that Marathon will be able to successfully turn around its upstream portfolio and operations. Marathon's substantial negative revisions on Russian and Powder River Basin assets raise questions about the overall upstream asset quality and execution ability, it added.
J.P. Morgan dropped its rating on satellite television provider EchoStar Communications Corp. DISH, -0.25% to "neutral" from "overweight," citing tempered expectations for growth from the SBC Communications, Inc. SBC, -1.78% joint venture. The broker told clients that recent comments suggest that subscriber growth "will likely be meaningfully slower" than it expected at EchoStar and that the company will face incremental investments for high-definition television (HDTV.) J.P. Morgan concluded that EchoStar should still deliver strong earnings-per-share growth and free cash flow over the next two years.
Merrill Lynch dropped its rating on Schering-Plough SGP, +20.26% to "neutral" from "buy," citing the drugmaker's inability to rule out future Vytorin or Zetia label changes. In addition, Merrill Lynch mentioned management's reluctance to issue any guidance and lower earnings-per-share assumptions. "We continue to believe that Schering-Plough's turnaround potential is significant, but given our current perception of the risks, we are no longer comfortable rating the stock a 'buy'," the broker told clients.
Diagnostic products maker Biosite BSTE was downgraded by Wachovia Securities to "market perform," with the broker citing in-line but lower quality fourth-quarter earnings and a new Food and Drug Administration hurdle or slower launch of its Cardiac Profiler panel. "With slowing BNP growth and no catalysts until mid-2005 FDA panels on Stroke and CP Panel, we see little to drive BSTE shares in the near term," the broker said.
Wachovia Securities and Merrill Lynch raised their rating on Integrated Device Technology, Inc. IDTI, -0.81% to "outperform" from "market perform" and to "neutral" from "sell," respectively. Wachovia said its checks suggest that "business has bottomed" and that job restructuring should result in "very compelling" earnings-per-share leverage. Merrill said it was upgrading its rating on the company due to cost savings expectations related to the restructuring. Merrill also noted that networking is "showing signs of life." The broker told clients that while it's not forecasting much top-line growth in the near term, "improving profitability and stable demand should keep the stock at current levels."
Wachovia Securities downgraded Direct General Corp. DRCT to "underperform" from "neutral," saying it will be difficult for the insurance and specialty finance company to maintain its premium multiple due in part to increasing competition. The broker told clients that growth looks less favorable as it sees increased competition in the non-standard auto market. Wachovia also pointed out the absence of brand recognition in Texas (Direct General's newest expansion state) and the fact that the company no longer writes new policies in Florida due to high fraud activity.
Breaking news - See market pulse for breaking news
- UPS UPS, -1.63% posted fourth-quarter net income of $866 million, or 76 cents a share, compared with $856 million, or 75 cents a share, in the year-ago quarter. On an adjusted basis, the company would have earned 82 cents a share. Revenue for the quarter rose to $9.84 billion, buoyed by strong double-digit growth in its international and non-package divisions and a 6.6 percent increase in its U.S. domestic operations. The Thomson First Call average estimate was for earnings of 76 cents a share on revenue of $9.76 billion. The Atlanta, Ga. parcel delivery company said it expects to first-quarter earnings to be in the range of 70 cents to 75 cents a share. For 2005, it still sees earnings per share growing 13 percent to 17 percent over its adjusted 2004 earnings of $2.90 per share. The current First Call average estimate is for first-quarter earnings of 75 cents a share and 2005 earnings of $3.37 a share. UPS shares ended down 0.8 percent, at $75.50 in trading Wednesday.
- Amgen Inc AMGN, -0.83% reported fourth-quarter earnings of $689 million, or 53 cents a share, up from $547 million, or 41 cents a share, in the same period a year ago. Excluding non-recurring items, such as acquisition-related expenses, earnings would have been 58 cents a share, missing the average analyst estimate compiled by Thomson First Call of 61 cents a share. Revenue rose 24 percent to $2.9 billion from last year's $2.35 billion, topping analyst forecasts of $2.34 billion, amid 40 percent growth in Aranesp sales, a 7 percent increase in Epogen sales, 49 percent growth in Enbrel sales and 7.9 percent growth in Neulasta and Neupogen sales. The biotechnology company expects 2005 earnings of $2.70 to $2.85 a share, vs. the average analyst projection of $2.84. The stock closed Wednesday up $1.39 at $63.56.
- Verizon Communications VZ, +0.44% reported fourth-quarter earnings of $3 billion, or $1.08 a share, double the $1.5 billion, or 53 cents a share, the telecommunications company earned in the same period a year ago. Excluding non-recurring items, such as gains from the sale of assets, earnings would have been 64 cents a share, matching the average analyst estimate compiled by Thomson First Call. Revenue was $18.3 billion, up 6.2 percent from last year's $17.2 billion and in line with analyst projections. Wireless division revenue rose 23 percent to $7.3 billion, contributing more than 40 percent of total revenue vs. less than 35 percent last year. The wireless division added 1.7 million customers during the quarter. The stock, a component of the Dow industrials, closed Wednesday up 52 cents at $36.52.
- Rayovac Corp. ROV, -5.65% posted fiscal first-quarter net income of $27.9 million, or 79 cents a share, compared with $22.2 million, or 67 cents a share, in the year-ago quarter. Excluding a one-cent gain from the disposal of certain fixed assets, the consumer products group would have earned 78 cents a share. Sales for the quarter rose 8 percent to $490.8 million. The Thomson First Call average estimate was for earnings of 75 cents a share on revenue of $490.4 million. The Atlanta, Ga. company lifted its 2005 outlook, saying it now expects to earn in the range of $2.15 to $2.20 per share on sales of around $1.5 billion. The current First Call average estimate is for full-year earnings of $2.17 per share. Rayovac shares fell 0.2 percent, to $38.90 in trading Thursday.
- Teledyne Technologies TDY, -2.58% reported fourth-quarter earnings of $13.4 million, or 39 cents a share, up from $7.8 million, or 24 cents a share, in the same period a year ago, and above the average analyst estimate compiled by Thomson First Call of 29 cents a share. Revenue rose 30 percent to $288.1 million from last year's $222.4 million, exceeding analyst forecasts of $271.6 million, boosted by 37 percent growth in its electronics and communications division. The company expects first-quarter 2005 earnings of 30 to 33 cents a share, above analyst projections of 26 cents, and 2005 earnings of $1.30 to $1.40, vs. analyst estimates of $1.31. The stock closed Wednesday up 77 cents at $27.50.
- Colgate-Palmolive CL, -3.84% reported fourth-quarter earnings of $285.7 million, or 50 cents per share, including $48 million in restructuring charges. Excluding items, the company earned $333.7 million, or 59 cents per share, in line with the average estimate of analysts polled by Thomson First Call. Sales rose to $2.8 billion from $2.6 billion in the same period a year earlier. The stock closed Wednesday at $49.88, up 8 cents.
- Quest Diagnostics Inc., DGX, -1.29% a Teterboro, N.J., provider of diagnostic testing, information and services, reported fourth-quarter net income rose 16 percent on 6.6 percent higher revenue. Net increased to $126 million, or $1.20 a share, from $108 million, or $1, in the year-earlier period. Revenue climbed to $1.28 billion from $1.2 billion. Quest also said it expected 2005 earnings of $5.45 to $5.55 a share, 14 percent to 16 percent above the 2004 level of $4.77 before special charges. The 2005 estimate excludes the effect of an accounting change, effective in July, for equity-based compensation. Quest expects full-year revenue to rise 5 percent to 6 percent. On Wednesday, Quest shares rose 51 cents, or 0.6 percent, to $89.52.
- Lockheed Martin Corp. LMT, -2.55% indicated that 2005 earnings would fall short of expectations as an increase in the adjustment of its pension plan and the inclusion of stock option expenses offsets increased volumes and the benefit of the early retirement of debt. The aerospace and defense contractor expects 2005 earnings of $3.05 to $3.30 a share, below the average analyst estimate compiled by Thomson First Call of $3.32. Revenue is anticipated to be $36 billion to $37.5 billion vs. analyst forecasts of $36.04 billion. For the fourth-quarter of 2004, the company reported fourth-quarter earnings of $372 million, or 83 cents a share, up from $344 million, or 77 cents a share in the same period a year ago, and above the average analyst estimate of 75 cents a share. Revenue rose 11 percent to $10 billion from last year's $9 billion, topping analyst forecasts of $9.2 billion. The stock closed Wednesday up 97 cents at $55.23.
- Dow Chemical Co. DOW, -1.57% posted fourth-quarter net earnings of $1.026 billion, or $1.06 per share, up 10 percent from the $929 million, or 99 cents, earned in the final three months of 2003. The company's quarterly sales reached $10.936 billion, 31 percent higher than the prior year's $8.332 billion. On an adjusted basis, Dow Chemical earned 85 cents per share in the latest quarter. Analysts, on average, had been looking for earnings of 71 cents per share on revenue of $10.382 billion. The company cited double-digit price increases on a broad basis and wider margins as contributing to the profit improvement. For 2004, overall volume increased 6 percent, the company said. Shares of Dow Chemical added 3 cents to end at $48.74 in Wednesday's trading.
- Anglo-Swedish pharmaceutical AstraZeneca AZN, -0.15% said it expects to report 2005 earnings per share in a range of $2.40 to $2.55, or between $2.35 and $2.50 on an IFRS basis. The company said the business remains robust and it expects continued sales progress. Adjusted earnings per share for the fourth-quarter came in at 59 cents, up from 38 cents a year ago, while adjusted full-year earnings were $2.11, up from $1.78 a year ago, and in line with analyst expectations. The company reported fourth-quarter sales of $5.799 billion, up from $4.875 billion at the same point a year ago, after sales for key growth products rose 30 percent to $11.2 billion. AstraZeneca raised its dividend by 18.2 percent to $0.94, while fourth-quarter adjusted pretax profit was $1.345 billion, up from $869 million a year ago. The company took a $71 million provision charge for Exanta in the fourth-quarter and a $85 million provision charge for lung cancer drug Iressa.
- Mobile phone giant Nokia NOK, -2.04% said net profit for the fourth quarter fell 13 percent to 1.02 billion, or 8 percent to 23 euro cents a share, from 1.17 billion euros or 25 euro cents. Sales rose 3 percent to 9.01 billion euros. These are ahead of broker forecasts of 19 euro cents a share and sales of 8.4 billion to 8.5 billion euros. Nokia mobile device volumes reached a record 66.1 million units, up 19 percent to give an market share of 34 percent, below the 35 percent share that J.P. Morgan forecast. Networks net sales increased 12 percent to 1.9 billion euros.
- Philips Electronics PHG, -1.91% , Europe's largest electronics maker, posted a decline in net income to 498 million euros or 39 euro cents per share in the fourth quarter against 46 euro cents per share in the same period of 2003. Sales rose 2 percent to 9.179 billion euros; comparable sales rose 6 percent. Income from operations dropped to 14 million euros - ahead of some analyst estimates - amid a bevy of charges. In the fourth quarter of 2003, Philips saw a 608 million euro income from operations. Sales at Consumer Electronics, its largest division rose 11 percent on the 2003 quarter; semiconductor sales were down 7 percent on a comparable basis, due to lower sales at Mobile Display Systems.
- Siemens SI said fiscal first-quarter net income climbed 38 percent to 1.001 billion euros, with sales easing to 18.16 billion euros vs. 18.32 billion euros from a year ago while orders climbed to 21.5 billion euros from 20.49 billion euros. Profits came in ahead of forecasts between 852 million and 930 million euros, while sales missed forecasts between 18.76 billion and 20.63 billion euros. The German conglomerate said strong earnings came from Automation and Drives, Medical Solutions, Power Generation, Siemens VDO Automotive and Osram divisions. It also cut its pension underfunding to 1 billion euros from 3.1 billion euros at the end of September. Looking forward, it said it expects higher revenue growth than a year ago, depending on exchange rate developments, and said its Siemens Business Services and mobile phone business need "additional measures."
- The British Medical Journal (BMJ) has retracted allegations made in its Jan. 1 issue that Eli Lilly LLY, +0.88% had failed to disclose important information about its Prozac drug during a 1994 product liability suit. The BMJ apologized for suggesting the certain documents had gone "missing," saying that all documents had in fact been disclosed during the suit. "The apology and retraction is an important step in gaining closure on an unfortunate event," said Eli Lilly chairman Sidney Taurel. Lilly's stock closed Wednesday up 65 cents at $55.50.
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Royal Mail shares fall sharply on concerns over competition
Shares in Royal Mail have fallen by more than 8% after the firm warned that rivals – including Amazon were eating into its parcel delivery business.
Royal Mail has said that the rise of delivery from Whistl could wipe £200m off sales.
It also said that competition was endangering its government-mandated Universal Service, which guaranteed a single price postal service that delivers to all UK addresses.
It has been reported that Royal Mail has had a small fall in pre-tax profits. They dropped £218m for the first six months to 28 September, from £233m in the same period last year.

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Manchester’s King Street is home to a small strip of closed down shops. Eight to be exact. But a small group of artists hope to change that by opening a coffee shop in one of the vacant properties.
Manchester Coffee Shop
The fundraiser has been orchestrated by a non-profit group known as the Future Artists Co-operative. Their mission is to revitalize the area, starting with putting in the coffee shop. The funds raised have been donated in the forms of cash and digital currency, with the help of platforms like Kickstarter.
Manchester-based technology company, Pixel Kicks, were the first to donate dogecoins to the fund. Soon after, individuals began donating their personal dogecoins. This led to the fundraiser organizer, Mark Ashmore, to accept other forms of digital currencies.
33-year-old Ashmore stated:
“It’s great because they [dogecoin community] are the kind of people who are likely to be using the cafe. We will be accepting Dogecoin and other online currency like Bitcoin.”
The group had already raised £15,000 and were seeking the final £5,000 through donations from the Kickstarter community. However, donations continued to flood the startup, and the goal was reached with days to spare. The cafe will be called Honest Coffe.
The Manchester coffee shop is expected to be up and running this July. Profits will go to helping local community groups and sports teams.
Digital Currency Fundraisers
Digital currencies have proven that they are a great way to support a life-changing cause.
Founder of CashToCrypo, Brandon Mintz, and his Athens-based company are holding a bitcoin fundraiser for families whose loved ones died while fighting fires. The three University of Georgia students took a liking to bitcoin, and devised the fundraiser as a way of giving back to others.
The goal of the fundraiser is to help the families of the deceased firefighters find some financial relief. The cause will also help spread the word of bitcoin.
Whether helping families or taking part in a community initiative, digital currencies have proven their worth by affecting so many lives for the better.
For more bitcoin news, stay tuned to Coinreport.net.


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Does Tylenol cause liver damage or other health problems? How much Tylenol can cause an overdose? Johnson & Johnson, the maker of Tylenol, is introducing new product safety packaging to address these health concerns and curb accidental Tylenol overdoses.
The new packaging will have a cap that warns consumers about acetaminophen, the active ingredient in Tylenol, and instructs them to read the label.
Let’s take a look at why Johnson and Johnson is altering their packaging and what consumers can expect.
The Dangers of Acetaminophen in Tylenol
Taken as directed, acetaminophen is a relatively harmless chemical that relieves pain for millions of people around the world. However, just like any drug, when it’s taken in excess, there are dangerous health consequences.
Acetaminophen has the potential to cause serious liver damage and is America’s leading cause of liver failure.
ABC News reports tens of thousands of people face serious health consequences every year from overdoses related to acetaminophen. From ABC News:
Overdoses from acetaminophen send 55,000 to 80,000 people in the U.S. to the emergency room each year and kill at least 500, according to the Centers for Disease Control and Prevention and the Food and Drug Administration.
But the general public may see Tylenol as harmless, so they take more than directed and may overdose accidentally. Johnson & Johnson is aiming to warn people about the dangers of acetaminophen, Tylenol’s active ingredient, to reduce this health risk.
Johnson & Johnson React to Personal Injury Lawsuits
In response to over 85 personal injury lawsuits in federal court that blame Tylenol for liver failure and death, Johnson & Johnson is relabeling Tylenol Extra Strength products with warnings. The new warning will read: “CONTAINS ACETAMINOPHEN”, followed by “ALWAYS READ THE LABEL”.
Ideally, the move will reduce live damage and lower Tylenol-related emergency room visits. Johnson & Johnson is aiming to educate consumers about the potential dangers of acetaminophen through mere product relabeling. Will it be enough to lower Tylenol-related emergency room visits? Only time will tell.
Safe Tylenol Doses
Acetaminophen is generally safe for most Americans and the product relabeling move shouldn’t scare people into not taking Tylenol. Liver damage only occurs in a fraction of 1 percent of users.
However, it’s the extra strength variety is what experts are concerned about. From ABC News:
Safety experts are most concerned about “extra-strength” versions of Tylenol and other pain relievers with acetaminophen found in drugstores. A typical two-pill dose of Extra Strength Tylenol contains 1,000 milligrams of acetaminophen, compared with 650 milligrams for regular strength. Extra Strength Tylenol is so popular that some pharmacies don’t even stock regular strength.
Acetaminophen is safe to take in doses around 4,000 milligrams a day, which is eight Extra Strength Tylenol a day.
As always, follow product labeling, use products as directed and consult your doctor before starting any new medication or medical treatment, even if it’s over-the-counter.
What Do You Think?
Do you take Tylenol Extra Strength routinely? Have you had any health issues related to taking over-the-counter medication? Do you think all medication should warn consumers about the potential dangers of taking the medication? Let us know in the comments section.


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The German based automaker Mercedes-Benz is currently testing out the second generation of the GLK, which will be dubbed the GLC once it will be hitting the market.
With its bigger brother, the ML, getting a new generation, and with a brand new smaller brother introduced, the GLA, the GLK is now getting ready for its second generation. The model in question has been recently caught on camera by our spy photographers while it was being tested out and the most significant change will be its name, as the company will sell it as the GLC, once it will be launched.
The new generation of the Mercedes-Benz GLC will be riding on the same platform as the W205 C-Class and it is expected to get similar engines too. These will be including the 2.1 liter diesels, with outputs ranging between 136 HP and 204 HP, while over-seas, the model will be getting the 2-liter turbo and also a V6 variant. For the first time ever, the GLC will be gaining a true AMG version, which will be packing the 4.0 liter twin turbo V8 engine from the new AMG GT and C63 AGM, but this will be toned down for the crossover. The new GLC is expected to be unveiled sometimes in 2015.


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Whether the rest of the economy is doing better or not, Harley Davidson is having problems selling new motorcycles and, as a result, they’re consolidating manufacturing with the closure of the Kansas City plant in 2019 and moving production to York, PA.
Harley-Davidson worldwide retail motorcycle sales fell 6.7% in 2017 compared to 2016. The company’s U.S. sales fell 8.5% and international sales were down 3.9%.
A number of factors were cited for the downturn in sales, but one that figures prominently is how dependent they are on Baby Boomers.
As safety becomes a concern for aging baby boomers, domestic sales for the heavyweight motorcycle industry should slow.
The Motor Company has often steered the conversation away from demographics when discussing the future of their product line, but it may be that the years are finally catching up to their customer base and unless they can find a way to attract younger riders, the future isn’t going to be bright. Motorcycles have been a tough sell for some years now as the young have more options for entertainment and less money to spend while at the same time, Harley’s competitors have always been focused on a younger demographic. Can Harley change direction? Do they want to? Only the Motor Company can answer that question. Stay tuned.


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The Shpock team and Schibsted Classifieds Media has agreed that Schibsted is taking over control and increases its shares to 91% in the flea market app.
As part of the deal the valuation will not be disclosed. The agreement enables the startup to turn Shpock into a global brand and continue its growth outside the current core markets Germany, UK and Austria. Founders and key team members stay on board and will drive the development in the upcoming years.
Until today more than 10 million users are discovering, selling and buying over 2.5 billion Euros worth of items via Shpock. Shortly before Shpock’s 3rd birthday, Schibsted Classifieds Media announces to increase its stake to 91% in the finderly GmbH, which runs the popular app.
“This deal allows us to conquer new frontiers and to become the go-to-marketplace solution for the smartphone generation worldwide,” say Shpock founders and CEOs Armin Strbac and Katharina Klausberger.
The Austrian app maker, which was initially founded in 2010, launched Shpock - SHop in your POCKet - in September 2012 as the ‘flea market app for beautiful things’. Although Shpock started as a side project, the app quickly became the main focus of the company and the team.
“In early 2013 we had very limited resources and it was necessary to decide for one product to not lose focus. The team made a clear choice: Shpock!” says Klausberger.
Strbac remembers the tough times: “The team was fully committed to the vision of Shpock, but the financial situation of the company was not clear for some time. Seeing the few people, who were present at this time, stick together and work against the odds is one of my best life memories.”
Supported by Business Angel Johann “Hansi” Hansmann, Angelfund Speedinvest and subsidies from the Austria Wirtschaftsservice and Inits, the team was able to continue working on Shpock. The traction in the first months triggered the attention of several A-round investors, Schibsted being one of them. Schibsted joined Shpock in summer 2013 as strategic partner and now, two years later, increased its stake to 91 percent.
When it comes to explain the mutual benefits of the partnership, Klausberger states:
“We have a partner on our side that knows the classifieds business like no other! On the other hand, we bring our mobile experience and an extremely talented and hungry team into the game.”
“It may sound cheesy, but that’s the truth! Looking at the app there are a 100 things that give us an advantage compared to others, but the main reason for our success is the team behind the app,” says Strbac. Today, the Shpock crew consists of more than 45 people, with 14 different nationalities, operating from the city center of Vienna. With this deal at hand the team will grow further soon.
Source: Schibsted press release
AUSTRIAN DURCHBLICKER.AT BACKED BY VENTUREpRENEUR JOHANN ‘HANSI’ HANSMANN sells 45% of shares to NYSE-LISTED WHITE MOUNTAINS INSURANCE GROUP
New York Stock Exchange-listed White Mountains Insurance Group acquired approximately 45 percent of durchblicker.at, Austria's independent price comparison portal for insurance, gas/electricity and finance services.
Since 2010, the website offers comparison of insurance rates, electricity and gas, as well as traditional financial products such as savings. With around 2 million compared rates calculated in the first half of 2014 for a total of 18 product categories, durchblicker.at is the leading portal in comparison of rates in Austria.
The management team of the company - two founders Reinhold Baudisch and Michael Doberer together with the Venturepreneur and Austrian renowned business angel Johann “Hansi” Hansmann continue to hold a majority stake.
The terms of the transaction were not disclosed.
BIG NEWS! VENTUREPRENEUR DUSAN STOJANOVIC (TRUE GLOBAL VENTURES) AND Opentopic Founders invest in scalable content technology
We have been waiting impatiently to learn from Dusan Stojanovic today that Opentopic (http://www.opentopic.com), a new platform designed to make content discovery and distribution profoundly simple for marketers, especially within media and publishing, education, non-profits, technology companies and professional services, today announced that it has raised a $825K financing round. The total investment in the New York-based firm combines contributions from Opentopic founder and Chairperson Sophie Reinauld, serial entrepreneur and Opentopic CEO Christian Jorg, also a serial entrepreneur, and True Global Ventures, an investment firm comprised of the world's leading technology entrepreneurs-turned-angel-investors.
“Today more companies are turning to content marketing as a simple and cost-effective way to build new and lasting relationships with customers. But, the investment in content development and heavyweight platforms can actually undermine the benefits that attract marketers to content in the first place,” said Christian Jog, CEO of Opentopic. “At Opentopic, we believe that content marketing doesn’t have to be complex to be effective, and so we’ve created a platform that makes it surprisingly simple for marketers to acquire and engage customers with a steady stream of meaningful content. Now, with investment from True Global Ventures, we’re better positioned to grow our customer portfolio especially in the US, France, Germany and Singapore where we have already our existing customers and where True Global Ventures has a strong presence.”
Opentopic’s content marketing platform reduces the time it takes to discover relevant content and streamlines the steps required to package and distribute that content across the web, including social networks and email. Launched in private beta in April 2013, Opentopic became available to the public in the fall of 2013. The company has already attracted 20 customers, including Vinci Construction, technology solution provider Pitney Bowes, and media brands such as Elle and Marie Claire.
"With its easy to use platform and deep understanding of content marketing’s processes and objectives, Opentopic is uniquely positioned to support marketers in this time of explosive demand for content marketing,” said Dušan Stojanović, founder of True Global Ventures who was elected Angel of the Year in Europe by EBAN. ”We are very impressed by Sophie Reinauld’s execution and the talent she has attracted to the business, especially CEO Christian Jorg. We couldn’t be more excited to work with Sophie and Christian and the Opentopic team.”
Opentopic founder Sophie Reinauld also founded L'Agence, along with a fellow journalist, and Mediangles, a pioneering Internet marketing company that was later sold to Ipsos group. She is currently based in Europe where she heads Business Development and Sales for Opentopic.
Opentopic's new relationship with True Global Ventures has already resulted in new business. "We found that Opentopic is easy to use and extremely effective in supporting the discovery of quality content across the web and, notably, in different languages," said Kreso Gudelj the CEO of Adriatic-home.com, another company for which Dušan Stojanović is the lead angel investor. "We are excited about the pipeline of social media distribution outside of the standard US social media and its push also into emerging markets social media.”
Opentopic makes it profoundly simple for marketers to engage and acquire customers with a steady stream of meaningful content. Opentopic’s easy-to-use content marketing platform reduces the time it takes to discover relevant content and streamlines the steps required to package and distribute that content across the web, including on social networks and email. Based in NYC, Opentopic launched in private beta in April 2013 and has already acquired 20 enterprise customers since public launch in Fall 2013. To learn more, visit www.opentopic.com and follow on Twitter @opentopic and LinkedIn.
About True Global Ventures
True Global Ventures is a unique, international, super angel fund formed by more than 30 of the world's leading technology entrepreneurs-turned-super angel-investors. Its network consists of more than 350 high tech investments in Sweden, France, Germany, US and China realized prior to forming True Global Ventures. It leverages these personal networks and the expertise of its founders to support and accelerate the next generation of superstar companies. It exclusively invests in serial entrepreneurs with global ambitions within the Internet, mobile and software sectors in Berlin, Stockholm, Paris, SF-Bay Area, New York, Shanghai, Beijing and Hong Kong. Prior to Opentopic, True Global Ventures has invested into Sharespost (Silicon Valley), 4GSecure (Paris acquired by SCCP in Singapore), Polyspot (Paris), Musicxray (New York), Yatedo (Paris), DAD Asia (China), Stryking (Berlin) and Bountysource (Silicon Valley). www.trueglobalventures.com
Source: press release
Super Angel Fund True Global Ventures - founded by Venturepreneur and European Business Angel of the Year 2013 - Dusan Stojanovic invests in Stryking in Berlin and Bountysource in Silicon Valley
True Global Ventures along with Investitionsbank Berlin invested €1.3m in Berlin-based start-up Stryking Entertainment. The complete amount of €1.3m will be used to further develop and launch nspyre™. The new technical solution and service enables developers and publishers of free-to-play games to sell real products next to virtual goods within their in-game shops and to integrate consumer brands as part of the gameplay.
Stryking’s new technology and service nspyre™ with its first module, nspyre commerce, offers a shop-in-shop solution which provides the opportunity to sell real products in free-to-play games by implementing an API. The solution offers contextually fitting products to the users who enter the in-game shops and also provides delivery and logistics of the product as well as all other necessary after sale services. In the upcoming months, further functionalities will be added such as advanced targeting options as well as sponsoring, advertising and product placement opportunities for brands.
On the other hand True Global Ventures invested $1.1m in Bountysource together with the company's founder . The funds will be used in scaling developer community and attracting more corporate sponsors.
Bountysource has created an industry first and something open-source projects desperately
need: a community-friendly way to get funding and support. The tech industry relies heavily
on open-source projects and tools, yet developers struggle to get money and attract
volunteers to help with the day-to-day work required to keep projects running. Bountysource
solves this problem by standardizing the funding cycle and creating a vibrant marketplace of
dialogue and collaboration between developers and backers. The model incentivizes users
to support their favorite open-source projects through monetary donations or completing
bounties connected to a project. The company is also working with corporate sponsors, like
Adobe, who have a vested interest in supporting open-source projects, which often serve as
integral parts of a company’s engineering infrastructure.
About True Global Ventures
True Global Ventures is a unique, international, super angel fund formed by more than 30 of the world's leading technology entrepreneurs-turned-super angel-investors. Founded by Dusan Stojanovic, its network consists of more than 350 high tech investments in Sweden, France, Germany, US and China realized prior to forming True Global Ventures. It leverages these personal networks and expertise of its founders to support and accelerate the next generation of superstar companies. It exclusively invests in serial entrepreneurs with global ambitions within the internet, mobile and software sectors in Berlin, Stockholm, Paris, SF-Bay Area, New York, Shanghai, Beijing and Hong Kong.
Besides Bountysource and Stryking, True Global Ventures has invested into Sharespost (Silicon Valley), 4GSecure (Paris acquired by SCCP in Singapore), Polyspot (Paris), Musicxray (New York), Yatedo (Paris), DAD Asia (China).
Do not miss Venture Village interview with Dusan, talking about entrepreneurship, True Global Venutres - his super angel fund and Swedish startup successes.
(Source: press release)
We just found out that Ludei (an HTML5 game development platform based in San Francisco) secured $1.5 million in funding. According to the official press release, the funds will be used to expand the engineering team and bring its development platform to app developers outside of the gaming industry.
The round was backed by 2 Spanish VC funds as well as several angel investors.
“This funding further validates our approach to HTML5 development,” said Ludei founder and CEO Eneko Knorr. “HTML5 has taken a lot of criticism in recent years, and it’s true that on its own, it performs poorly on mobile. But our team and the world-class developers using our platform are proving every day that with the right support, HTML5 is ready for primetime, and we’re positioned to take on the biggest players in the app industry.”
More than 6,000 developers, including three of the top 20 game publishers in the world,are using the Ludei Platform to power HTML5 applications with the speed, complexity and features normally reserved for native applications. More than 500 games have been developed using the Ludei Platform.
Ludei’s initial funding came from Eneko, Venturepreneur who sold his previous company to Telefonica before founding Ludei. This round brings Ludei’s total funding to $4.5M.
Ludei enables developers to quickly and easily create, accelerate and publish HTML5-based apps and games. To date, Ludei’s cloud-based HTML5 platform has powered more than 500 iOS and Android game titles. Ludei is based in San Francisco, CA.
For more information please click here.
(Source: press release)
Dusan Stojanovic, Venturepreneur and super-angel received the Business Angel of the Year award (handed by other Venturepreneur Johann Hansmann - president of the Austrian Angel Investor Association) during The Annual European Business Angel Network (EBAN) Congress 2013 which was celebrated in Vienna on 13th and 14th May. Both Venturepreneurs shared their thoughts on what they believed angel investing was all about. Dusan Stojanovic (25 investments, 3 recent exits), emphasised the exit as his main driving force. On the other hand, Johann Hansmann (21 investments since 2010) pointed out that to him being a succsesful business angel was more focused on “building up a cash flow-positive and sustainable company that is nice to work in”. "I invest in people, not the companies", he added.
CouchCommerce - a cloud based SaaS platform that received 6-figures seed funding from the Venturepreneurs at the begining of 2013, has just become available in France, Italy, Spain and the United Kingdom.
Alexander Ringsdorff CEO of CouchCommerce expalins the recent expansion: "We initially launched CouchCommerce with a German and English site back in 2012. But due to the high demand from surrounding European countries we quickly decided to enable our platform for these additional regions and languages and now officially launched France, Italy, Spain and the UK".
CouchCommerce is a platform that converts online shops into web apps that are accessible like websites but behave like native apps. Natural gestures are supported, loading times shortened and the checkout optimized. With these improvements online shop merchants can immediately increase their sales via mobile traffic up to factor 10.
"Working with online shops across Europe we are seeing a traffic share of 30% and more via touch devices like Smartphones and Tablets. Merchants suffer from bad conversion rates because their shops were built for mouse and keyboards. With CouchCommerce they have a turnkey solution to handle this traffic and to increase sales within just 30 minutes after sign up!" completes Alexander.
The SaaS Platform currently supports Magento, Shopware and xt:commerce shop software. Within the next months Oxid e-sales, Presta Shop and Zencart will be added to this list. As a special launch promotion CouchCommerce is now offering a 30-day free trial on all plans for merchants joining.ara modificar.
TIBCO acquires MAPORAMA and NASDAQ OMX and SHARESPOST announce a joint venture - 2 hot deals involving Venturepreneurs Christian Mandl and Dusan stojanovic respectively.
Christian Mandl, Venturepreneur and Chairman of Maporama Solutions (a privately-held, French cloud-based provider of location intelligence and geospatial analytics solutions) informed us that Tibco Software, the enterprise software company, has bought Maporama Solutions, to help expand its big data offerings with location information
Tibco (Nasdaq: TIBX) says that it will be using Maporama’s technology to complement its Spotfire data analytics platform, providing more detailed results incorporating location into the mix.
On the other hand, Dusan Stojanovic, also Venturepreneur and Founder of True Global Ventures informed us about SharesPost’s (one of its portfolio companies) joint venture with NASDAQ OMX, currently known as the NASDAQ Private Market.
The venture combines NASDAQ OMX's market and operating expertise as well as resources with SharesPost's leading web-based platform. The NASDAQ Private Market (NPM) will provide improved access to liquidity for early investors, founders and employees while enabling the efficient buying and selling of private company shares.
Financial terms of the deals were not disclosed.
For more info click here and here.
(Source: techcrunch.com, reuters.com)
We are thrilled to inform you that CouchCommerce raised a 6-figure seed funding following winning the first ever Venturepreneuers Organisation Pitch Contest in October 2012.
The investment will be used to support additional shop systems and to prepare the roll out in the CEMEA region.
CouchCommerce successfully launched its SaaS post PC commerce platform automatically converting online shops in touch optimised web apps for smartphones, tablets and smart TVs in August last year. By the end of 2012 CouchCommerce already welcomed its 500th online shop demonstrating the high demand for mobile commerce solutions across small and medium online shops.
Christopher Pommerening, Founder of the Venturepreneurs’ Organisation explains why CouchCommerce was chosen as first ever investment of the Venturepreneurs: “The CouchCommmerce platform is a unique, highly scalable and fully automated turnkey solution for online shops across all verticals and potentially all around the world. We see a strong shift from traditional computers to new post pc devices like tablets and smartphones in commerce. This customer group already stands for about 20% of all web users and will continue to grow rapidly. In contrast to native app solutions requiring download, installation and customization for each ecosystem, CouchCommerce web apps are instantly available in the web browser of all relevant devices offering an easy and touch optimised shopping experience. Just like the consumer expect it to be.”
Thanks to the fully automated web-app deployment process online shops can launch with CouchCommerce within just 30 minutes,all by themselves and without the requirement of technical know-how. This helps the startup to quickly grow its number of merchants.
Alexander Ringsdorff, Co-Founder and CEO of CouchCommmerce explains why he is especially proud to have the Venturepreneurs as seed investors for his new venture: “We were thrilled when we got the message to have won the Venturepreneurs Pitch Contest. With more than 25 Venturepreneurs from 11 countries and an average of 8 investments per person the Venturepreneurs’ Organisation gives us access to all relevant markets and an unmatched network within the venture and entrepreneurial field. This is a great foundation for the international roll out of CouchCommerce in 2013. We could not be more excited about the opportunity ahead.”
According to Christopher: “The added value of the Venturepreneurs is the serial entrepreneurial experience that comes with the investment. For a startup, advice is as important as money when an idea is being implemented into a marketable product or service. This is where the role of the Venturepreneurs can really stand out in both experience and network of contacts.”
About CouchCommerce GmbH
Hannover, Germany based CouchCommerce is running a cloud based SaaS platform automatically and in just a few minutes converting online shops into web apps for post PC devices like tablets, smartphones and smart TVs. Web apps appear directly in the browser of the visitor without installation and can be used using natural gestures. The advantages for online shops are higher conversion rates, app feeling without installation, compatibility with all relevant smartphones and tablets, better ranking in mobile search results and low entry costs into the mobile commerce world.
CouchCommerce was founded in February 2012. More information is available here.
After the great success of the “Trends Session” held for the first time at the Venturepreneurs’ Organisation 10th Summit in Gavà, once again (this time in Mallorca) the Venturepreneurs shared with us their thoughts on what they believe the hottest trends in the (mainly) technology sector will be. We have listed for you the Top 10 (not only Tech) Trends identified as the most important for the upcoming year.
Today, it’s all about the crowds. From crowdsourcing, that allows companies to source on—demand employees, to crowdfunding - a new high-tech trend for companies looking to raise capital with groups of people making small investments that collectively can fund a startup. Crowd is powerful and very much related to online communities and social networks. The availability of cloud applications and platforms will make the “crowd-“trend one of the hottest tech trends in 2013.
2. Social advertising
We have already witnessed how this year’s Olympics Games in London became the first ever social media Olympics. Various reports claim that internet users spend more time in social networks and less surfing the websites. The conclusion is obvious: social advertising will be one of the most important marketing tools worth looking into as it offers better targeting and ROI; it is also successful in bringing in new customers whilst increasing the size of the community.
The Venturepreneurs are convinced that food industry has a great potential and, believe it or not, it has more presence online than one would thought! Just recently we have started to see many online platforms that offer pre-prepared fresh ingredients and recipes allowing consumers create restaurant-quality meals at home. This “gourmet convenience” trend will not pass unnoticed in the near future!
The e-commerce has changed physical distribution systems and the role of logistics has become critical in diverse aspects. Consumers want the products available everywhere and at any time. The future of (e-commerce) logistics will rely on precision, speed and flexibility.
Individualization is currently considered one of the most important social-cultural trends. After social validation in the online community, now it’s time to go back to real life and stand out from the real crowd! Custom made products and services are growing in popularity among consumers who want to be unique. We are witnessing a transition from designer-individual to customer-individual products, a trend that leaves a lot of space for more than one industry.
6. Big data
We have already heard about big data trend last year, but it seems that this space has not been discovered profoundly. Companies have started to realize that big data transforms into true business value and it transforms the business itself. With indefinite amount of information that we deal with on a daily basis it becomes even more obvious that it is very important to analyze it fast. On the other hand, it’s critical to distinguish between using “a lot of data” and “divers data”, and last but not least, it wouldn’t be fair not to mention the role of a human factor!
2013 is shaping up to be an exciting year for e-health trend. From wireless monitoring, where people can measure i.e. blood pressure simply by downloading apps on their smartphones to tele-health technology that provides two-way videoconferencing allowing doctors treat patients at a distance. In the last couple of years, the online health activity has grown so that this trend must be taken seriously; the Venturepreneurs believe that we will soon see a lot of revolutionary solutions in the e-health sector so we will absolutely keep an eye on it.
The future of the robotics landscape is going through a very interesting time. We have seen robots as co-workers and co-inhabitants; we have witnessed a 3D recognizing revolution (smart TV, Kinect) with built-in cameras, cloud robots, smartphone-based robots, telepresence robots and it seems that the line between humans and machines becomes unclear. Nevertheless, there are a lot of discoveries and innovations that we are expecting to see in the upcoming years.
9. Home automation
Home automation trend has recently started to speed up. This sort of a digital version of “clap on/off” lights, allows you to control your home functions i.e. doors, alarm, TV, music, air conditioning, heating etc. from the screen of your smartphone (as long as they are connected to the high-speed Internet at home). It has become more popular and accessible for larger group of clients, mainly because of the amount of available apps that control the system and reasonable price of installation + maintenance.
10. Human capital management
A cloud instead of a local server, enterprise social networks instead of intranet, tele-/videoconferencing systems for smartphones/tablets…we are witnessing that companies can manage a global, mobile and varied workforce at a distance. The Venturepreneurs see the future of platforms which help to increase productivity, lower the costs, accelerate performance and help proactively manage the workforce from anywhere in the world.
The trends highlighted above have been discussed by the Venturepreneurs, a network of business angels who aim to be always on top of the game and capture the right time to invest, support, and help create new “hot” businesses. The time will show if these forecasts were correct!


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HOFFMAN ESTATES, Ill. - Sears Holdings Corp. said it's considering separating Lands' End as its own entity.
In a statement Tuesday, Sears said it's evaluating the separation of the Dodgeville-based apparel retailer as one of several strategies to boost Sears' financial position.
Sears said separating the business is meant to "allocate capital in a more focused manner."
If Lands' End does separate, it would not be structured as a sale in order to benefit shareholders, the company added.
Sears purchased Lands' End in 2002. Sears Holdings includes Sears and Kmart stores.
- Deputies warn of thin ice as warm temps continue
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Time: 6:00 pm - 9:30 pm
Place: Museum of Fine Arts
Online catering startup Phoodeez now has 400 customers as it looks to seed round
A few years ago, Christine Marcus found herself going through a pivot in her own life.
The former deputy chief financial officer for U.S. Department of Energy found herself craving good, old-fashioned entrepreneurship. So she quit her job in 2011 and enrolled in a program at MIT Sloan School of Management.
It was at Sloan that Marcus first noticed the food culture at the school, specifically the catered events that filled the stomachs of hungry MIT students.
"You don't have to be a rocket scientist," she said. "I saw dollar signs."
Sal Lupoli, owner of the international pizza shop chain Sal's Pizza, was on board too. So, Lupoli and Marcus decided that they would enter the world of corporate catering.
And so Phoodeez, an online corporate catering business, was born. Now headquartered in Boston, the company curates a list of restaurants, personal chefs and food that can easily handle catering for big events at universities and businesses.
"Every restaurant wants to be in the catering market because of what the restaurant margins are," Marcus said. She also said restaurants are dealing with a lack of technology, making it easier for a business like Phoodeez to come in and change things.
"It's not low-tech, it's no-tech," she said.
Marcus and Lupoli launched Phoodeez in 2012. Although Marcus would not disclose revenue for the company, she said it now has 400 customers in Cambridge, Boston and Washington, D.C.
Phoodeez is now in the process of launching its angel round now, Marcus said, and the ultimate goal would be to expand nationally.
The online catering business is booming. EZCater, based in Boston, raised $4 million earlier this year, but deals almost exclusively with caterers around the country. Fooda, based in Chicago, recently entered the Boston market and aims to bring a "virtual cafeteria" from restaurants to workplaces around the country.
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Micromax Mobile has become the top supplier of smartphones in India taking a larger market share than the longtime leader in the industry – Samsung. Canalys conducted research on the exact figures that both companies registered in the last quarter of the previous fiscal year, and the findings led the firm to determine that Micromax had captured a 22% market share. In comparison, Samsung had earned just a 20% market share according to the same report. While that is just a 3-month period, Samsung was quick to dispute the legitimacy of the figures.
Samsung argues that the data at which the company used was misinformed, and nearly entirely inaccurate. While Canalys might be arguing on behalf of a domestic company, Samsung believes that they hold a 34% market share in India – thanks to the data that they say is more accurate, and more trusted within the industry. Samsung argues that GfK gives actual sales figures, going on in a statement that in part read, “We disagree with Canalys. We are not sure of the accuracy of the numbers (of Canalys). One is about shipments (Canalys), and the other reflects consumer sales (GfK). There is a reason that the industry syndicates and prefers GfK data.”
It’s an interesting argument, without a doubt, but those who oppose the smartphone giant say that this is a part of the larger problem in the mobile industry. It wouldn’t be hard for any third-party evaluating this particular scenario to see the flaw in both sides. On one hand, Samsung is arguing for data – and a company that shows them to be the undisputed winner – and by quite a margin. On the other hand, Micromax is utilizing the sales figures that reflect their victory in the Indian market.
Either way, this is a serious reflection of the tidal change that is taking place in the smartphone and mobile computing industry. Whether they’re smaller operations or manufacturers in China, or smaller operations in a country like India – where smartphone use is growing at a tremendous rate – the game is changing for larger operations like Samsung and even Apple who are both losing market share to these smaller companies. The next several months will be very telling, as to which data is more accurate as 2015 sales roll out.


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Evercore Estimates 500,000 Google Home Units Shipped in 2016
Bloomberg reported last week that Evercore estimates 500,000 Google Home units shipped in 2016. The firm also estimated shipments of 552,00 Pixel phones. This means over 1 million consumers have access to Google Assistant. Or does it? It may mean 552,000 have access to a fully functional Google Assistant and most of them also have a Google Home device. It’s important that we don’t double count users since it is likely many Pixel owners also show up as Google Home owners. So the real Google Assistant user number is somewhere between 552,000 and 1.05 million. We can simplify this by just looking at the home-based Voice Assistant user base.
Will Users Choose Just One Voice Assistant?
In a Voicelabs December survey of current owners of Amazon Echo and Google Home devices, only 11% indicated an interest in having more than once device in the home. It is clear that Google had a strong quarter for its initial launch unit sales and that Pixel adds potential value in terms of voice assistant user reach and mobility that Amazon’s Alexa is still trying to sort out. It’s early. Google now needs to close the gap in terms of functionality and users. You can bet that Amazon is going to be working that much harder to extend its lead. Game on.


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DEERFIELD, IL—Walgreens Boots Alliance Inc. and Rite Aid have called off the merger that would have created a drugstore behemoth of about 18,000 locations. Instead, WBA said Thursday it would purchase 2,186 stores, three distribution centers and related inventory from Rite Aid for $5.175 billion in cash.
The agreement between WBA and Rite Aid calls for WBA to assume the related real estate leases and grants Rite Aid an option through May 2019 to become a member of WBA’s group purchasing organization, Walgreens Boots Alliance Development GmbH. WBA will also assume certain limited store-related liabilities as part of the new transaction.
Acquisition of the Rite Aid locations will be on a phased basis over a period of approximately six months. WBA intends to convert the acquired stores to the Walgreens brand over time.
WBA and Rite Aid first announced a merger agreement in October 2015, giving Rite Aid an enterprise value of $17.2 billion. This past December, the two companies announced an agreement to divest certain certain Rite Aid stores to Fred’s Inc. That agreement has been terminated as well, and WBA will pay Rite Aid a $325-million breakup fee in connection with the annulled merger.
“This new transaction extends our growth strategy and offers additional operational and financial benefits,” says Stefano Pessina, WBA’s executive vice chairman and CEO. “It will allow us to expand and optimize our retail pharmacy network in key markets in the US, including the Northeast, and provide customers and patients with greater access to convenient, affordable care.
Pessina adds that the new agreement with Rite Aid “addresses competitive concerns previously raised with respect to the prior transaction and will streamline and simplify the transition for customers, team members and other stakeholders.” The initial closing is expected to occur within the next six months.


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Utz Brands has reshuffled personnel filling the head of finance position at the US savoury snacks firm and created a new management role of a chief operating officer.
Cary Devore, currently the Hanover, Pennsylvania-based company’s chief financial officer, will become COO and has also been appointed as executive vice president, both effective from 4 October.
Ajay Kataria, who occupies the position of EVP for finance and accounting at the New York-listed business, will move into the CFO seat from the same date.
“We believe today’s announcements provide the company with the optimal organisational structure to execute against our strategy, and will best position Utz to deliver on its commitment to be the fastest-growing, pure-play branded salty snack company of scale in the US,” CEO Dylan Lissette said in a statement yesterday (26 July).
“Our collective goal is to create long-term value for our stakeholders, and we are uniquely positioned to capitalise on growth opportunities for our power brands, while also enhancing profitability through our value-creation initiatives.”
Utz has been active in M&A of late, with a deal for Michigan-based tortilla chips business Festida Foods announced in May. In January, Utz bought the Vitner’s brand from local peer Snak King Corp. And last year, it acquired Truco Enterprises, the Texas-based owner of the Mexican tortilla chips and salsa brand On the Border.
In his new position of COO, Devore will be responsible for driving revenue growth and productivity for Utz, along with “strategic corporate initiatives including mergers and acquisitions”, the company said.
Devore joined Utz in 2016 as a board member, and from 2016 to 2019 worked with the CEO on its M&A strategy before becoming CFO at the end of that tenure.
Kataria has been at the company since 2017, and has also played a role in M&A strategy and assisted in Utz’s public listing. In his previous career, Kataria has also worked at US dairy-alternative business Chobani and snacks and beverages giant PepsiCo.


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“In the business world, the rear view mirror is always clearer than the windshield.”
– Warren Buffett, cited in Industry Week.
“I don’t think we should grow too fast…”
Richard ‘Dick’ Jennison, President, CEO of the
Manufactured Housing Institute (MHI)
“Nothing is changed until it is challenged.”
– Soheyla Kovach, MHProNews.
“Facts are stubborn things.”
– Mark Weiss, J.D., President and CEO of the
Manufactured Housing Association for Regulatory Reform (MHARR).
Businesses routinely use various metrics – including, but not limited to, the bottom line – to measure results. So that should logically happen in manufactured housing too, correct?
When videos are produced, ideally, they should be effective with those who view them. Meaning, how do people who view the video tend to respond to it?
Furthermore, videos in our industry – due to the stigma and misunderstandings that have persisted for years – ought to in some form or fashion effectively debunk those issues for those who view the video.
Last night, we did part one of this two part reality-check. We’ve said before that MHI deserves credit for good videos from their “Homes on the Hill,” noting that it was a member-driven event, not one originally envisaged by the association, per sources in MHI to MHProNews.
For whatever reason, MHI has ‘hidden’ these videos on their own website. That’s not a bad joke, that’s reality, as the screen capture done minutes ago reflects.
Why create them if they don’t promote them for the widest possible public audience? For that matter, why are they now showing less of HUD Secretary Carson than they did just a few weeks ago?
Or are these cases of posturing for their members, but not doing a robust promotion with the public at large?
By contrast, see the tiny house results in less than an additional day. That report – with video – is found at the link below. Compare the results for yourself. Facts don’t lie.
Given that MHI isn’t doing any notable promotion of their otherwise potentially useful ‘Homes on the Hill’ videos, is it any surprise that MHI’s results as measured by video views are now essentially stagnate?
In hindsight, given examples like this one, or those in related reports, further below, doesn’t the words of MHI President and CEO Richard ‘Dick’ Jennison take on an entirely new meaning?
At best, isn’t MHI embarrassing? What normal trade association behaves this way? Is it any surprise that the industry is down 9 months in a row in year over year shipment results? To learn more, click here. That’s it for now on “News through the lens of manufactured homes and factory built housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)
Submitted by Soheyla Kovach for MHProNews.com.
Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. Connect with us on LinkedIn here and here.
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MILAN, July 30- Troubled Italian car designer Pininfarina is still hoping to clinch a sale to Indian vehicle maker Mahindra and Mahindra but has begun drafting a stand-alone business plan as its financial position worsens. Pininfarina forecast on Thursday a full-year operating loss and said it did not expect to be able to meet at the end of the year a target for...» Read More
It is a unique experience, riding along in a Ferrari GTO. Unique because if you could figure out a way to ride in every one every made, you'd only get 36 chances. "It embodies, it combines, everything about beauty and strength. So it's very difficult to combine beauty and strength...
As I fly into the Los Angeles Auto Show, I'm wondering if this year's show and the slew of "green" models being rolled out will matter to people. Don't get me wrong, I think there is a growing appetite among buyers for hybrids and fuel cell cars. But the new models being introduced don't stand out.
Ford Motor has narrowed the auction of its Jaguar and Land Rover brands to three bids, two of them involving Indian companies, people familiar with the matter said Monday.
I admit it, this is not what I expected when I landed in Dubai, United Arab Emirates. I didn't expect to travel halfway around the world to see first hand that the automaker in my back yard is highly regarded. Last night, I went to the GM Style showcase here in Dubai where stars and cars share the runway.
Chrysler plans to offer a new round of rebates in December in preparation for what is expected to be a tough sales year in 2008, the Wall Street Journal reported Friday citing people familiar with the matter.
Ford Motor posted a narrower-than-expected quarterly loss Thursday and said it was nearing a deal to spin off British luxury brands Jaguar and Land Rover.
So there I am driving to the Northwestern/Iowa football game last Saturday when my friend Bruce says, "Hey, what do you think of the Buick Enclave? I think it's pretty sharp." Well Bruce, you are not alone. The latest stats from J.D. Power's Power Information Network shows the Buick Enclave was the fastest selling vehicle in the U.S. last month.
Stocks are striking a much-improved tone after Wednesday's high energy selloff, as investors await testimony this morning from Fed Chairman Ben Bernanke. Monthly chain store sales and some big earnings could also influence direction.
GM's record loss of $39 billion is a stunner that has investors once again questioning whether the country's largest automaker is any closer to consistently turning a profit. For what it's worth, I think GM will get there, and I'll explain why in a bit.
The takeaway from the GM numbers is that expectations for auto sales, particularly in North America, appear too high and is exacerbating concerns about a softer U.S. consumer. Forget about the somewhat confusing $39 billion non-cash charge.
General Motors CEO Rick Wagoner sees "tough circumstances" in the marketplace, but expects "no cash impact" from a massive charge that left his company with a record $39 billion third-quarter loss.
Toyota Motor, the world's biggest and most profitable automaker, posted a 2.7 percent rise in quarterly operating profit thanks to a weaker yen, cost cuts and stronger sales, and it raised its full-year forecasts.
I'm not a car geek, but I have to admit, there are certain models that immediately make me smile. Ford's Bullitt Mustang is one-mainly because I still say the chase scenes in Steve McQueen's movie "Bullitt" are among the best I've ever seen ("The French Connection" is another favorite).
General Motors said it would book a $39 billion non-cash charge in the third quarter, reflecting the risk of a slower turnaround that could keep it from claiming expected future tax credits in key markets. GM will report third-quarter results on Wednesday.
The trade as U.S. automakers prepare to report earnings.
"Bullitt" was a hit cop drama movie in 1968, with two super stars in the cast: Steve McQueen and a hotter than hot Ford Mustang featured in what was then one of the most exciting cars chases ever filmed (by the way, the car McQueen was chasing was a Dodge Charger)
I know the debate over how long until we see Hydrogen powered vehicles can be a heated one, but I have to admit I'm a little surprised at some of the e-mails sent to me about my blog yesterday. In a nutshell I told you I believe the hype surrounding the potential of hydrogen powered vehicles is overshadowing the reality that these clean burning rides won't be out on the street for a long, long time.
BMW, the world's largest premium carmaker, reported third-quarter pretax profit that fell far short of market expectations amid a strong euro and higher raw material costs, sending its shares sharply lower.
Ford Motor agreed to keep three U.S. plants open and pour significant new investment into its other manufacturing facilities as part of a tentative contract with the United Auto Workers, union officials briefed on the deal said on Monday.
With this being the start of "Green Week" here on the networks of NBC, it's only natural the guy who covers the one industry responsible for a good chunk of the world's pollution, look at the great hope for reducing emissions in automobiles: Hydrogen.


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Reliance Jio is gearing up for its full commercial launch of its services across the country and is all set to rattle India’s data market by offering 4G data at lowest rates in the world. “Mission of Reliance Jio is to take India from data shortage to data abundance. Jio makes India the highest quality, lowest…
Japan’s Softbank and KDDI are protesting a decision by NTT Com to sell wholesale access to its fiber broadband services to mobile operators, citing concerns of a return to monopoly.
NTT Com has announced a plan to offer fiber services to mobile operators to let them resell the services as part of their contracts, Reuters reported.
Subsidiary NTT DoCoMo now plans to bundle mobile and NTT Com broadband services into single packages.
But Softbank and KDDI have both publicly expressed concerns that the decision could allow NTT to restore its monopoly position, and thus give it carte blanche to control broadband prices.
At present, NTT DoCoMo is the only one of Japan’s three mobile operators not to offer bundled fiber services. KDDI has its own network, while Softbank offers plans in collaboration with NTT Com.
NTT has insisted it will be fair with its pricing, asserting that it will rent its fiber network based on traditional competitive rules.
Complicating matters, NTT Com is still 36% owned by the Japanese government. Original post at Telecom Asia


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In an ongoing partnership to showcase the benefits of using polystyrene, we are excited to further promote not only the article and American Chemical Society, but the findings associated. Please take the time to read the following:
A newly released study by Woods Hole Oceanographic Institute (WHOI), the world’s leading ocean research organization, shows that sunlight can naturally degrade polystyrene in just decades or centuries.
This research thoroughly debunks the common argument that PS “lasts forever” in the environment. Sunlight Converts Polystyrene to Carbon Dioxide and Dissolved Organic Carbon was published today in Environmental Science and Technology Letters.
And there’s more good news from the study – sunlight doesn’t cause PS to just physically break down, it also causes it to degrade chemically.
Using a sun-simulating lamp the WHOI scientists found they could chemically degrade polystyrene slowly, releasing organic carbon and trace amounts of carbon dioxide. The scientists believe for latitudes from the equator to the southern border of Canada (0° to 50° N), this degradation process would take decades. For complete oxidation to carbon dioxide, it would take centuries.
Past studies have focused on the role microbes play in degrading PS, rather than considering other factors like sunlight. While microbes would eat plastic, they can be selective, and the complex and bulky structure of PS makes it unappealing for bacteria. WHOI lead research Dr. Collin Ward says, “Although the ring-based backbone of polystyrene makes it a difficult target for microbes, it’s the perfect shape and size to catch certain frequencies of sunlight.”
The study also found that additives (such as color) play a major role in breakdown as they absorb different frequencies of sunlight, which influences how fast the PS breaks down.
EPS-IA will develop messaging around this exciting new study. Stay tuned for updates.
For more information contact us at
Plymouth Foam wants you to know the facts about Airpop® EPS so that you can sort through misconstrued information; looking at the environmental impact of any material requires considering all the facts. We need to look at how the material functions, what are the total energy costs to produce, and how the material is recycled.
Some people claim EPS is bad for the environment but they have not taken these facts into account:
- EPS is recyclable and recycling rates are climbing especially post-consumer recycling. Chemical recycling increases the ability to recycle contaminated EPS waste. There are more paper cups than EPS foam in landfills.
- Alternatives require more energy to produce, creating an even greater environmental impact. The American Chemistry Council sponsored a study showing the environmental cost of alternatives is 4 to 5 times more.
- EPS alternatives don’t function the same. You’ll see consumers “double-cup” hot coffee in paper cups or use an extra cardboard coffee sleeve. Businesses pay higher transportation costs for heavier packing materials that lack the same cushioning and impact resistance resulting in potential damage to the finished product. Perishable food would be wasted if not for the insulating benefits of EPS.
Contact Plymouth Foam when you need a collaborative solution for your delicate packaging and temperature sensitive storage solutions.
Contact GoPlymouthFoam for Construction questions or solutions.
Reprint from Plymouth Foam - July
Recyclable and biodegradable are two terms that can get confused. We’re here to help understand the difference.
Let’s start off with the term: recyclable. The definition from dictionary.com states…
Recyclable: to treat or process (used or waste materials) so as to make suitable for reuse.
YES! Our material EPS (Expanded Polystyrene) is made of 98% air and is an inert material without harmful chemicals that off-gas or leach during its use of disposal. EPS is 100% recyclable. Many EPS users do not know of it’s recycling capability.
By The Numbers (2016 Domestic EPS Recycling):
The EPS Industry Alliance shares Airpop® (EPS) packaging recycling stats.
- 63 million pounds Post-Consumer
- 55.7 million pounds Post-Industrial
Biodegradable: capable of being decomposed by bacteria or other living organisms.
Biodegradable is a different concept. EPS breaks down slowly making it a non-viable biodegradable product. Common substances that are biodegradable include food scraps, cotton, wool, wood, human and animal waste.
Although EPS is not biodegradable, it can be recycled and reused. We are a proud industry supporter of this initiative in conjunction with our own sustainability efforts.
See our Video by clicking here!
I noticed this year, Home Depot is making a big deal out of trying to reduce EPS (“styrofoam”) out of some of they're packaging and just substituting other plastics. They think it is great, I think it is foolish. That new packaged Home Depot Christmas gift that doesn’t have EPS but cardboard and plastic, where does that packaging end up? After Christmas this year, look though people’s trash and you will discover that much of the paper and cardboard that can be recycled is not. Why? What did Home Depot gain?
Let’s talk about EPS for just a minute. There are recycling centers all over the US just for EPS. In fact, there are over 200 EPS collection centers and growing. Last year in 2016, over 118 million pound of EPS was recycled. That is a ton considering EPS doesn’t weigh that much as 98% of the product is air.
They say, Americans are lazy and we need stuff that is biodegradable to put in the landfills. They don’t think we are smart enough or motivated enough to recycle EPS. I think Americans are smart enough but we certainly could do a better job of educating the public on all these EPS recycling centers. We could do a better job of letting the public know that EPS is a resource rather than garbage. That EPS is 100% recyclable just like aluminum cans. We need to push our local municipalities to add Number 6 to our recycle bins. (Click on the Video below, it is really eye-opening.)
So this Holiday Season, I am adding to the phrase “Peace on Earth” to Peace on Earth and please recycle your EPS.
Learn More Plymouth Foam Recycle Center
Nation Wide Drop Off Centers
Video Recycling EPS
What if you're a contractor and you want to recycle your foam? Plymouth Foam has a program to help with larger quantities of EPS Foam. (Learn More - How to) Plymouth Foam encourages recycling of construction EPS. "The biggest challenge is educating contractors on how to recycle foam."
Plymouth Foam is working on educating the public that EPS is "the Safe Insulation" and is 100% recyclable. In fact, in 2013 over 34% of post consumer EPS was recycled, that is over 127 million pounds. (Learn More about Why EPS is so Green)
Plymouth Foam Recycle Center
1800 Sunset Dr.
Plymouth, WI 53073


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The project of expansion at Turawa Park, which received a building permit last year, has now entered the construction phase, with the handover to the general contractor. The expansion project, with a total investment budget of €5.5 million, has reached a pivotal stage with the signing of all the largest lease agreements in terms of the GLA, signalling strong interest from prominent brands to join the vibrant tenant mix of Turawa Park.
Focus Estate Fund the owner of Turawa Park is pleased to announce the signing of four lease agreements, representing approximately 61 percent of the Gross Leasable Area (GLA) of the former DIY building. These agreements include well-known brands such as New Yorker, Martes Sport, DM and Forpepe House. Furthermore, negotiations are underway for the finalisation of an additional three lease agreements, which are expected to cover more than 90 percent of the GLA. These forthcoming agreements will further enrich the retail mix, enhancing the shopping experience for visitors to Turawa Park.
In support of this ambitious project, Focus Estate Fund has secured financing through a credit facility provided by BNP PARIBAS Bank.
Maxim Shkolnik, General Partner of Focus Estate Fund, expressed confidence in the project’s success, “We are confident that with the help of our partners from BNP Paribas Real Estate, Turawa Park will progress swiftly, bringing us closer to realizing our vision of a premier shopping destination that caters to the diverse needs of our customers. The expansion project, currently underway, presents an opportunity for retailers to join a thriving retail ecosystem and capitalize on the centre’s dynamic environment. With the ongoing development of expansive residential projects in the vicinity, Turawa Park’s catchment area continues to expand, adding more responsibility to provide a compelling and rounded offering to the growing customer base”.
“Redevelopment of a first generation DIY building into a modern retail park was part of an ambitious retail strategy to finalise the overall repositioning of a dominating 36,000 sqm destination. Mixing both convenient family offers and newer, specialised value retail chains under the same roof, proves to be the next generation of “proxy(e)fficiency” assets,” says Fabrice Paumelle, Head of Retail BNP Paribas Real Estate Poland.


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Samsung hasn't revealed a huge amount about its line-up for CES 2016, although we're expecting big news about televisions, with a refresh to its SUHD TVs that proved popular in 2015.
With LG kicking off press day and Sony still to come, Samsung is ready to steal the show with its latest and greatest devices for 2016. Will there be anything from Samsung Mobile? Will there be new wearables? Will it all be about smart white goods?
You'll have to watch and see for yourself. Fortunately you can watch the live video stream from Samsung's CES 2016 press conference right here, right now.
Be sure to check out our CES 2016 hub to catch up with the rest of the action from the Las Vegas show floor.


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Microsoft has filed a patent lawsuit against bookseller Barnes & Noble, accusing the company of running infringing software on its Android-based Nook e-reader.
A former Goldman Sachs computer programmer has received a stiff prison sentence for stealing source code used in the company's high-frequency trading system.
Nearly two-thirds of enterprises are supporting more or "far more" applications than they actually need to run their operations, according to a survey released Monday by Hewlett-Packard and Capgemini.
While not due to be released until Tuesday, Firefox 4.0 has already been discovered on Mozilla public servers by eager Web surfers.
Oracle explicitly said that it planned to sell products directly to its largest accounts after it acquired Sun Microsystems last year. But reseller Innovative Technology Distributors is claiming Oracle set about doing so in a way that "destroyed" ITD...
JavaFX 2.0, an upgrade to the Java-based rich client application environment started by Sun Microsystems, is due to move to a public beta phase this spring with general availability planned for later in the year, Oracle said on Friday.
Microsoft yesterday urged users of older Office suites to install and run a complicated tool to protect themselves against ongoing attacks exploiting an unpatched bug in Adobe's Flash Player.
There's no denying that Skype is by far the most ubiquitous VoIP service today, but a new project launched this week aims to create an open source alternative.
Once Firefox 4 is out the door next week, Mozilla will likely shift to a faster development cycle for its browser, one that resembles the way Google rolls out a constant line of updates for Chrome.
Although Gingerbread 2.3.3 is steadily rolling out to particular cellphone providers and their handsets, there are still companies that are not so sure about offering the Android update. One of these companies for instance is Sony, but that hasn't st...
Something like this has happened to all of us lately: You shop for a watch for a friend's birthday and for a week afterwards every site you visit features ads for watches. It seems like everyone from Google on down is tracking where we go and what we...
If you're a fan of character-based interfaces -- such as DOS -- and free data recovery, you're going to love TestDisk and its companion utility, PhotoRec (a brother program included in the TestDisk download). Both free programs run in a DOS box or fr...
A judge in Delaware on Thursday ordered the unsealing of a letter containing allegations of sexual harassment by former Hewlett-Packard CEO Mark Hurd, which ultimately led to his departure from the company.
Minnesota's Department of Human Services has agreed to pay ACS US$7.25 million to settle a lawsuit the systems integrator brought against it in connection with the development of HealthMatch, a system for determining a person's eligibility for health...
VMware has released the vSphere Client for iPad, with which IT staff will be able to monitor and manage their virtualized infrastructure, the company said on Thursday.
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Yadea brand electric scooter has entered Nepal.
Yadea Electric Mountain Bikes use rechargeable batteries that can trav
Kuzu Nepal Pvt. Ltd is offering a cash discount of Rs. 25,000 to each
Kuju Nepal ties up with Shankhamul Futsal Club.
Yadea premium electric scooters are back with its annual scheme Dham
Yadea Nepal has won the award for best marketing.


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When looking at an overgrown lawn, many may see a mess. Jeremy Yamaguchi saw a business opportunity.
Yamaguchi is the founder and CEO of Lawn Love, a San Diego-based startup that likens itself to the Uber of lawn care. The company launched services in Las Vegas in November and is available in more than 120 cities across the U.S.
The app connects homeowners to professional lawn care workers who mow, garden, remove leaves and more.
Yamaguchi said he first got the idea for the startup in 2009.
“I realized the entire home service category was low tech and offline,” he said. “ I saw an opportunity to build something that was more scalable.”
The company launched in 2014 to change the lawn service industry.
“In the same way Uber has totally transformed the mobility market, where they are now a company more valuable than the entire taxi industry, we think we can do the same things for lawn care,” he said. “It’s a massive market, and there’s room to improve.”
According to market research company IBISWorld, the landscaping industry was valued at $93 billion in 2018, up 6 percent over the last five years.
Marcos Jacober, founder of Airbtheboss, an online training course that focuses on how to build an Airbnb business, said these types of careers are a growing trend in the U.S. He said apps like Uber and Lawn Love offer workers the flexibility to shift away from 9-to-5 desk jobs and provide a convenient connection between the contractors and consumers.
“Now, (workers) do as many things as they’d like to. They can work more hours and have more control over their lives and feel like they just became the boss,” Jacober said. “The customer is attracted because now, they have a variety of service providers to choose from.”
There are about 3,000 independent contractors using Lawn Love in the U.S., with about 60 in the Las Vegas area. Yamaguchi said contractors earn about 85 to 95 percent of the job cost, with some contractors earning more than $100,000 last year.
While lawns are often discouraged in dry climates like Las Vegas, Yamaguchi said lawn care is still a lucrative market.
“We do drought-tolerant landscaping and installations as well,” Yamaguchi said. “A lot of what you see in Vegas and San Diego still needs regular maintenance. Weed control, trimming, maintaining sidewalks, irrigation … all those things still need someone to come by and take care of it.”
Yamaguchi said Lawn Love’s average customer is someone between 30 and 50, those old enough to have moved on from apartment life to the suburbs.
“Someone who’s living in a home with a yard with greenery outside, who wants it to look great but doesn’t want to sweat it out every Sunday,” he said.
As for the lawn care professionals, Yamaguchi said the business provides the perfect opportunity for small lawn care businesses to find more customers.
“They don’t necessarily thrive or do a great job of bringing software into their business,” he said. “We go and bring them in a ton of new customer demand. … (it’s) allowing professionals to maintain their independence and be masters of their destiny.”


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The Securities and Exchange Commission alleges that the trio had colluded with suppliers to inflate earnings.
The SEC claims that an accounting fraud involving allowances enabled Kmart to overstate its net income by $24m.
Investigators have been looking into Kmart’s management practices for more than two years.
Kmart, which emerged from bankruptcy protection last year, agreed a £6m merger with store operator Sears in November.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements


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INDIA: Apparel boosts Aditya Birla Nuvo Q2
By Richard Woodard | 2 November 2011
Indian conglomerate Aditya Birla Nuvo posted strong increases in second quarter earnings and revenues, helped in part by growth in the company's apparel division.
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Exclusive: Multinational technology organisation Samsung has launched an online financial wellness programme for its 40 employees in Ireland.
Samsung first launched online financial wellness support, in partnership with Nudge, for its 1,400 UK-based staff in February 2016. As of 24 July 2018, the organisation has extended this to those in its Dublin office.
Danielle Starbuck, head of reward at Samsung, said: “The growing number of leading global employers attracted to Ireland is helping to fuel the war for talent and is raising the bar on what employee benefits packages consist of. At Samsung, we want to ensure that we are offering a similar package of benefits to our colleagues in Ireland as we do in the UK.
“It’s important to us to have a consistent approach to health and wellness and to offer our [employees] the support they need to make managing their money simpler. We’re delighted to be the first of the world’s top 10 technology [organisations] to offer personalised financial wellness support to our people in Ireland.”
The programme uses tailored content and benchmarking data to simplify money management. It provides a personalised platform that generates financial education posts, and allows the employee to follow action plans so as to achieve their own goals.
Employees also receive personalised nudges, providing tips and guidance regarding specific events that could affect them; these might be lifestyle changes, such as purchasing a house or starting a family, legislative developments that the employee should be aware of, or adjustments within the organisation itself.
The new programme was launched with an interactive masterclass, provided by Nudge. The masterclass was held in the organisation’s Dublin office, and 50% of employees attended.


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According to the Semiconductor Industry Association (SIA), global chip sales in May were US$21.8 billion, up 2.8 per cent from April and 7.5 per cent from May 2007.
Sales increased despite continued anticipation of slower demand in the US and Europe. SIA President George Scalise said, "Growing sales of consumer electronic products in emerging markets, including China, Latin America, and India, have become a major factor driving semiconductor sales."
According to SIA, the US now accounts for just 21 per cent of PC volume and just 13 per cent of mobile phone volume, compared with 31 per cent of PCs and 21 per cent of mobile phones just five years ago.
Isuppli reported that global first quarter PC shipments increased following normal seasonal patterns, up by double digits from the first quarter of 2007.
PC sales rose 12.1 per cent to 69.9 million units worldwide from 62.4 million units a year ago. PC shipments in the first quarter have risen 12 per cent from the prior year in each of the last five years, with the first quarter of 2008 continuing the trend despite US weakness.
"The first quarter of 2008 was better than hoped for, due to continued strong demand growth for mobile PCs," said Matthew Wilkins, a principal analyst at Isuppli.
Part of the recent shift to mobile PCs could be due to increased demand in emerging markets, where consumers might be attracted to compact computers that are adequate for their needs.
HP, Dell and Acer kept their top three ranks as global sellers of PCs, according to Isuppli. µ
Semiconductor and computer shipments rose in Q1
By Egan Orion on Jul 2, 2008 3:05AM


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Hyundai Motor America just fired CEO Dave Zuchowski, 58, who joined Hyundai as U.S. sales chief in 2007, for failing to meet an internal sales target. He was widely respected in the dealer body.
He took the CEO position in 2014, succeeding John Krafcik, when Hyundai's growth was starting to slow. In Korea, businesses often see the end of the year as the perfect time for a leadership change, making this departure a holiday spoiler for Zuchowski, something that is hardly a surprise to Hyundai-watchers. The decision is effective immediately.
According to Automotive News, Hyundai's sales until November were up 1.3 percent to 707,485 units, not including the Genesis luxury brand, which recorded 1,306 units. U.S. sales for the Hyundai cars, including models which now fall under the Genesis umbrella, hit a record in 2015 of 761,710 units, higher by five percent from the previous year, but the growth rates are down from double-digit growth in 2010 and 2011.
Forbes said that while Hyundai's car sales were down 5.3 percent, one model, the rental car favorite, Hyundai Accent, was up 28.7 percent, which cannot be good for profit as sales to fleet customers tend to have lower margins. Hyundai does not break out U.S. operating results.
Unfortunately for Hyundai (and Dave Zuchowski), the Korean brand was not well represented in the crossover market. Hyundai now has three CUVs, the Santa Fe, the Santa Fe Sport and the Tucson. While all are fine vehicles, still, they were not nearly enough to meet demand.
Jerry Flannery, 59, general counsel and executive vice president, shall replace Dave Zuchowski as the interim CEO until a successor is appointed. Hyundai says it shall begin its search immediately. In a statement, Flannery said that they appreciate Dave's decade of service to Hyundai, especially his leadership as president and CEO which has made them a stronger organization. He also added that he looks forward to "working closely with their dealers, affiliates, senior management and talented and hardworking employees across the country to realize Hyundai's full potential."