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MARZOTTO AND VALENTINO TEAM UP AT LAST — BUT WHAT COMES NOW?
Byline: Luisa Zargani / With contributions from Alessandra Ilari
MILAN — Marzotto clearly hopes it can do better with Valentino than HdP.
After seemingly endless speculation, Marzotto announced Wednesday the purchase of Valentino from Holding di Partecipazioni Industriali for $210 million, a sum that includes Valentino’s net debt of $179.2 million. (Dollar figures are converted from euros at current exchange rates.)
It also brings HdP another step closer to divesting its fashion interests to concentrate on its editorial and communication operations, said Maurizio Romiti, chief executive officer of HdP, in a statement.
“The purchase of Valentino allows us to strengthen our presence in the worlds of luxury goods and retailing,” said Antonio Favrin, vice president and ceo of Marzotto, in a statement. “Valentino perfectly blends with Marzotto’s portfolio, which include Hugo Boss and the licenses Marlboro Classic, Gianfranco Ferre Studio and M Missoni,” said Favrin.
HdP bought Valentino in 1998 for about $233 million in what was billed as the start of a fashion conglomerate. But the big group never materialized. HdP’s other fashion holdings include Fila, Joseph Abboud and GFT Net, which once held licenses for such key brands as Giorgio Armani Collezioni and Emanuel by Emanuel Ungaro. Those licenses, however, were taken back in-house by their owners.
Marzotto downplayed the possible financial effects of the acquisition, expecting a surplus value from the sale of nonstrategic activities.
“Marzotto believes it will drastically improve Valentino’s financial results and bring profitability to the company by 2004,” said the Marzotto statement.
The deal must gain approval by the Italian equivalent of the Securities and Exchange Commission on antitrust issues.
In 2001, Valentino registered sales of $115.7 million, with a gross margin of $72.3 million and a net loss of $24.9 million. Marzotto said it will not increase its capital and will not modify its dividend strategy as a consequence of the acquisition.
“This is a great deal and very balanced, because there are synergies between the two companies,” said Armando Branchini, vice president of InterCorporate, a luxury goods analyst here. “They have the same management philosophy, they are both projected on international markets, they are solid companies with corporate structures,” said Branchini.
Analysts and fashion sources concur that the Valentino brand is strong, but that Marzotto will need to invest heavily in retailing and production if it is to succeed where HdP failed. “This is an interesting operation and Valentino is complementary to Hugo Boss, but the challenging relaunch of the label and the impact of the investments in the short term could be painful for Marzotto,” said Andrea Paladini, a luxury goods analyst at Centrosim. “The $210 million figure, added to Marzotto’s own debt of $367.3 million on a company property of $589.2 million equals a debt-to-equity ratio less than one.”
“In terms of strategies, and in the long term, this is an important and positive acquisition for Marzotto,” echoed Paola Durante, luxury goods analyst at Merrill Lynch. “In the medium term, I am worried about the fact that Marzotto has never managed a luxury brand and that perhaps it does not realize how much money needs to be invested in the company. If Valentino is indeed brought to break-even in 2004, it means Marzotto did not invest enough.
Durante added that she expects Marzotto to focus on management and defining the relationship with Valentino Garavani.
Life after HdP for the designer is indeed an issue for most industry insiders. Sources often reported that HdP treated Valentino and his business partner, Giancarlo Giammetti, to lavish fringe benefits, which included personal planes, free vacations, bodyguards and a $5 million yearly consulting contract. It was these benefits that Marzotto apparently was not willing to take up — and which delayed the signing of the contract. According to sources, however, Valentino was still not happy with the way his business was handled by HdP and, although he had no say in the sale, many speculate he is now breathing a sigh of relief.
Valentino’s contract with HdP expires in 2003. Sources say that if he were to break the contract with Marzotto before then, he would have to cough up a hefty sum. Not that it seems likely, given his fame for being passionate about his work and his stated intention that he’s still not ready to retire.
“Valentino deeply loves his metier and wants to redeem his brand,” said Maurizio Pecoraro, who prior to dedicating himself to his eponymous line, designed the Valentino Roma line. “GFT [the company that manufactured the line, also owned by HdP] was a productive failure and did not have a skilled workforce. The workers in the production plant only knew how to make very structured garments that were old-looking and out of touch.”
The designer said Valentino’s runway collections, on the other hand, were beautiful because they were assembled in Valentino’s couture palazzo in Rome.
“Marzotto is not the ideal partner because it’s a more industrialized company and is less familiar with luxury, but there is nothing worse than HdP,” said Pecoraro.
Conversely, Carlo Pambianco, owner of a luxury goods consulting firm, believes Marzotto’s industrial and culture makes it the “ideal partner” for Valentino. “HdP had a financial background that did not help grow Valentino,” said Pambianco, who holds a positive view of Marzotto’s financial strategy. “Marzotto is known for its caution. I’m sure it has studied a solution to Valentino’s problems and it has the capacity to relaunch the label, along the lines of what Gucci did with Yves Saint Laurent.”
Recent industry talk was that Valentino could be split into two separate divisions, for ready-to-wear and couture, with Valentino designing the latter, following the YSL model. A spokesman for Marzotto said it was too early to discuss details of the transaction. Valentino Garavani was not available for comment at press time.
“I don’t think the idea of splitting the divisions would work,” said one designer, who spoke on condition of anonymity. “Besides, Valentino won’t let go and is still very passionate about his profession. Marzotto will be better than HdP, which wanted to create a luxury pole on the model of LVMH Moet Hennessy Louis Vuitton without a background to do so and wanted a quick return. Valentino is one of the few great Italian designers and he has built a huge brand, but GFT has an Eighties mentality, believing it’s good enough to have a recognized designer name, and did not invest in a modern technical know-how.
The designer said Marzotto needs to understand that Valentino is a luxury brand and must not be turned into a purely commercial one. As for the fringe benefits, the source said Marzotto can’t afford to keep them if it wants to turn the brand around.
“Everyone is cutting costs,” said the designer.


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INDIANAPOLIS (Inside INdiana Business) — Indianapolis-based Simon Property Group Inc. (NYSE: SPG) will Friday kick off a two-day hiring event in Indy. The mall operator says more than 100 retailers and restaurants are looking to fill a variety of part-time and full-time jobs throughout the city.
The hiring event will take place Friday and Saturday from 10 a.m. to 9 p.m. at Castleton Square Mall and The Fashion Mall at Keystone. Some of the participating retailers and restaurants include Macy’s, Nordstrom, Anthropologie, Bath & Body Works, and Public Greens.
Individuals interested in the open positions will be able to participate in onsite job interviews at the hiring event.

domain: news


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The head of a provincial grocery chain says his company will thrive despite stiff competition and online shopping by developing a niche selling Alberta products.
“If we follow the well-trodden beaten path of a conventional grocer, we’re not going to win,” Freson Bros. president Doug Lovsin said, adding big supermarkets such as Superstore, Sobeys and Walmart are based in other provinces or other countries.
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“Our mission is to deliver a unique Alberta food experience … There’s really nobody championing Alberta products, Alberta producers. We’re Albertan. We’ve been here for 63 years.”
Lovsin, whose family-owned company runs 15 stores in smaller communities across the province, was part of a panel discussion on retailing put on last week by the University of Alberta School of Business.
Freson Bros., which has about 1,000 employees, aims to set itself apart from the competition with stores offering only Alberta beef, chicken and pork, cutting meat in-house and smoking their own bacon and sausage, Lovsin said.


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DoorDash just announced services in three new states, and with that it reached a new milestone: becoming the first third-party delivery service officially operating in all 50 states. According to a press release sent out today, that makes DoorDash available to roughly 80 percent of Americans. As is pretty much customary at this point, DoorDash will offer a deal in honor of today’s news: for today, customers will only pay a 50-cent delivery fee for all orders over $10.
The milestone comes with the addition of DoorDash service to Montana (Billings, Bozeman, Missoula), Alaska (Anchorage), and South Dakota (Sioux Falls), and brings the total number of cities where DoorDash delivers to over 3,300. By comparison, Grubhub says it currently serves 1,700 U.S. cities (plus London). Uber Eats, meanwhile, serves only a few hundred in the U.S. but is expanding all over the map, including to the Middle East and Asia. However, number of cities doesn’t necessarily equal the most marketshare, and DoorDash is still third behind Grubhub and Uber Eats in terms of customers.
It should also be noted that expanding into these new cities (as well as a few in North Dakota and West Virginia) doesn’t mean DoorDash gets a break from the competition, be it Uber Eats and Grubhub or the slew of other services who’ve long operated in small- and mid-sized U.S. cities.
Back in December, we wrote that these places are a new battleground for third-party delivery, now that major metropolises like LA and NYC are (mostly) saturated. To that end, Bite Squad, who was acquired by Waitr in December, is already in Sioux Falls, as is a small company called Zip Dish. BringMeThat operates in Alaska, and CafeCourier is in Missoula, MT.
The U.S. is a big place, but it seems our appetites for delivery are even bigger. I wouldn’t be surprised if we see DoorDash or any of the other top three look to acquire some of these smaller companies at some point in the near future. Stay tuned: the winning battleground could wind up being where we least expect.


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The Law Society Gazette has published an article about the government backed online dispute resolution platform for SME’s:
“Work on a government-backed online dispute resolution system could be under way within weeks according to details of the project published today. The LawTech UK programme today published a request for proposals (RFP) for the ‘tech-enabled online dispute resolution platform for SMEs’, one of four initial projects announced under the LawTechUK Vision unveiled last month.
The intention is to create a voluntary low-cost but enforceable mechanism for settling disputes over matters such as late payments. Participation will require the agreement of both parties, who will not give up their right to go to court.”


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The COVID-19 pandemic is poised to make the upcoming reporting season one to remember for some time. Since late-March, many companies on the ASX have been pulling their full-year earnings guidance and have been unable to provide assurances to investors. On that note, let’s take a look at 7 ASX shares that I’ll be keeping a close eye on during reporting season.
The Afterpay share price has been a bellwether of overall market enthusiasm during the pandemic. With online shopping and eCommerce platforms thriving during the lockdown period, it will be interesting to see how Afterpay has harnessed the momentum and how the company plans to grow as the overall economy struggles.
BHP boasts a strong balance sheet and low-cost operations with earnings coming from iron ore, copper and coal. The company recently reported a record-breaking quarterly output of iron ore on the back of robust demand from Chinese steel mills. With iron ore being its biggest money maker, BHP will be one to watch this reporting season, especially for how the company treats its dividend.
Mirvac owns and operates a commercial property portfolio that is exposed to office, retail and industrial properties, which, together, account for 59% of group earnings. The coronavirus pandemic has wreaked havoc on retail and other commercial rental incomes so I’ll be keen to find out exactly how Mirvac is going at protecting its income streams.
Flight Centre Travel Group Ltd (ASX: FLT)
The pandemic has created an unprecedented challenge for travel and leisure companies like Flight Centre. The company has completed a $700 million equity raising and reduced its annualised operating expenses by $1.9 billion. With domestic travel looking to have a protracted recovery, reporting season will help reveal the full impact the pandemic has had on Flight Centre and how the company plans to recover.
This company has emerged as a leader during the pandemic, which has seen the ResMed share price make stellar gains for the year. The company tripled its ventilator production to more than 52,000 units in order to fulfil an urgent contract from the Australian Government. It will be interesting to see how the company has performed during this period and how it is looking to sustain growth beyond the pandemic.
Kogan.com is fast becoming a household name, thanks in part to the coronavirus pandemic. During the lockdown period, Kogan’s active customer base grew to over 2 million, with an additional 126,000 customers being added in May alone. The online retailer also completed a $115 million capital raising in order to accelerate future acquisition opportunities. With the Kogan share price already looking like investors have priced in the company’s recent success, it will be fascinating to see whether Kogan has any upside surprises left to reveal.
During the initial lockdown period, many people flocked to complete home improvements and also set up home offices. Wesfarmers owns both Bunnings and Officeworks, which are 2 companies that obviously benefitted from these trends. On the other hand, the company’s Target and K-Mart stores have suffered from reduced foot traffic resulting from lockdowns.
Should you buy?
With the S&P/ASX200 (ASX: XJO) rallying since the peak of the pandemic, many people have thrown out fundamentals and harnessed the momentum through speculation. As a result, the share prices of many companies on the ASX (in my opinion) have been overinflated, whilst others have also been oversold.
I think this reporting season will no doubt reveal the reality and provide investors with some great opportunities. I think a good exercise for investors would be to compile a watchlist of shares they wish to pay close attention to during reporting season in order to take full advantage of these opportunities when they arise.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
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Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited, Kogan.com ltd, and ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.


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The redesigned iOS App Store, launched last September, seems to have finally fulfilled developers' wishes for easier discovery, according to a recent study.
Discovery of apps by browsing — rather than keywords and referrals — has stayed consistently higher each month since iOS 11 was released, said analytics firm Sensor Tower. Whereas the ratio was about 12 percent in August 2017, it topped 15 percent in September, and managed that performance or better in October, November, December, and April.
Even a dip between January and March was still above August figures.
For years developers have complained that their apps can get lost in the shuffle. There are millions of titles on the App Store, and it can be difficult to discover quality ones unless they have major buzz or marketing behind them.
The iOS 11 redesign brought curated content to the fore, with regular "App of the Day" and "Game of the Day" sections as well as lists, how-tos, and developer interviews. Apple has attempted lists and highlights in the past, but often without much insight as to why people should download something.
App Store discovery is crucial to developers, since it's the only authorized means of selling or downloading iPhone and iPad apps. Android users normally find apps through the Google Play Store, but can technically get apps elsewhere.
The U.S. Justice Department recently sided with Apple in a Supreme Court battle over whether the App Store violates antitrust laws. Plaintiffs have complained that Apple's monopoly is harmful not just to competition, but to developers and consumers, since the company's 30 percent cut may inflate the prices developers have to charge.


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CHICAGO (MarketWatch) -- As Burger King Holdings Inc. faces slowing growth and fierce competitive pressures at home, the fast-food chain is increasingly looking overseas for ways to expand its empire.
When the company reported its fiscal fourth-quarter and full-year results Tuesday morning, it said that its worldwide net-restaurant count increased by 25 in fiscal 2006 -- the first year it was up in more than four.
While busily shuttering U.S. outlets, Burger King
"Our international-restaurant pipeline continues to significantly contribute to our overall growth of new units," said Chief Executive John Chidsey in a conference call, who added that when it comes to comparable sales growth, "Latin America continues to be a shining star in our portfolio."
Same-store sales were up 5% in the region, but it will be a while before it can meaningfully build the company's bottom line: It represents juts 4.5% of total revenue.
Still, Burger King has some dominance in the market: Of the 26 countries making up the Latin American business region, Burger King is bigger than McDonald's Corp.
In Canada and the United States, same-store sales were up 2.5% on the year.
Things aren't quite as robust elsewhere, as Europe. Middle East and Asia -- accounting for 28% of revenue -- posted a mere 0.2% increase in same-store sales, largely due poor results in the United Kingdom.
"We continued to see ... pressure throughout the year in the U.K.," Chidsey said, as "changes [in] consumer behavior have negatively impacted the entire informal dining-out sector in that country."
Ron Paul, president of industry consultancy Technomic, likes the company's chances overseas.
"Burger King is really challenged domestically," he said. "They have come late to the recovery party, if you will," as Wendy's International Inc.
"Internationally, there is plenty of opportunity to exploit" with hamburger chains -- except for the Golden Arches -- are thin on the ground, according to Paul. That opens up room for Burger King, he added, "and American-chain concepts are accepted in almost all parts of the world."
Harry Balzer, vice president of research firm NPD Group, noted that fast-food chains "have tried everything in the U.S. to find new places to expand," but may have run out of room unless they develop new concepts.
"The balance of the world is still virgin territory," he continued. "And the thing that droves growth faster than anything else is a new unit."


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Bloodstained: Ritual of the Night, the next game from former Castlevania producer Koji Igarashi, topped $1,750,000 in its Kickstarter this morning nearing the game's final stretch goal.
It took less than a day for the game to hit its $500,000 goal, which is meant to fund just 10 percent of the game and prove to the investors backing the other 90 percent that there is interest from gamers. The game hit $1 million the day after the Kickstarter went live.
The funding has brought with it a slew of stretch goals including a new boss, new playable character, nightmare mode, local co-op and, this morning at $1,750,000, a speed run mode. The final stretch goal, achieved at $2 million, is a boss rush mode.
Interested in the game and its creator? Check out Matt Leone's story, in which he spent a day with Igarashi as he prepared for the launch of the Kickstarter and talked about the upcoming game.


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According to Reuters, Shake Shack is preparing for an initial public offering.
The report said that the New York City-based burger chain's majority owners have been interviewing investment banks in recent weeks.
Reuters said Shake Shack's earnings are supposed to be around $20 million next year.
Shake Shack's IPO would come as fast-casual restaurants like Red Robin have been under pressure, while shares of Mexican fast food chain Chipotle have been among the market's best performing stocks.
Read the whole report from Reuters here.
See Also:Emerging Payment Technologies Will Create New Winners And Losers In The Giant Credit Card Industry30 Years Ago Warren Buffett Gave Away The Secret To Good Investing And Correctly Predicted No One Would ListenThis $500 Machine Could Change How You Do Laundry


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Commercial farming is taking a different turn in Nepal under the support of government’s public schemes.
As the latest reports say, different schemes under the 10-year-long ‘Prime Minister Agriculture Modernization Project’ are giving positive results for the country’s potato farming.
As a result, more number of farmers are inclining towards commercial potato farming availing the government schemes and increasing farming mechanization benefits.
With this, farmers could double their potato production year-on-year while significantly minimizing production costs in farming.
Kamal Rural Municipality is one locality that benefited the most out of this scheme and emerged as a ‘potato pocket’ zone. Potato cultivation in this area has seen a two-fold rise in this region from 35 dedicated farmers last year to 60 farmers this year.
A special potato management committee has been formed under this project to help farmers plant seeds using potato planters. “The committee also helps farmers harvest their produce by using a potato harvester without charging them any extra cost for the machine,” says Yam Bahadur Rai, chairman of the committee.
According to Tanka Kattel, a facilitator of Integrated Pest Management (IPM) Agriculture Cooperative, the committee helps farmers to also sell their products upon harvest.
We have received 50 percent of subsidy on potato seeds, and the committee has been helping us with potato transplanter and harvester which have significantly reduced our costs of production,” says Durga Prasad Parajuli, a local farmer in Kamal Rural Municipality.
While it takes a day to plant a potato in a katta of Nepali land using traditional methods, it takes only 20 minutes to do the same with the machine.
“The potato planter saves time and costs significantly. Almost 75 percent of our costs are cut down, and because of this more and more farmers are willing to grow potatoes for a living,” says Govinda Shrestha, another local farmer.
The NPR 130 billion project envisages adoption of modern farm techniques to boost productivity and increase the country’s self-reliance in food.
Wish the project implemented in 2016 will go a long way ahead to benefiting the Nepali farming community!


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By Lauren Daley
At their last meeting Aug. 1, the 15-member Competitive Alcohol Liquor Pricing Task Force decided to break into four groups in order to cover more ground and meet their quickly-approaching deadline of Jan 1, 2013.
The group must submit research and recommendations on revamping the state’s liquor laws. Connecticut Gov. Dannel P. Malloy (D) assigned them with a massive undertaking: to examine, review, and analyze Connecticut alcoholic liquor taxes, quantity and volume discounts, existing liquor permit restrictions, minimum pricing and price posting; they must also look at alcohol law in other states and note the impact on consumers and industry stakeholders.
The Task Force is co-chaired by Edward Berthiaume, who co-owns Mr. B’s Discount Wine & Spirits in Brooklyn, Conn. and by Deputy Majority Leader State Rep. Kathy Tallarita (D) from the 58th District in Enfield, who recently lost her seat in the House in the state primary elections.
Challenger David Alexander won by a 2 to 1 margin, outdistancing Tallarita, a 14-year incumbent, 64 to 36 percent, according to figures from the Enfield Patch. Still, Tallarita remains focused on her Task Force and subcommittee work. She chairs both the Alcoholic Liquor Tax Subcommittee and the Minimum Pricing and Price Posting Subcommittee; they both met on Aug. 22 and are slated for a second meeting Sept. 5.
Berthiuame chairs the Existing Alcoholic Liquor Permit Restrictions Subcommittee and the Quantity and Volume Discounts Subcommittee; they both met on Aug. 27. They will meet again Sept. 10.
The Alcoholic Liquor Tax Subcommittee met for 39 minutes at their first meeting Aug. 22. All members were present— Subcommittee Chair Rep. Tallarita, Ed Crowley, David Leon, Stanely McMillen, David Rutigliano, and Commissioner Kevin B. Sullivan.
Sullivan reviewed the current alcohol tax and sales tax rates and stated that neither Gov. Malloy nor his agency are ready to look at additional tax changes until the Task Force looks at changes to pricing. He said Malloy’s position is clear: the state should not pass higher costs to consumer until the Task Force examines the prices of alcohol.
When asked where Connecticut falls in terms of taxes or prices paid by alcohol suppliers, Sullivan said they didn’t have that information at hand, and suggested that the subcommittee ask the Dept. of Consumer Protection to compare the prices paid by suppliers in the state with those in New York, Rhode Island, and Massachusetts.
That subcommittee also reviewed Massachusetts’ history of enacting and replacing sales tax on alcohol. Crowley said in the office of Fiscal Analysis’s review of Massachusetts sales tax collection, the amount of total sales decreased when the sales tax was enacted, and increased following its repeal. McMillen, however, suggested that other market forces may explain the jump in sales other than the repeal in tax.
The Minimum Pricing Subcommittee met for 48 minutes on Aug. 22. Present were Subcommittee Chair Tallarita, Brian Durand, David Leon, Stanley McMillen, Rep. Sandy Nafis, Rep. Rosa Rebimbas, and DCP Commissioner William Rubenstein. Absent was Dr. Ian Ayres, who has not yet attended any Task Force Committee meetings to date.
Rubenstein reviewed minimum pricing, saying that “post and hold” applies to almost all alcohol products with the exception of farm wineries and brewpubs. He said cigarettes and whole milk are regulated similarly to alcohol.
As for subcommittee goals, Tallarita said hers are to provide relief to consumers and to let small business make their own decisions in terms of work days and hours. Rebimbas said hers are to make prices more consumer-friendly, create a positive business climate and protect public safety. Nafis and Rubenstein agreed.
Leon said his goal is to look at other tiers of the liquor industry in studying the impact of minimum pricing, and that costs that get passed on to the consumer may originate in other layers of the industry. He said eliminating minimum pricing would result in a chaotic marketplace. He volunteered to look at other states and compare systems.
Rebimbas asked if there was a year-in-review summary that examines why prices fluctuate from month to month, and if the state has the power to regulate prices that wholesalers charge. Rubenstein said there may not be enough competition among wholesalers which leads to higher prices.
The Quantity and Volume Discounts Subcommittee met on Aug. 27 for 33 minutes. Present were Subcommittee Chair Berthiaume, Mark Abrahamson, Ed Crowley, Rep. Mary Fritz, Rep. Sandy Nafis and David Rutigliano. Brian Durand was absent.
Previously, Task Force members had wondered in the past if a co-op was possible for small stores. But Crowley asked who would be responsible for paying the sales tax on a group or co-op bulk purchase and who would pay the handling fee or bottle deposits, commissions and Teamster salaries in such a co-op.
Rutigliano, who owns five restaurants, said the restaurant industry would not be able to use the quantity discounts because they have very little storage room. He said discounts would have to be made up somewhere and he fears prices would go up. Abrahamson said offering quantity discounts only benefits big box stores.
The Existing Alcoholic Liquor Permit Restrictions Subcommittee met for 34 minutes on Aug. 27. Present were Berthiaume, Chief James Cetran, Ed Crowley, Rep. Sandy Nafis, William Rubenstein and Rutigliano. Rep. Tallarita and Rep. Rebimbas were absent.
Berthiaume asked why Gov. Malloy had increased to nine the number of stores a person could own. Rubenstein said that may decrease overall costs and increase efficiency, but Berthiaume—who co-owns Mr. B’s Discount Wine & Spirits in Brooklyn, Conn.— said increased licenses will only benefit big box store, negatively affect price, and reduce competition. He said packages stores have to compete with grocery stores, which have a larger profit margin and can offer better prices. Rubenstein countered that grocery stores are subject to the same loss leaders as package stores.
Crowley asked if the subcommittee could research beer distributor territories in other states and the number of states that have beer territories.
Each subcommittee will meet on through Oct. 1. The next full Task Force meeting is on Sept. 12. The group will hear a progress report from subcommittees, along with representatives from portions of the alcohol industry that aren’t currently represented and were invited as a result.


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NEW YORK — Ralph Lauren has his eye on two big product developments in the next year — reentering the cosmetics world and introducing a premium denim product.
Lauren revealed the plans in response to questions from shareholders at the Polo Ralph Lauren annual meeting on Thursday at the St. Regis hotel, where the designer playfully handled a volley of queries by investors who asked him to consider a Grandparents’ Day promotion, to apply pockets to his signature Polo shirts and to give up his annual bonus in exchange for the company’s 5 cent-per-share quarterly dividend.
“This company is flying in terms of freely going where I thought we should go,” Lauren said. “We are in charge of our own destiny.”
Having faced such questions from the same shareholders before, Lauren, who is chairman and chief executive officer of the company, was prepared with his responses and remained upbeat throughout the 45-minute meeting.
During his remarks, Lauren — clad in a black suit, white shirt with French cuffs and a Lance Armstrong “Live Strong” yellow plastic bracelet — outlined several areas of strong performance for the company, noting its retail business of 346 stores is profitable, citing volume figures for specific products and reiterating that they were hitting their targets. The women’s Lauren by Ralph Lauren sportswear business, which the company took over following a dispute with its licensee, Jones Apparel Group, is on track to do $400 million in sales this year, and the company’s business in Europe — bought back from its licensees — will hit $500 million, and “that business is going to be a $1 billion business,” he said.
Polo began fiscal 2005 on a solid footing, as first-quarter results for the three months ended July 3 skyrocketed 165.1 percent to $13.4 million on a 24.1 percent revenue gain to $592.8 million, versus income of $5.1 million on revenues of $477.7 million in the year-ago quarter. For fiscal 2004 ended April 3, income dipped slightly by 1.9 percent to $171 million, while revenues rose 8.6 percent to $2.65 billion, as reported.
After the meeting, Lauren said the positive numbers indicate “the beginning of a lot of other interesting things for the company.”
This story first appeared in the August 13, 2004 issue of WWD. Subscribe Today.
“We’re doing really well and we’ve got a lot of room for growth,” he said.
He also returned the many compliments that have been thrown his way by Sean “P. Diddy” Combs, who said this week that he had hired Lauren’s former vice president of design, Max Wilson, to head a women’s collection at Sean John.
“It’s 37 years of business and I’m glad he’s patterning his business after mine,” Lauren said. “I like Sean.”
During the meeting, however, he did concede a loss on one front — sales of the licensed collection of Ralph Lauren Paint that had dropped to $61 million from $66 million. In response to Harry Korba, a shareholder from Yonkers, N.Y., who is a fixture at Polo annual meetings, Lauren attributed the decrease to management changes that led his product to be positioned differently at retail and carried next to paints bearing the Walt Disney logo.
Lauren also was challenged by Korba on the $8 million bonus he received in fiscal 2004, on top of a $1 million salary, noting the designer is the company’s largest shareholder and was eligible for its dividend.
Polo gives its shareholders a dividend of 5 cents a share, or 20 cents a share on an annual basis. The designer owns 43.3 million shares of the company’s stock through RL Family LP, a family partnership of which Ralph Lauren is the sole general partner, according to the company’s proxy statement. Based on the current payout rate, Lauren nets $8.66 million in dividends annually.
“I work night and day for this company,” Lauren said in response. “We have an experienced team of board members. When they gave me a raise, it took six months to figure that out. Everything that goes on here is of the highest level and has the same level of quality that our products do. I’m a shareholder and, like everyone else, I’m entitled to [a dividend].”
The shareholders’ questions tended to focus on their individual Ralph Lauren wish lists: a store closer to home, a more feminine perfume bottle, a bridal collection, Polo shirts with pockets and, as one said: “People like a pocket, it’s handy, you can put something in it.” Yet they also reflected the same general question that Wall Street continually asks of the company, which is where it will continue to find growth. This year, Lauren hinted at some possibilities.
When asked about the possibility of entering the premium jeans market, Lauren said, “We work with Jones in their jeans company. They are introducing a premium jeans product now and it’s going to be promoted.”
Estelle Cohen, a shareholder and Polo customer, asked the designer why he does not currently produce cosmetics and received a tantalizing answer: “Ask me again next year,” Lauren said. “We’re working on that.”
After the meeting, Lauren said he was not making an announcement about returning to the cosmetics business, but noted the subject is in discussions with the company’s beauty licensee, L’Oréal USA. The firm also is developing a new fragrance for men and women, he said.
“It’s in the planning stages, but we’re not that far along,” he said, deferring questions to executives at L’Oréal, who later declined to comment.
Lauren had previously sold a makeup collection through Warner Cosmetics, its original fragrance licensee. The cosmetics were launched in 1981 and were discontinued in 1985. Warner was later acquired by L’Oréal.
Polo’s performance resulted in its most upbeat annual meeting since it went public in 1997, with the designer greeting several shareholders by name. Polo’s stock has been trading at around $34 a share and has a 52-week high of $37.05 and low of $25.94, which Lauren took as an indication the company has shaken Wall Street’s fear that it was a “mature” brand when it went public. Shares closed on Thursday at $33.91, down 85 cents, on the New York Stock Exchange.
Jennifer Black of Jennifer Black & Associates, said, “We think the stock is cheap. I estimate earnings per share for fiscal 2006 to be $2.78. Compared to other apparel companies, Polo should easily be able to get to $44 or $45 a share. It is becoming a hybrid between an apparel firm and a luxury brand. It should trade at a premium. The company’s operating-margin opportunity is substantial because it is just now starting to reap the benefits from the infrastructure and merchandising initiatives from the last few years.”


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A story in the Dec. 21 issue on new fines for feeding water birds in city parks should have stated that violations will result in fines of $50, $100 and $200, respectively, for the first, second, third and subsequent violations.
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( T. Charles Erickson )
Review: 'Satchmo' goes behind Louis Armstrong's happy facade
The solo show 'Satchmo' by Terry Teachout depicts jazz legend Louis Armstrong reflecting on his bittersweet life and music; it plays at American Conservatory Theater through Feb. 7
( JP Yim )
Kanye West's super strict rules for Yeezy show models
Kanye West had some pretty strict rules for how models at his Yeezy Season 3 fashion extravaganza should display his clothes.


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C21 confirmed that its next market, Content LA, will run as a two-day event at the Fairmont Century Plaza on May 18 and 19, 2023, with a four-strand conference focusing on scripted, unscripted, FAST channels, and international programme sales and coproduction.
The 2023 event will move in alongside the LA Screenings Independents, which takes place at the same hotel from May 17 to 19. Moreover, the two-day conference will be surrounded by a development marketplace with meeting tables and screening rooms available for clients throughout the event.
According to its organizers, four key strands at Content LA 2023 will drive the conference programme:
Building on its reputation for bringing the domestic US drama business together with international financiers to support fresh partnerships, Content LA will feature a core scripted strand running across the two days. Key writers, showrunners, producers, platforms and channels will feature in the line-up.
▸ UNSCRIPTED, FORMATS & FACTUAL
Unscripted content will form a key pillar of Content LA 2023, with a variety of sessions that connect the US business with the world.
▸ FAST CHANNELS
With FAST channels offering significant opportunities for international programme partners and suppliers, Content LA will include a dedicated strand covering this booming sector, with several sessions dedicated to better understanding and boosting business in FAST.
▸ INTERNATIONAL SALES & COPRODUCTION
With the global content business returning to a partnership model around sales and coproduction, Content LA will focus on the players that are driving this move back to a more traditional model and the shows they are looking to co-finance and package.
“Content LA provides a fantastic opportunity for the global content business to connect in LA in May, ahead of the studio screenings. By aligning with the LA Screenings Independents, we intend to create a significant market and conference experience that facilitates better connection between the US content business and the world,” said David Jenkinson, Editor-in-chief & Managing Director of C21.
By aligning with the LA Screenings Independents, we intend to create a significant market and conference experience that facilitates better connection between the US content business and the world.” David Jenkinson Editor-in-chief & Managing Director of C21


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GAINESVILLE, Fla. --- A University of Florida professor has developed a quick, cheap and easy way to filter from water one of the world’s most common pollutants: arsenic.
Bin Gao’s team used iron-enhanced carbon cooked from hickory chips, ... READ MORE
GAINESVILLE, Fla. --- Bin Gao, an associate professor with the University of Florida’s Institute of Food and Agricultural Sciences, has been named the first recipient of the Joye Giglia Endowment Award, which recognizes research involving ... READ MORE
Cutline at bottom. Click here for high-resolution image.
GAINESVILLE, Fla. --- Phosphate poses one of Florida’s ongoing water-quality challenges but a process developed by University of Florida researchers could provide an affordable solution, ... READ MORE
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GAINESVILLE, Fla. --- For hundreds of years, farmers in Brazil’s Amazon Basin have hunted through dense jungles for what is called “terra preta” -- mysterious plots of super-fertile black ... READ MORE


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Medco To Offer Discounted Generic Medications
Pharmacy benefit manager Medco Health Solutions on Thursday announced a plan to offer reduced-cost generic and brand-name drugs to small- and medium-sized businesses, the AP/Austin American-Statesman reports. The plan, called "Generics First," will be offered through health insurers that partner with Medco and will be targeted at businesses with up to about 500 workers.
Employers will pay premiums for the plan that are about half as expensive as traditional prescription drug coverage, and workers will be able to buy generic drugs for as little as $10 for a 90-day supply via mail order, according to John Driscoll, Medco's group president for new business development.
The plan covers a total of 818 medications. Medco's aim is "to sign up new customers in a market generally overlooked as its competitors focus on serving plans for huge corporations and government agencies," the AP/American-Statesman reports.
Driscoll said that Nationwide Life Insurance, the first insurer to sign up for the plan, will implement it this week. "The biggest and fastest-growing need in the marketplace is for some sort of low-cost prescription plan," Driscoll said. He added, "While many of the companies we're targeting have little or no insurance plan today, they want it or may have had it in the past."
Anthony Wisniewski, head of health care policy at the U.S. Chamber of Commerce, said, "I think plans like this will be attractive to small and midsize employers because Medco is offering both generic and brand-name drugs."
Andrew Speller, a health care services analyst at A.G. Edwards & Sons, said he expects all PBMs to offer similar plans. Some PBMs already might be quietly offering such plans, Speller added (Johnson, AP/Austin American-Statesman, 10/13).


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World's most valuable brands
Interbrand calculates and ranks brands based on their global value, and there’s a new leader at the top for 2013. Here are the most valuable 15 brands in the world according to company.
By Houston Chronicle Web Staff
on September 30, 2013 10:55 AM
Photo: Paul Sakuma/Associated Press


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DYMA Brands announced multimillion-dollar investments in manufacturing capabilities at the company's Bremen, Ga., and Visalia, Calif., facilities. The investments expand DYMA's production capabilities within its product lines, specifically in dipping sauce cups and jelly cups.
The technological advancements, which include automation capabilities and a human machine interface, are expected to result in more efficient production of the cups, greater consistency in quality, production flexibility and increased capacity that will enable the company to launch customized products in a shorter period of time.
In addition, the company is introducing new equipment used to produce single-serve jelly cups, increasing production efficiencies and enabling more operators to serve customers who eat on-the-go. The equipment will be automated throughout the manufacturing process, eliminating manual inputs and marking improvement from previous processes. The company expects the new equipment to improve yield and throughput, while further bolstering its supply chain.
Matt Savage, chief operating officer of DYMA, says, "The investments we are making in new, best-in-class technologies strengthen our position as a leading foodservice provider and further enhances our value proposition to our customers. Today, DYMA's cups and pouches are widely used by top U.S. food distributors and suppliers, as well as by well-loved, established brands, such as Welch's. This most recent investment in our equipment assets is evidence of our continued commitment to developing unique, best-in-class products, so our customers can stay ahead of the evolving demands of consumers."
The company expects its additional investments in equipment assets to take place by the first quarter of 2024.


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Indian billionaire investor Rakesh Jhunjhunwala says he's very upbeat about his country's growth potential after the country underwent a massive banking crisis and the rollout...Asia Economyread more
There's more pain ahead for the U.S. and China amid their bilateral trade dispute, according to one expert.China Politicsread more
Alphabet Inc's Google said Tuesday that keeping phones up to date and secure was in "everyone's best interests," shortly after the U.S. temporarily eased some trade...Technologyread more
You know there's an underlying problem when investment firms start to cut exposure to a particular asset class.Commentaryread more
Stocks in Asia were mostly higher on Tuesday as a temporary reprieve in U.S.-China trade tensions provided a breather.Asia Marketsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
A record 257.4 million travelers are expected to opt for U.S. airlines for travel this summer, the 10th consecutive annual increase, a trade group forecast on Tuesday.Airlinesread more
Huya, a Chinese live streaming platform focused on gaming, is looking to expand into the U.S. in the next couple of years, CEO Rongjie Dong told CNBC. The U.S. is expected to...Technologyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
Chipotle may have given the store away with all those free burritos. Credit Suisse on Monday lowered its forecasts for Chipotle, citing the fast-casual chain's heavy marketing campaigns in the decision
The mobile and mailed-coupon "efforts have likely helped traffic in recent weeks, but at the expense of 'real' sales," analysts said in a research note.
Credit Suisse now expects Chipotle's same-store sales in the first quarter to drop 30 percent, down from a previously anticipated 25 percent fall. Its analysts also lowered the earnings-per-share estimate for Chipotle, expecting a loss of 21 cents per share instead of a gain of 22 cents.
Chipotle did not immediately respond to CNBC's request for comment.
The burrito restaurant has offered free entree promotions to help bring customers back to stores following several foodborne-illness outbreaks.
The campaign has had some success, with consumers reporting more willingness to eat at the chain in recent weeks, according to a survey released last week by William Blair. Chipotle has also seen increases in foot traffic since the Center for Disease Control and Prevention declared the company's E. coli outbreak over last month.
However, analysts at Sterne Agee CRT believe Chipotle will see a rapid deceleration in customers following its highly promotional campaigns in mid-February.
"As such, we believe it is likely that March will show a sequential deceleration in traffic trends versus February, which could be disappointing to the Street," Sterne Agee CRT analysts said in a research note last week.
Credit Suisse is not the only institution to balk at Chipotle's attempted comeback. Deutsche Bank downgraded the stock to a "sell" and lowered its target expectations, citing a lack of faith in the company's ability to recover.The bank's analysts foresaw a 24 percent drop in Chipotle's stock price, a plunge to $400 from its Feb. 22 price of $525.90.
"We still question what a recovery will look like (and when it will materialize)," Deutsche Bank analysts said in a research note in late February. They said that while management has been proactive in "trying to regain consistency and customer trust, there is tremendous uncertainty on how well they will be received."
BMO Capital Markets also lowered its target price for Chipotle, though it still gives it a "buy" rating.


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The Coffee House at Sunway Putra Hotel Kuala Lumpur is presenting a new a la carte menu, featuring eight different international and local delights.
Arepas for charity: Casa Latina & Cacao Lab in Persiaran Ampang, Kuala Lumpur is doing its bit for charity with its piquant arepas promotion that ends tomorrow.
This month, we offer four healthy-eating, knowledge-packed cookbooks offering the globe’s best eats, plant-based diets, and beginner-friendly meals.
Malaysian food products are becoming increasingly ‘visible’ on shelves of US supermarkets as the popularity of Asian food products rises.
PETALING JAYA: Malaysians have taken to Facebook to question Singapore's move to push its hawker culture on Unesco's Representative List of the Intangible Cultural Heritage of Humanity.
PETALING JAYA: Roti canai and char koay teow may rank much lower than curry laksa on Lonely Planet’s latest eatlist, they are nonetheless firm favourites of Malaysians, including chefs and restaurateurs.


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Analysis: How Brits connected in a year of change
December 22, 2021
Analysis released by UK multiplay operator Virgin Media O2 reveals the impact of a tumultuous year of highs and lows on the nation’s connectivity habits across mobile, broadband and TV networks.
In a year that saw a third national lockdown, a summer of freedom and then the emergence of omicron and new restrictions, as well as unexpected sporting triumphs and major gaming launches, the one thing that remained constant was the nation’s reliance on technology.
Virgin Media O2 saw its biggest ever year for data use on both broadband and mobile networks, as more people than ever went online to chat, stream, share and game. In 2021, customers downloaded 19 per cent more broadband data than the previous year, with mobile traffic up 45 per cent year on year.
Following analysis of tens of millions of customers from January 1st – December 10th 2021, Virgin Media O2 reveals the consumer connectivity habits that shaped 2021.
Gaming became the new going out
Lockdown supercharged our nation of Twitchers, Fortniters, Roblox and FIFA players, with people stuck at home using more data than ever for gaming. New releases of Call of Duty, Fortnite and Apex Legends drove huge data use spikes in February and March, leading to some of the busiest days for broadband traffic.
But even after the nation regained its freedom in July, gaming on Virgin Media’s broadband network continued to rise with lockdown habits dying hard. December 5th marked the biggest data download day, driven by the hotly anticipated release of Fortnite Chapter 3, while Warzone Caldera and Halo Infinite, which dropped 13 hours apart, caused evening traffic to surge to the second highest levels ever on December 8th, as gamers scrambled to get their hands on the new releases.
Symptoms of pandemic fatigue set in
After months of doom and gloom tuning into the Government’s daily Coronavirus briefings, Brits showed increasing signs of pandemic fatigue this year, watching 15 per cent less news than a year ago.
Fed-up of COVID, the nation’s attention turned instead to the return of live sport, which resulted in a 24 per cent growth in Sports viewing. The busiest days of TV viewing were linked to some of the biggest sporting moments early in the year including the India vs England Test Cricket, FA Cup clashes and The Super Bowl. And in early December, Premier League matches streamed on Amazon Prime drove the busiest evening peak of the year, with broadband traffic up 34 per cent on average, and 24 per cent higher than the previous year’s events.
WFH weariness to hybrid bliss
Analysis from Virgin Media’s broadband network revealed Brits downloaded on average 18.9GB of data per day between January and February 2021 – a 52 per cent increase on pre-pandemic levels1 – to help them navigate home-schooling and the mandate to work from home.
As we finally connected IRL, we took the chance to refresh our socials
But taking advantage of this new-found freedom took time to plan. Google app usage peaked between June and August as people searched for inspiration online, while an analysis of Google search data by Virgin Media O2 showed a 174 per cent uplift in searches for ‘Staycation’ over the last year.
The data highs and lows of the year
- The ‘Peak Netflix’ day– the release of Squid Game drove the most Netflix traffic on October 3rd with traffic to the streaming service jumping 27 per cent over previous weekends.
- October was ‘Peak TikTok’ month – TikTok usage continued to grow over 2021, despite lockdown ending. The app has continued to see growth across 2021, with O2 customer usage at its highest – at nearly 7 per cent of all app usage – in October.
- The ‘Peak Shopping’ day– Black Friday boost for Amazon and PrettyLittleThing. Online retailers Amazon and PrettyLittleThing were given a Black Friday boost. According to O2 mobile usage, Amazon saw 85.21 per cent increase in data traffic in the week leading up to Black Friday with data traffic doubling on the day, while PrettyLittleThing saw a midnight surge, as customers shopped on the go to secure their Black Friday bargains.
- Focused fans – England Euros fans switched off their devices as heartache set in. As the delayed UEFA Euro 2020 Championship kicked off, fans put down their devices to concentrate on the games. Virgin Media’s broadband network saw significantly lower levels of internet usage during England’s matches, with the biggest drop coming during the final, with customers downloading 28 per cent less traffic compared to the previous week, as fans were rendered speechless.
- Bank holiday digital detox, as we all finally got outside. The quietest day for data uploads on the O2 mobile network was 30thMay as Brits put down their devices to enjoy the warm bank holiday weekend.
- “TGIF and the kids are back at school”. The first ‘back to school’ Friday on the 10th September was the quietest day for broadband data downloads, as Brits headed out for a celebratory weekend of fun.
“This has been another rollercoaster of a year and our digital behaviours reflect that,” notes Jeanie York, Chief Technology Officer, Virgin Media O2. “Amidst another lockdown and varying restrictions, we’ve seen a sustained growth in demand for our services as customers have made a long-term shift to hybrid-working, and we’ve seen the explosion of online gaming – all of which enhance our need for ultrafast and reliable connectivity across our fixed and mobile networks.”
“The data is clear that these changes are long-lasting: even as we regained our freedom, we continued to connect with friends and family. Whatever 2022 has in store for us, we’re fully prepared to keep the country connected with the things they love,” she confirms.


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“This is the first time we are opening our doors to allow people in but also for us to export our culture to the rest of the world. I think it’s a really exciting time.”
– Marriam Mossalli, Founder, Niche Arabia
With Saudi Vision 2030 firmly underway, the Kingdom of Saudi Arabia is undergoing an unprecedented metamorphosis. Rohma Theunissen caught up with Marriam Mossalli, Founder of the Kingdom’s premier luxury brand consultancy Niche Arabia, to talk about the evolution and changes taking place, the Saudi consumer and what it takes to succeed in one of the world’s fastest growing emerging markets.
NOTE: This episode was recorded virtually as Marriam is based in Jeddah and Rohma is based in Dubai – so there are a few glitches in sound but we think that makes it the conversations even more authentic!
About Marriam Mossalli
Marriam Mossalli is the founder of Niche Arabia, the Kingdom of Saudi Arabia’s premier luxury consulting agency, where she offers strategic planning, communication services, and marketing implementation for international brands entering or reestablishing their position in the Saudi market. A self-made female entrepreneur, she began her career in the fashion industry as a lifestyle editor and journalist, developing a global network of contacts that has allowed her, as a publicist and branding guru, to build a portfolio of blue-chip luxury companies, among them Mercedes-Benz, Fendi, Piaget, Harvey Nichols, and Christie’s. Marriam, who has the unique distinction of being the only Saudi national on the prestigious Business Fashion 500 list, recently published Under The Abaya: Street Style from Saudi Arabia, a photography book that explores the progressive attire of the contemporary Saudi woman.
About Niche Arabia
The premier luxury communications agency since its inception in 2011. Through a multifaceted approach to publicity, marketing, branding, and consultancy, Niche Arabia generates creative initiatives that position its clients for optimal market penetration and sales in key markets throughout the Middle East. Featuring a portfolio of esteemed international brands from various industries such as automotives and FMCGs, to beauty and fashion, Niche Arabia has conceived groundbreaking events, media campaigns, and activations across the GCC, establishing itself as an invaluable resource for companies seeking to engage the Khaleeji consumer. Clients achieve strategically placed media coverage and publicity in collaboration with a world-class team of multilingual publicists, marketers, branding experts, and content creators, who drive business development through innovation while maintaining key brand positioning.


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Just as one car sharing service leaves B.C. another is setting up business, as Turo prepares to roll into the province.
The American peer-to-peer car sharing company said Thursday it has secured insurance coverage from ICBC and will soon launch in B.C.
tap here to see other videos from our team.
Car2go, which had 200,000 members in Vancouver, left the city earlier this year citing the “volatile state of the global mobility landscape.” Zipcar, an American-owned service which had operated in B.C. since 2007, blamed “local insurance rules” for pulling out of Vancouver earlier this month.
Evo, owned and operated by BCAA, and Modo, a member-owned co-operative, are currently the two biggest car-sharing companies in Vancouver.
Turo, which allows users to earn extra cash by sharing their cars, says it has been in multi-year discussions with the provincial government and ICBC to create an insurance product that equally protects car owners and guests.
It has not yet released a date for launch in B.C.
“Bringing Turo to B.C. has been in the works for many years and we’re excited to finally be in a position to safely introduce our trusted platform and community to the province,” said Cedric Mathieu, VP and head of Canada at Turo, in a statement Thursday.
Since its launch in Canada in 2016, Turo has grown to 850,000 members in Canada with a fleet of 35,000 cars in Alberta, Ontario, Quebec and Nova Scotia, according to a Turo news release.
Hosts earn an average of $620 a month in other provinces where it is available, according to the company.
Turo says insurance is included with each reservation and says it performs guest screenings, and offers 24/7 roadside assistance.
To find out more about the official launch people can visit turo.com.


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Transportation Troubleshooting: How NEVI Will Jumpstart Growth of U.S. Electric Vehicle Charging Networks
Everyone in the U.S. transportation industry is excited about NEVI—or they should be.
Enacted with the 2021 Bipartisan Infrastructure Law, the National Electric Vehicle Infrastructure (NEVI) Formula Program commits $5 billion to subsidize electric vehicle (EV) charging stations and build the charging networks needed to drive our transition to electric vehicles.
Yes, the big challenges have just begun in implementing NEVI: vendors and supply chains may struggle to keep up with NEVI-funded demand for charging equipment; grid upgrades will be needed in some rural regions; and there’s a thorny issue to work out with competing plug-in connector standards.
But my colleagues who work with states, utilities, transit agencies and other organizations on transport electrification are enthusiastic and optimistic about NEVI.
“NEVI is incredibly important to our electrification journey,” says Dana Lowell, director of WSP USA’s Center for Clean Transportation and National Zero Emission senior technical advisor. “It will jumpstart the development of a nationwide network of charging infrastructure, and that’s what’s needed to ease prospective EV buyers’ anxiety about being stranded with an empty battery.”
Lowell and his team praise the Federal Highway Administration (FHWA) and U.S. Department of Transportation (USDOT) for designing NEVI rules in smart and efficient ways. For example, the funding supports 80 percent of capital costs and subsidizes operational costs for five years, with a 97-percent uptime requirement to ensure chargers will always be available.
Setting the EV Charging Standard
Charging stations must be, at most, 50 miles apart and no more than one mile from a highway exit or intersection to create a comprehensive and convenient system to support inter- and intra-state travel.
“Fast, casual restaurants right off the highways and existing fueling stations will be ideal locations,” adds Lowell. “We’ve been seeing interest from BP, Shell, Love’s and others for some time, and NEVI funding should accelerate that market development.”
One ideal type of location—interstate highway rest areas—currently is not allowed under federal law.
“This stems from the original development of the interstate highway system, with policies to encourage competition among private landowners and convenience stores,” explains Philip Jonat, WSP vice president for Energy, Northeast. “It’s unfortunate, because we often hear at public meetings that rest areas would be ideal locations.”
Each station will have at least four 150 kilowatt (kW) direct current fast chargers (DCFCs), which allow charging two- to three-times faster than many existing DCFCs and will go a long way to ensure a charger will always be available when an EV driver pulls up.
“Most light-duty EVs can charge from 20-30 percent charge to 95 percent within a half-hour,” notes Lowell.
By summer 2022, every U.S. state had submitted its NEVI spending plans to FHWA. Funding was committed for the federal fiscal year 2022 (ending Sept. 30, 2022), and states have been given estimates of how much they’ll receive through FY2026. “We’re now starting to see requests for proposals (RFPs) being issued by the states for actual projects,” adds Lowell.
Seven states have RFPs out for projects: Colorado, Kansas, Kentucky, Maine, Ohio, Rhode Island and Pennsylvania. All are asking for project proposals that meet minimum NEVI standards and a few other state requirements. They also are seeking private companies to set up chargers on private property. No states are looking to own the electric vehicle supply equipment.
Handling the Load
As vendors and contractors respond to these RFPs, we expect some hangups with supply chains. The FHWA has eased the pressure for the first year of the NEVI buildout by granting a one-year waiver from the BIL’s “Buy American” requirements, but it’s uncertain whether that will be renewed.
One oft-discussed concern—the need for grid upgrades to handle EV charging—will not likely be a roadblock for NEVI except in some rural regions.
“For NEVI, we’re talking about charging stations spaced about 50 miles apart, each with loads of around 600kW,” says Jonat. “For each station, that’s equivalent to a mid-sized retail store, and very few electric utilities will have trouble accommodating that load.”
A significant hurdle is the competition between three plug-in systems for DCFC: CHAdeMO, CCS and Tesla’s North American Charging Standard (NACS).
After digesting public comments, FHWA ruled in February 2023 that NEVI charging ports must be CCS-compatible. Recently, Ford, GM and Rivian announced new and existing EVs will be equipped to use NACS chargers.
“While this makes business sense given that Tesla owns 85 percent of the existing fast chargers in the United States, it will add costs and prolong the confusion about charging standards,” says Lowell. “Also, virtually all medium- and heavy-duty vehicles now use the CCS standard, and it would be good to have one standard shared by all vehicle classes.”
Ultimately, NEVI is just a down payment—although invaluable—on what we’ll ultimately need to electrify transport. Lowell and his team estimate that to reach 70-percent EV penetration, the United States will need at least six times as many chargers as NEVI will provide. But it’s certainly an encouraging start.


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Her reason for this was purely economical and unplanned – she booked an all-inclusive vacation and didn’t bring extra money. And so she had to do what she did.
The need to avoid those extra fees brought out the creativity in 30-year old Natalie Wynn, a flight passenger of Thomas Cook Airlines. She removed some clothes from her suitcase and put them on in order to avoid being charged with the $85 overweight fee.
She told the Sun  “I didn’t want to be using the little amount [of money] I had just so I could get my bag on the plane, literally said, ‘I’m not paying it’, and started putting my clothes on.”
This led to her wearing up to seven dresses, two pairs of shoes, two pairs of shorts, a skirt and a cardigan. Expectedly, she was warmer than other passengers. “I was boiling, absolutely boiling,” those were her words to describe the experience.
On arriving at her seat, other passengers found it amusing and many couldn’t hide this. However, they offered to pack some of the clothes she had on into their own suitcases. She was allowed to re-pack her clothes into her bag.
“I felt like I was going to pass out because it was so warm,” she said. “As soon as I got on the plane, I took it all off and put it back in my case.”
Natalie’s suitcase had a weight of 8.81lbs over the permitted weight according to her. The $85 charge that comes with is more than all she brought for the trip and she had to take matters into her own hands – or more accurately, had to put on the matters.
“Because I had booked an all-inclusive holiday so was getting all my food and drink, I didn’t plan on bringing much money with me,” she said. “I think I only had about €69 in my account just to bring with me on holiday.”
When equipped on whether her unusual plan was successful, this is what she had to say – “Saving £75 definitely put me in a good mood for the holiday. Everyone’s reaction to it being done put me in a good mood as well,” Wynn said. “I was worried I would get a negative reaction to it — people saying it was my own fault but not one person said anything even at the airport. It set up a good start to the holiday anyway.”
The airline  could not help but admire her creativity. In fact, a spokesperson of the airline had these words to say about Natalie when speaking to PEOPLE – “Natalie’s ingenuity here is noted! The good news for Natalie and the rest of our customers is that later this month we are increasing our hand baggage allowance to 8kg. This will hopefully help her travel a little less like Joey from Friends next time.”
We also hope Natalie would go for other less warm Friends reenactment in the future.


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PRYCE Corp. which recently emerged from corporate rehabilitation, said its net profit for the first half of the year rose 46 percent to P433.28 million on robust sales of its main business, cooking gas.
In a disclosure to the Philippine Stock Exchange, it also said that it expects a further increase in demand for its products and an improvement in prices in the second half.
Pryce said its net income in the first half represents a 14.2 percent return on sales versus last year’s 10.9 percent, indicating increased efficiency in generating profit from sales.
Revenue for the period increase 11 percent to P3.04 billion from last year’s P2.72 billion, with its core business liquefied petroleum gas (LPG) performing much better compared with the same period last year.
LPG accounts for 90 percent of Pryce Corp.’s business while the rest of its revenues come from industrial gas distribution and from real estate, pharmaceutical products and hotel operations.
LPG volume sales rose 27 percent to 86,342 metric tons.
Strong volume sales allowed the company to maintain its revenue growth notwithstanding an average 12 percent decrease in the unit selling price of LPG to P31,289 per metric ton from P35,644.00 per MT in the first half of last year, it said.


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While November began with a slight increase in inventory levels from September’s all-time lows, limited vehicle availability continues to keep sales well below current demand.
December 8, 2021
August’s SAAR of 15.2 million units marked a 4.8% increase from July’s SAAR of 14.5 million units but is down 11% compared with August 2019.
September 3, 2020
NADA Chairman Charlie Gilchrist voiced his support for the United States-Mexico-Canada Agreement in remarks at a press event. The Texas dealer urged Congress not to ignore the ‘reality’ of an auto industry built on favorable relationships among the three nations.
October 9, 2019
U.S. sales of new cars and light trucks fell 12% year-over-year in September, suppressed in part by a Labor Day weekend allotted to August. Few were spared the sting, with all six of America’s and Japan’s biggest factories reporting double-digit declines.
October 3, 2019
National Automobile Dealers Association officials have told the FTC that proposed new provisions to the Safeguards Rule may be unnecessary and could cost smaller dealers more than $400,000 in the first calendar year of enforcement.
September 9, 2019
As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.
May 8, 2018
General Motors dealers who sell non-GM service contracts, parts and accessories must now disclose to their customers that the products are not backed by the automaker. Dealers who don’t comply face possible termination of their franchise agreement.
August 24, 2017
Tom Webb will retire on June 30, ending a more than four-decade career. Cox Automotive officials said a replacement will be named in the coming weeks.
March 30, 2017
Jeff Carson likened his year as chairman of the NADA to piloting a plane during a ‘catastrophic electrical failure,” noting that he experienced situations where he started out on what seemed a routine path only to have outside events toss his flight plan out the window.
January 30, 2017
The online vehicle deal generation company has enhanced its site with year, make and model data from NADAguides to help further enhance the customized car-buying experience it offers consumers.
January 9, 2017
The single biggest risk to the dealership system within the next decade will be the convergence of mobility services with autonomous vehicles. That’s the conclusion of a new research project commissioned by the National Automobile Dealers Association.
November 18, 2016
The NADA’s chief economist said the industry will sell 17.1 million new units in 2017. That forecast could rise by the end of February — that's if the the new administration delivers on its stated policy objectives.
November 15, 2016
Aside from electing Mark Scarpelli chairman, the National Automobile Dealers Association’s 63-member board of directors selected Michigan's Wes Lutz as the trade group's 2017 vice chairman.
October 13, 2016
Nearly across the board, the retention rates of model-year 2013 vehicles were down this year compared to the same time last year, according to the most recent NADA Used Car Guide Perspective report.
October 6, 2016
The Federal Trade Commission issued a second Federal Register Notice (FRN) on a proposed qualitative survey that would examine the experience of buying and financing a car at a dealership.
September 15, 2016


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NEW YORK (WCMH) — According to a recent op-ed piece, a professor in New York argued that Amazon should replace local libraries.
According to Newsday, Long Island University economics professor Panos Mourdoukoutas wrote an op-ed piece published by Forbes that suggested there is no longer a need for local libraries, because people can find all the same services at different outlets in the community.
The article stated that people could host community events and local schools, streaming services have replaced video rentals, and digital downloads of books have eliminated the need for physical books.
Mourdoukoutas continues to argue that the money saved on taxes for libraries could be used to buy books on Amazon, Newsday reports.
According to Gizmodo, Mourdoukoutas also wrote that there’s no need to go to the library to study, read or relax, because people can head to their local coffee shop to do that.
“At the core, Amazon has provided something better than a local library without the tax fees. This is why Amazon should replace local libraries. The move would save taxpayers money and enhance the stockholder value of Amazon all in one fell swoop,” Mourdoukoutas op-ed stated.
The article has since been deleted from Forbes’ website.
Obviously, people on Twitter had a lot to say about the professor’s opinion.


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Chocolate Festival boost for Bougainville farmers
The Autonomous Bougainville Government Minister for Primary Industries, Nicholas Darku, has announced that the Inaugural Bougainville Chocolate Festival will be held from 4-8 July 2016 with events to be held in Buin and Arawa.
The festival is part of the ABG’s commitment to sustainable growth in the cocoa industry. It will bring together farmers and cocoa industry stakeholders to develop market links and boost production.
“The ABG is reaching out to famers and the chocolate festival will help to deliver assistance and raise the standards of the cocoa industry” Minister Darku said.
A central element of the festival will include international chocolatiers tasting and appraising chocolate made from Bougainville cocoa to provide farmers with feedback to lift production of high quality cocoa for international markets.
With agriculture displays and demonstrations, business development showcases and a variety of entertainment, the Bougainville Chocolate Festival is set to be a key event in the economic development of the region, as well as a fun day out for families.
Cocoa farmers have faced many challenges and constraints in recent years, including the unwelcome arrival of the damaging cocoa pod bora. The Chocolate Festival will be a much needed boost to provide farmers from all regions of Bougainville with opportunities to learn about new programs in place to assist them.
The Bougainville Chocolate Festival is an initiative of the Autonomous Government of Bougainville led by the Department of Primary Industries in partnership with the Australian Government.
Agriculture is a key area where the Australian Government is working closely with the ABG and the private sector to create income earning opportunities for women, men and youth in all regions of Bougainville, including disadvantaged communities.


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Kenya’s external trade increased 24.4 percent in the very first half of the year compared to a comparable duration in 2020 enhanced by increased normalization of international commerce as nations increase COVID-19 vaccinations, the nationwide stats bureau in a report launched Friday.
The trade increased from 109 billion shillings (about 995 million U.S. dollars) in the very first half of 2020 to 1.24 billion dollars throughout January-June duration of this year, the Kenya National Bureau of Statistics (KNBS) stated.
Of the trade, imports stood at 905 million dollars, up from 709 million dollars in the very first half of 2020 as the nation heightened delivery of oil and equipment for facilities advancement.
Exports, on the other hand, likewise increased in the very first half to stand at 337 million dollars as international trade opened.
Kenya’s primary exports are tea, coffee, and veggies, while imports include equipment, transportation devices, oil, iron, steel, resins and plastics. Enditem


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Cloud gaming lets you play video games without them using up any space or battery life on your devices. Big Tech firms think that has enormous potential to grow their access to consumers, but none have thus far unlocked it.
Facebook is the latest company to try, and yesterday announced it is launching cloud-streamed games for its app and web browsers. Most are versions of existing mobile games, and all will be free to play. That’s very different from the cloud gaming strategy of Google, Microsoft, and, soon, Amazon, which each offer versions of major video games (think Red Dead Redemption or Assassin’s Creed) for purchase through a monthly subscription.
With its entry into the cloud gaming arena, Facebook is positing its competitors’ offerings are way too elaborate and expensive.
“We’re not going to overpromise and under-deliver,” Jason Rubin, Facebook’s vice president of play, wrote in a blog post, referencing the rocky launch of Google’s Stadia cloud gaming service. “We’re not trying to replace your favorite gaming hardware.”
The main appeal of cloud gaming is users don’t have to download or install games, like they would on a console or PC. Instead, games are streamed to them, on devices they already own, from remote servers. The technology, when done right, enables you to play games in the same way you’d listen to music on Spotify or watch TV shows on Netflix.
But the tech is as wonky as it is costly, and much of the experience playing a cloud-streamed game still depends on the user’s own internet connection. Unlike streaming music or movies, games require users to send their own signals back to data centers, which must process and render them, and then send them back to players in realtime. There is ample opportunity for lagging and other connection issues.
Still, Big Tech is betting the future of gaming could be in the cloud. Eventually, if the infrastructure matures, and more users adopt the format, it could create a much more vivid gaming experience for players. Because all the computational power is happening outside your home, cloud-streamed games might, in theory, have more realistic graphics and let many more players interact in virtual worlds than what’s currently possible.
For Facebook, cloud gaming is both a short- and long-term play. Global consumers are increasingly spending more time playing video games. The more time they play cloud games, the more time they are spending on Facebook. And more user time on Facebook means more exposure to ads and, perhaps, new opportunities to collect data. Cloud gaming isn’t meant to be a new revenue stream for Facebook, but rather a way to boost existing ones.
That’s not necessarily true for Google, Microsoft, and Amazon, which want to collect a portion of revenue users spend on games they buy through those companies’ subscription cloud gaming services. A Google Stadia subscription costs $10 per month, while Microsoft xCloud is $15 a month. Amazon’s Luna service will cost $6 a month initially.
Adoption of these services has been slow, which Facebook would argue is because cloud game libraries are weak, and users aren’t looking to recreate the console experience anyway. The success of low-cost, accessible games like Among Us suggests there could be a massive opportunity in games that are cheap and easy to play with friends.
One wrinkle for these companies is that their cloud gaming services aren’t yet available on iOS devices. Apple does not allow its devices to include apps that act as third-party app stores and distribute their own software. Until Apple and the cloud gaming companies work that out, it puts a hard cap on the potential size of the player base.
Apple could be playing hardball with Facebook, Google, and Microsoft because it wants total control of the apps offered on its devices. Or maybe it’s because it wants to launch a cloud gaming service of its own. The company reportedly filed a patent for one earlier this year.


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It has been 100 days since the lockdown and the effective banning of the sale of cigarettes and tobacco products in South Africa.
Tobacco products remain restricted under the gazetted provisions of the "Advanced Level 3" lockdown, despite an application by British American Tobacco South Africa (BATSA) to set aside or correct Regulation 45 pursuant to section 27 of the Disaster Management Act, prohibiting the sale of tobacco products and e-cigarettes.
The World Health Organisation (WHO) reported that 600 billion cigarettes were sold illegally, where South Africa is reported to be the first country to have an illicit cigarette product, and having the highest sales in a given year even compared to the legally sold product.
Under lockdown Level 5, farmers were allowed to harvest and store planted tobacco crops (particularly given that Feb-April is harvesting season) and, by lockdown Level 4, tobacco manufacturers were allowed to purchase the harvested crops for processing, but sale remains prohibited.
These provisions most likely created a real festering ground for illicit trade, given that, even before the Covid-19 pandemic, the biggest culprits of illicit cigarette trades in the country were manufacturers who failed to declare the true value of their manufactured product and/or reported ghost exports, circumventing both VAT and excise tax collection.
While many might have thought that the illicitly traded cigarettes would have mostly come through our ports and borders from other countries (which historically was the case), evidence suggests that they now come predominantly from registered manufacturers in the country – the Trojan horses.
The SARS Project Honey Badger, aimed at investigating illicit trade in South Africa, alone resulted in 25% increase in excise and VAT payments in 2014 – gains which has since been lost since the disbanding of the five specialised units at SARS by Tom Moyane.
The excise tax revenue attributable to cigarettes in the 2019/2020 financial year was R14.4 billion, up 19.2% from the previous financial year, where, in the same year, tobacco revenues were reported 14% higher than budgeted revenue.
The University of Cape Town Research Unit on the Economics of Excisable Products (REEP) reports that illicit tobacco market grew from 5% of sales in 2009 to approximately 35% of sales by 2018.
Nicole Vellios, Corne van Walbeek and Hana Ross in their 2019 paper, Illicit cigarette trade in South Africa: 2002–2017, reported similar findings. The rise in illicit trade is clearly a result of more Trojans tearing the economy and its people from inside.
The Bone Collectors
In April 2019, SARS announced it was to invest in a track and trace system, which would provide volume verification at the manufacturing plant. This bone collector IT system would need to plug into the existing IT infrastructure of SARS, manufacturers, wholesalers and retailers to ensure the right data is collected and circumvention is detected early on.
The negative socioeconomic costs of illicit trade necessitate that it be taken a lot more seriously, like the combined global effort towards curbing the sale of "blood diamonds". The diamond sector in 2003 established what is now referred to as the Kimberly Process; which is a multilateral trade agreement that provides the Kimberly Process Certification as a safe guard against improperly procured rough diamonds as well as certifying them to be "conflict free".
This system ought to also be accompanied by an ongoing campaign to curb the purchase of illicit products withing communities similar to the 2001 launch of the Arrive Alive campaign. The campaign took over a decade to truly become effective in how society became intolerant to drinking and driving, also accelerated by the arrival of e-hailing services, like Uber, which democratised the cost of transport after hours.
Micheal Kofi Boachie, Laura Rossouw and Hana Ross, in their paper The Economic Cost of Smoking in South Africa, estimate the economic cost of smoking to be 0.8% of GDP and the healthcare cost of smoking-related diseases to be 3.2% of total healthcare expenditure, given findings from the 2016 South African Demographic and Health Survey that about 20% of South Africa's population aged 15 years and older smoked tobacco.
A recent survey from the Human Sciences Research Council published in May this year found that a mere 11% of smokers were able to access illicit cigarettes during the lockdown countrywide, while this number rose to 23.5% in informal settlements, and found that cigarette smokers were on average in contact with more people during lockdown than non-smokers, increasing the chances of transmission of the coronavirus.
Like alcohol, tobacco leaves can also be used for various medicinal and manufacturing purposes that could add value to the economy, while the tobacco and e-cigarette sale ban remains in place.
Tobacco has been reported to be useful in insect repelling, medicinal aid in minor cuts and scratches, clearing of sinus congestion and allergy relief, among other things.
We ought to look at alternative ways in which a primary and secondary sector of tobacco can remain active for medicinal and agricultural purposes, while also dealing with the Trojans, bone collectors and the chancers.
In crisis, there is always opportunity, and tobacco need not forever remain a "sin product" in South Africa, just like we are seeing now with cannabis.
Sifiso Skenjana is the chief economist at IQbusiness. Follow him on Twitter: @sifiso_skenjana


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Paying for an excess baggage fee while flying could bring on one of the worst feelings.
Shelling out extra money may be a burden for some. Most of us try to unpack our luggage to lower the number of items so the weight would be within the allowance limits.
But how far would you go to avoid paying an excess baggage fee?
One woman got a little creative at the airport when the airline tried to charge her for an overweight bag.
Natalie Wynn was stopped while boarding a Thomas Cook flight when a security officer weighed her 9.4kg case and told her it was too heavy to be taken into the cabin as the limit was 6kg.
Instead of paying up the $85 fee, the 30-year-old began pulling clothes out of her suitcase and putting them on her body before she boarded her flight.
“I didn’t want to be using the little amount I had just so I could get my bag on the plane. I literally said, ‘I’m not paying it’, and started putting my clothes on,” Wynn said.
According to Wynn, she piled on seven dresses, two pairs of shoes, two pairs of shorts, a skirt and a cardigan.
While recalling her experience, Wynn said, “I was boiling, absolutely boiling. I still had plenty in my case but I put near enough half of what I’ve put on.”
Her friend, whose baggage was also overweight, also followed her steps.
Wynn was lucky that a steward told her that she could take off all the extra clothes once she boarded the plane.
She added that other passengers had a good laugh and even offered to pack some of her clothes in their cases when they saw how she was planning to avoid the extra fare.


text: April 29th-May 5th 2018 is National Small Business Week. From business.com: Small businesses are the backbone of the U.S. economy. According to the SBA, more than half of Americans own or work for a small business. Entrepreneurs also help create two out of every three new jobs in the United States, yearly. Since the week-long event was first issued in 1963, the number of small businesses created has continued to rise. Fewer businesses are failing, too. Although it is quite popular to cite startup failure statistics — particularly in their first year — the reality is that 50 percent of small businesses survive five years or more in business.


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Just over a 12 months into its official launch, T-Mobile is sharing some new updates for its. On Wednesday the service revealed that it now has 1 million prospects on the $50 per 30 days web possibility and has expanded the service’s availability from 30 million “eligible households” to 40 million.
T-Mobile ended 2021 with 646,000 dwelling web subscribers and revealed throughout its most up-to-date earnings that it hadin the course of the fourth quarter of the 12 months. The firm has more and more promoted the brand new service, together with in a . T-Mobile is about to report its 2022 first-quarter earnings on April 27.
Touted as an alternative choice to conventional cable service, T-Mobile’s possibility does not have information caps or annual contacts and features a modem and router in its $50 month-to-month value (assuming you’ve got automated funds enabled). The service has beforehand mentioned it goals to.
While the service is increasing dwelling web availability to a different 10 million households in the present day, it nonetheless lacks a map for shortly seeing if your house can join. Instead, these nonetheless must enter their addresses and knowledge into T-Mobile’s website to see if the choice exists the place you reside.
T-Mobile is not the one wi-fi service utilizing 5G to offer dwelling web. Verizon lately has begun rolling out an up to date model of its personal $50 per 30 days, 5G broadband possibility and in FebruaryVerizon will report its first-quarter earnings on April 22.


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3D printing is becoming a hot commodity once more as numerous startups make their way to the stock market via mergers with special purpose acquisition companies (SPACs). The latest is Rocket Lab, which has announced that it will go public via a merger with blank-check firm Vector Acquisition Corporation (Nasdaq: VACQ). The new organization, which will trade under the Nasdaq symbol RKLB, is valued at $4.1 billion.
The small rocket industry seems to be enamored with 3D printing as a means of producing complex rocket parts more quickly and affordably than possible with traditional manufacturing technology. In 2015, New Zealand’s Rocket Lab was the first to kick off the trend with its almost entirely 3D printed rocket engine, Rutherford.
Not only was it the first small rocket developer to rely on 3D printing so heavily, but the Rutherford is the world’s first battery-powered rocket engine, relying on an electric motor rather than gas, resulting in a more lightweight system. The main prop valves, injectors, pumps and engine chambers are all made using electron beam melting technology and can be 3D printed in just 24 hours.
“In the history of spaceflight, Rocket Lab is one of only two private companies that has delivered regular and reliable access to orbit,” Rocket Lab CEO Peter Beck said in a statement. “This milestone accelerates Rocket Lab’s ability to unlock the full potential of space through our launch and spacecraft platforms and catalyzes our ambition to create a new multi-billion-dollar business vertical in space applications.”
Since its first successful launch in 2017, the startup has continued to make a series of firsts, not the least of which is the first rocket sent to orbit from New Zealand, a country with no national space program. Rocket Lab has since launched nearly 100 satellites into space, being used to explore such projects as deorbiting space debris, establishing internet in space, and conducting maritime surveillance. In 2020, Rocket Lab recovered the first stage of its Electron launch vehicle, paving the way to reusable rockets and lower costs for future missions.
Once deal is complete, Rocket Lab will have about $750 million in cash, including $320 million from the trust account of Vector Acquisition and another $470 million via private investment in public equity of $10 per share of common stock led by Vector Capital, BlackRock, Neuberger Berman and others. Vector Acquisition shares increased 27% Monday after the announcement, trading at $13.10 as of 9:53AM ET.
The IPO will help drive the startup even further, with other points on its roadmap already in the works. Later this year, the company will launch a satellite into lunar orbit on behalf of NASA in anticipation of a Moon-orbiting outpost the space agency plans to set up called Gateway. The company also unveiled its medium-lift rocket, Neutron, capable of carrying an eight-ton payload for deep space missions and human spaceflight. It is designed to carry over 90 percent of the types of satellites forecast to launch through 2029 at lower costs.
Rocket Lab is not the first in the newspace industry, nor the 3D printing industry, to rely on SPACs to go public. Richard Branson’s Virgin Galactic went public via SPAC in 2019. Desktop Metal did the same at the end of 2020 and Markforged did so in February 2021. Beck explained that going public will allow the company to raise the funds needed for Neutron and other projects. It will also allow Rocket Lab to acquire the businesses necessary for building the firm the way that Beck envisions.
The 3D printing industry has received a great deal of attention as of late, in part due to the emergence of a slew of new bound metal printing companies and technologies, as well as the realization that businesses need methods for circumventing supply chain disruptions. In turn, we’ve seen a number of exciting mergers and acquisitions reminiscent of the industry almost a decade ago. What will the next merger or acquisition be? Check out our recent series to see some guesses.
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