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Further UK TV deals expected as Netflix gets set to launch in first European territory.
Postal and digital VOD platform Netflix has signed a UK streaming deal with BBC Worldwide for previous series including Doctor Who, Top Gear, Spooks, Torchwood and Little Britain.
Netflix announced in October that it would launch its service in the UK in early 2012 and has been busily locking up high-volume deals since, including with distributors Lionsgate, MGM and Miramax.
Further deals between Netflix and UK terrestrial broadcasters are expected.
“BBC shows are a big favourite of our over 20 million streaming members in the U.S., Canada and Latin America” said Ted Sarandos, Netflix chief content officer. “Members love watching back-to-back episodes of BBC series where and when they want, at the click of a button. We are incredibly proud to make these high quality programmes available to Netflix members in the UK and Ireland.”
BBC Worldwide has similar licensing agreements with services provided by Virgin Media, BT Vision and Tesco-owned BlinkBox.


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Lavish Romantic Rules
photo by GIOVANNY MARTINEZ
by KAITLYN TANG
Infamous for its usage of hearts, chocolates and flowers, Valentine’s Day is universally known to be a day where couples share their feelings of love and appreciation, yet according to an article by the National Retail Federation, or NRF, fewer people are celebrating this day of love.
For as long as most can remember, Valentine’s Day has been dedicated to the declaration of love for many. Presenting each other with pastries, balloons, flowers, stuffed animals and other assorted presents, it is a day where love prevails and wallets are drained.
However, in recent years, there has been a great decrease in the number of people who have been celebrating this day. According to NRF’s Annual 2019 Valentine’s Day Spending Survey graph, since 2013 it is shown that there has been a gradual decline celebratory spirits of this lovely day, dropping from 60 percent to 51 percent of the surveyors.
“I always stay home and watch movies while eating snacks during Valentine’s Day. The more junk food the better. But at school, I try to give my friends candy or buy a gram from one of the clubs,” said Jazmine Rosas, junior.
Some may link this decline to those who do not have some significant other to celebrate Valentine’s Day with, where an article by the Washington Post elaborates on the fact that in the modern-day, more than half of youths in America do not have a romantic partner.
“Usually on Valentine’s Day, I do not do anything except I stay at home and play video games with my friends,” said Richard Montes, senior.
In some cases, this may be true and to add on to this modern twist to Valentine’s Day, other surprising occurrences arise. “Fewer consumers are celebrating Valentine’s Day but those who do are spending more,” according to NRF. The fault of this leads to the fact that due to the strong economy of the nation in recent years, “consumers are now spreading the love to children, parents, friends, and coworkers,” according to NRF.
“Even among those who don’t plan to celebrate, 11 percent plan to treat themselves to gifts and nine percent plan to spend to get together with other single friends and family,” according to NRF. The increase of spending can be contributed by not only couples who desire to spoil each other, but single people who plan to party or have some fun regardless of the lack of a significant other, which is not necessarily a bad thing.
With a day dedicated to love, people, regardless of having a significant other or not, decide to empty their wallets even further. Whether it is for the sake of self-love or to proclaim undeniable love to someone else, Valentine’s Day is a day where positive feelings are promoted and shared.

domain: news


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Stryker (NYSE:SYK) reported Q2 results that topped the consensus forecast as sales gained momentum during the previous easing of the COVID-19 pandemic.
The Kalamazoo, Mich.–based orthopedic device giant posted profits of $592 million, or $1.55 per share, on sales of $4.3 billion for the three months ended June 30, 2021, marking a massive bottom-line gain from losses of $83 million this time last year. Sales were up 55.4%.
Adjusted to exclude one-time items, earnings per share were $2.25, 13¢ ahead of Wall Street, where analysts were looking for sales of $18.1 billion.
“We delivered strong financial results in the second quarter,” Stryker chairman & CEO Kevin Lobo said in a news release. “Business momentum continues to build as the pandemic moderates and the integration of Wright Medical is pacing ahead of plan. Our positive outlook is reflected in our raised guidance.”
Stryker said it now expects to log adjusted EPS of between $9.25 and $9.40 per share, with expectations of sales growth to range between 9% and 10% compared to 2019, prior to the impact of the COVID-19 pandemic.
SYK shares were down slightly in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.


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Search / 11 results found Showing: 1-10 of 11
With a proposed sale to an RV campground now off, Camp Emerson's owner is busy lining up a summer season, at what she says is a time of pent-up demand.
In the end, a “massive” plan to transform a family-owned summer camp into a national RV destination was deemed to be too much for a small town. The Hinsdale Zoning Board of Appeals voted unanimously Tuesday night to reject a special permit application filed by Northgate Resort Ventures LLC.
Fearing future court action by an unhappy applicant, a member of the Hinsdale ZBA asked the town a not-so-hypothetical question: Is he covered, legally?
HINSDALE — One of the largest development proposals in Hinsdale history will be decided in 2022, not this year.
HINSDALE — A Hinsdale board could decide Tuesday whether Camp Emerson will become part of a national chain of RV parks. If the answer is no, N…
Representatives of a national recreational vehicle camping company will be back in Hinsdale soon to pitch their new vision for Camp Emerson.
One of the most significant zoning questions to face Hinsdale in years is back in play. A national company shows it is intent on winning approval to turn Camp Emerson into a destination for RV campers.
The company seeking to transform a Hinsdale summer camp into a destination for RV owners will submit a new application, after the town decided the first request was to the wrong panel.
People behind a major Hinsdale development say they can tuck 317 RV sites onto a summer camp property without messing up the neighborhood. But Hinsdale officials had questions this week about traffic, water supplies, sewer use, environmental harm — and whether an influx of visitors would be simply too much for nearby Plunkett Lake.
The battle for Longview Avenue is joined in Hinsdale: Will a national company win a permit for a "Yogi Bear's Jellystone Park" RV campground? Or will objections raised by neighbors prevail?


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The Pharmaceutical Industry Revealed: Who, What, Why and When?
Please see a full event summary HERE.
International pharmaceutical companies produce most of the medicines used by patients across Norway today. Yet, according to firms Apeland and Norstat, only 5% consider the industry to be trustworthy. Further, only 52% of Norwegian survey respondents report being familiar with the pharmaceutical industry at all. Why is this?
Please join senior representatives of Abbvie, Amgen, Bristol-Myers Squibb, Celgene, GSK, Janssen, MSD, Novartis, Pfizer, Roche and special guests for an engaging, open dialogue on just how these companies operate – both now and in the future.


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Honda Marine introduced the new BF250 horsepower, four-stroke engine, the most powerful outboard to join the Honda Marine lineup and now the company’s flagship model.
The Honda BF250 marine outboard engine incorporates a host of Honda-exclusive technologies that provide increased value and benefit to consumers, the company said.
“The all-new Honda BF250 marine engine demonstrates the Honda commitment to engineering a product line with unparalleled performance, power and fuel economy,” national manager Alan Simmons said in a statement. “The introduction of this flagship engine also further strengthens our relationship with both consumers and boatbuilder partners.”
With a full-throttle RPM range of 5,300-6,300, the Honda BF250 is a high-performance 3.6 L engine that incorporates an all-new gear case and advancements from Honda’s automotive and marine outboard engine lines.
The engine is NMEA 2000-certified. The accreditation means the product has been tested to meet specific critical safety criteria and to correctly implement network management and messaging.
Beginning in 2012, the BF250 outboard engine will be available at Honda marine dealers nationwide. All new Honda outboard engines sold for recreational use, including the new BF250, offer a true five-year, non-declining limited factory warranty, the company said.


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Traders deliver to keep business going
BUSINESS owners in Portishead are looking at alternative ways to boost trade after the closure of High Street has left them without customers.
Shop keepers say Portishead has become a ghost town since the road outside their stores closed to traffic, to allow major road improvements to be carried out. The work is expected to continue until February 11.
Some traders have now come up with ideas in an attempt to save their businesses.
Dave Mortimore who runs the Outlet discount store says if his customers do not come to him because of the chaos, he will go to them. Dave is offering to take orders by telephone and deliver them to customers’ doors.
He said: “I can’t sit by and let my business suffer without trying to do something about it.
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“We have asked the council for rate relief to help us survive but have been refused. I’m offering to deliver goods to people’s homes and will make no charge for deliveries over �5.” Dave can be contacted on 01275 814060.
Juicy Jones the fruit and vegetable shop in High Street is also offering to deliver goods. Owner Simon Jones said: “We need to do anything we can that will boost trade while people are avoiding the High Street.”
- 1 Road closure in force for five nights on A370 next week
- 2 Exceptional house with grounds, countryside views and outbuildings
- 3 Clevedon Marine Lake drained for 'high bacteria levels'
- 4 Long-standing Clevedon gift store transformed under new owners
- 5 Portishead's Morgan excited to make Olympic final
- 6 Overnight A&E closures continue at hospital
- 7 Hundreds expected at gatherings to oppose possible development around Weston Big Wood
- 8 Yatton development welcomes first movers
- 9 Charity launches cream tea fundraiser
- 10 Portishead nursery children say bonjour to all things French
Traders say business has been hampered even more because of the closure of Worthington’s Walk, a walkway linking Co-op car park with the High Street, for resurfacing.
Mark Hill who runs the Sport Shop said: “There’s nothing like kicking you when you’re down. This has to be the worst possible time to close this link vital link to High Street.”
Town leaders and Portishead Chamber of Commerce are urging people to support the High Street during the closure.


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Pernod Ricard is once again celebrating the links between wine and art with the launch of the latest limited edition bottle for Campo Viejo.
The firm has teamed up with Madrid artists Okuda and Remed to produce a colourful new bottle design for the fourth iteration of the Reserva Art Series.
Vicky Hoey of Pernod Ricard said: “Previous limited edition bottles have driven uplifts of up to 30% in sales over their respective campaigns, so we’re confident that the fourth Reserva Art Series bottle will capture the imagination.
“This year, Okuda and Remed have gone back to the brand’s roots and created a piece of art that connects strongly with our heritage in Rioja, depicting the sculpture ‘A Bridge Between Sky and Earth’ that was unveiled on the Campo Viejo vineyard in 2013.”
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California opens the door to suing gun makers. Here’s what the new law does
Three weeks after the U.S. Supreme Court struck down tough state controls on concealed weapon licenses, California Gov. Gavin Newsom signed into law an effort to limit the availability of “abnormally dangerous” guns in the state.
The law, AB 1594 by Assemblyman Phil Ting (D-San Francisco), requires manufacturers, distributors and dealers of guns and ammunition to abide by new state standards for the safety, marketing and sale of their products. Patterned after a similar law in New York, the measure empowers the state, local governments and individuals harmed by gun violence to sue companies that violate those standards.
The point is to impose the same sort of liability on the firearms industry that other manufacturers and retailers routinely face, said Tanya Schardt of the Brady gun-control advocacy group, which co-sponsored the bill with California Atty. Gen. Rob Bonta.
“Right now, the gun industry is exclusively insulated from liability for dangerous, irresponsible or negligent business practices,” Schardt said. “This is just making sure the gun industry is not insulated in ways that every other industry is not.”
The measure could erect a barrier to at least some types of assault weapons in the state, as well as pressuring manufacturers and dealers to rein in illicit sales and promote safer products. But it is sure to be challenged in court by gun-rights advocates, who say it would lead manufacturers to stop doing business in California.
Rick Travis, legislative director for the California Rifle and Pistol Assn., said his group has been a longtime advocate for gun safety and for getting guns out of the hands of criminals. But AB 1594, like the vast majority of California’s gun control efforts, goes after law-abiding people, not criminals, Travis said.
Now that the Supreme Court has tossed out a New York law limiting who can get a permit to carry a gun, California’s rules are on shaky legal ground.
Here’s a summary of what the law requires, along with arguments in favor and against it.
New state standards
The heart of the law is new “standards of conduct” for the companies making and selling guns, ammunition, parts and accessories in California. Under those standards, companies have to put “reasonable controls” in place to guard against improper sales, such as those to straw purchasers, gun traffickers and people who present a “substantial risk” of using the product unlawfully or to harm themselves or others.
Such controls are also required to guard against the loss or theft of gun-related products from wholesalers and retailers. In addition, manufacturers and dealers have to “not otherwise promote the unlawful manufacture, sale, possession, marketing or use of a firearm-related product.”
The main goal of those provisions, Schardt said, is to deter manufacturers from supplying the fraction of dealers responsible for selling the vast majority of guns used in crimes. According to a 2000 study by the Bureau of Alcohol, Tobacco Firearms and Explosives, almost 90% of the firearms recovered by law enforcement officials were traced back to 7% of gun dealers and pawnbrokers. (More recent data isn’t available because of a 2003 federal law barring the feds from sharing these statistics with the public.)
Other provisions of the law bar the manufacture, marketing, importation or sale of firearm-related products that are “abnormally dangerous”; that is, deadly beyond their “inherent capacity to cause injury or lethal harm.” The measure defines “abnormally dangerous” as having “features that render the product most suitable for assaultive purposes” instead of hunting or self-protection; being designed or marketed in a way that “foreseeably” promotes conversion into automatic weapons or other illegal products; or being designed and promoted in a way that targets minors or people who can’t legally possess firearms.
The state already bans the sale of assault weapons to adults and to people under 21 years old, as well as the sale of high-capacity magazines, but those restrictions are in legal jeopardy. The “abnormally dangerous” standard could run afoul of the same constitutional arguments, but Schardt noted that California has long prohibited handguns that don’t meet its design safety standards.
The new law, she said, will give manufacturers and dealers an incentive to shift to firearms with more safety features, such as trigger locks to prevent unintended shootings and microstamping technology to identify guns used in crimes. “There are ways to make guns safer,” she said.
Finally, the statute brings the gun industry under a number of state consumer protection and competition laws, including strictures against false and misleading advertising or deceptive claims about the product being sold.
The law is set to go into effect July 1, 2023.
Newsom signs several new gun restrictions into law, just weeks after the Supreme Court bolstered the rights of firearms owners.
How the law would be enforced
AB 1594 is designed to be enforced through lawsuits — not just by the state attorney general but also by attorneys for city and county governments and by anyone “who has suffered harm as a result of the violation.” For example, the family of someone shot by a person wielding a military-style rifle could sue the manufacturer and the seller of the weapon, alleging that it was “abnormally dangerous.”
That claim wouldn’t necessarily be blocked by the “criminal misuse” of the firearm, the law states. If the plaintiffs win their case, a court could impose an injunction against the defendant and award damages, attorney fees and costs, as well as “any other appropriate relief necessary to ... remedy the harm caused by the conduct.”
AB 1594 responds to Newsom’s call for a measure that would empower ordinary Californians to sue gun manufacturers and dealers that bring assault weapons into the state. The governor was taking a page from a Texas law that encourages residents there to sue people who help a woman obtain an abortion. The use of bounties and citizen lawsuits was Texas’ way of getting around Roe vs. Wade, a decision the Supreme Court has since overturned.
The National Rifle Assn. opposed AB 1594 as it was moving through the Legislature, arguing that the state was trying to drive out gun makers and dealers with “frivolous litigation.” It also argued that the provisions were overly vague, saying in a letter to lawmakers, “The term ‘reasonable controls’ is not defined as conforming to a specific set of measures or regulations.”
More fundamentally, Travis of the California Rifle and Pistol Assn. noted, a 2005 federal law, the Protection of Lawful Commerce in Arms Act, bars state and federal lawsuits against gun manufacturers and dealers for the unlawful use or misuse of their products by third parties.
The proposed law would let California citizens sue gun manufacturers, similar to how Texas has made it easier for its residents to sue abortion providers.
He cited this passage from the PLCAA’s findings: “The possibility of imposing liability on an entire industry for harm that is solely caused by others is an abuse of the legal system, erodes public confidence in our Nation’s laws, threatens the diminution of a basic constitutional right and civil liberty, invites the disassembly and destabilization of other industries and economic sectors lawfully competing in the free enterprise system of the United States, and constitutes an unreasonable burden on interstate and foreign commerce of the United States.”
The PLCAA includes an exception, however, for lawsuits against manufacturers and dealers that “knowingly violated a State or Federal statute applicable to the sale or marketing of the product, and the violation was a proximate cause of the harm for which relief is sought.” Supporters of the new state law say the liability it imposes fits into that exception.
“In 2005, the federal government stripped Americans of the right to hold gun manufacturers and distributors responsible for the damage their conduct causes when their products are used unlawfully — leaving only a narrow exception for such lawsuits,” Bonta wrote to lawmakers. “[U]sing that exception, we begin the process of restoring these rights in California.”
The Supreme Court, meanwhile, made clear its expansive view of 2nd Amendment rights when it threw out New York’s restrictions on concealed weapons licenses last month. After handing down the decision in New York State Rifle & Pistol Assn. vs. Bruen, the court called on appellate courts to reconsider a number of other state gun laws, including California’s restriction on high-capacity magazines, Travis said.
AB 1594 interferes with 2nd Amendment rights, Travis said, because the threat of liability discourages gun manufacturers from making legal products available to Californians. Worse, he said, gun owners could lose access to the parts they need to maintain safe weapons, as well as the safety materials that gun manufacturers offer.
While the state keeps going after gun manufacturers, Travis said, people die every weekend in wrecks caused by drunk drivers. “And yet are we suing the liquor makers? Nope. Are we suing Ford? No.”
Schardt said she expects AB 1594 to be challenged in court but noted that a similar law in New York survived an initial court challenge. That case is under appeal.
The Supreme Court’s decision in Bruen, she contended, isn’t applicable to the new California law because the law doesn’t affect anyone’s ability to carry a gun. Besides, she said, it’s not credible to argue that guns will be less available as a consequence of the new liability rules. The PLCAA wasn’t enacted until 2005, she said, and “prior to that, people had no problem getting their guns.”
“The reality is most of the time, manufacturers and dealers, they are acting responsibly,” Schardt said. “We know there’s a small sliver of time when they’re not,” and that’s when “victims should be able to get accountability.”
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GRAND RAPIDS, MI - Credit card theft is something too many consumers have encountered, though they can take steps to protect themselves against fraud.
On Thursday, March 23, local enforcement officials from 42 different agencies in West Michigan took part in an educational training session on combating credit card theft.
Credit card theft can happen anywhere, at any time, to anyone, said Paige Hanson, chief of identity education with identity theft protection company LifeLock.
"It can happen at gas stations, at ATMs, anywhere that you would put your credit card in," Hanson said.
Card skimmers were the focus of the training session.
The devices can be at any point of sale where a card is swiped, but are most commonly found at gas pumps. That's because the key to physically open pumps and install the device is universal at most stations, Hanson said, which makes it easier for a thief to install the skimmers there.
Most credit card skimmers can hold up to 1,000 credit card numbers, but Hanson said she has seen some that can hold as many as 9,000 numbers.
Once card information is taken, including the number, name on the card and the expiration date, it can be copied onto any other type of card with a magnetic strip and used as if it were the real card.
The fraud usually goes unnoticed by banks unless the new charges are completely out of the ordinary for that customer.
There are plenty of steps consumers can take to protect themselves from credit card and identity theft.
Hanson recommends setting up account threshold notifications if they are available. With thresholds in place, a bank will notify a user of any transactions of a set amount or higher. For example, anything over $100.
Credit cards tend to be safer than debit cards. If a debit card is run through a skimmer and the PIN is entered, the skimmer will record that too.
Cards with chips in them are safer than ones without because the chip is encrypted and therefore harder to compromise.
Using the closest lane to the building in a drive-through and opting for the gas pumps closer to the window will also decrease the chances a consumer might encounter a credit card skimmer.
It's difficult for law enforcement to prosecute cases of credit card theft since fraudsters can hide behind the identity of the stolen card. It's also difficult because the fraud usually takes place over multiple jurisdictions.
"It takes more time to put together the case and to prosecute someone than that person services in jail," Hanson said. "It's an uphill battle. That's why education is key."
She said educational seminars like Thursday's help officers from different agencies network and learn the same skill set, which can help them to work together down the road.


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Israeli Study Sees Link Between Mobile Phone & Oral Cancer
Jul 21, 2009 15:36
A recent study documents a sharp rise in the incidence of salivary gland cancer in Israel that researchers believe may be linked to the use of cell phones. The study, commissioned by the Israel Dental Association examined the incidence of oral cavity cancers in Israel from 1970 to 2006.
Among salivary gland cancer cases, researchers found a worrying rise in the number of cases of malignant growth in parotid glands - the salivary gland located under the ear, near the location where cell phones are held.
Of 11,800 Israelis who developed oral cancers during the period studied, salivary gland cancer was the third most common. Most oral cancer patients were over 70, with only 2.7 percent under 20. However, salivary gland cancer, which researchers suspect to be linked to cell phone use, was disproportionately common among young patients. One fifth of those patients were under 20.
People love T-shirts. From a young age, parents dress their boys and girls in T-shirts and tops before introducing them to shirts and dresses. They are easy to wear. You can show off your tattoos or fit body in them. They look good with jeans and keep you comfy in the summer. Read more
People have been using ethnobotanicals since the dawn of time. The use of kratom dates as far back as several millennia ago! Like other herbs, history records show that it has been used as medicine, mainly to promote productivity and combat lethargy. There are also users who treat it as an analgesic. Read on to learn more about this plant and how it earned a cult following. Read more
Drop shipping is a method by which an ecommerce business fulfills consumer orders, but does not keep products in stock. An online store that wants to sell a product purchases the items from a third party and has it shipped directly to the consumer. Read more


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International (excluding the USA) Gross Dollar Volume (GDV) for Visa (VS) and MasterCard (MC) debit cards rose 10.1% year-on-year (Y/Y) in the third quarter (Q3/14), on a U.S. dollar basis.
BJ’s Wholesale Club and Alliance Data Retail Services have teamed to launch a co-branded card that offers significant member rewards. The new My BJ’s Perk MasterCard will also enable members to redeem at checkout in-club.
Spire Payments has acquired the EFT (Electronic Funds Transfer) division of STS. The EFT division of STS was more recently a Master Distributor for Hypercom.
Cross-border shoppers are spending approximately twice as much as consumers who only shop domestically. Cross-border shopping is most prominent in Austria.
A new survey finds nearly one out of three U.S. smartphone owners plan to use mobile payment for shopping in stores this holiday shopping season. However, less than 5% were “more comfortable” paying with their devices than using traditional payment cards.
GA-based FleetCor Technologies has completed the previously announced acquisition of Comdata from Ceridian. The deal was valued around $3.45 billion.
BlueSnap, a global payment gateway has partnered with First Data to provide safe and secure cross-border payment capabilities for the company’s eCommerce merchants.
CardWeb.com’s CardExecs database today features Kelley Corten the Marketing and Brand Manager of Modo Payments.
TSYS inked an agreement with linked2pay to offer its merchants and its partners a feature-packed omni payments solution. linked2pay allows customers to pay online or by mobile phone using a credit card or ACH with equal ease.
CardWeb.com’s CardWatch database of more than 57,000 marketing items today features the American Express “A New Way” TV ad.
CardWeb.com’s CardPixes database of more than 7,000 images today features the DBS CapitaCard Platinum Visa.
MyECheck has inked three new clients for its online check processing solution. MyECheck offers a variety of electronic check services for almost any application including personal, business and government payments.


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TORONTO — Shoppers Drug Mart is looking to hire a medical marijuana brand manager as it tries to position itself in the burgeoning cannabis market, even though it is not currently legal to distribute the drug through pharmacies.
A job posting on the website of Canada’s largest pharmacy says the senior brand manager role will entail leading its strategy and marketing activities to doctors and health-care providers in the cannabis space.
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“The development and integration of the medical brand plan will involve the consideration of the current cannabis market; legislation, regulations and access challenges,” the posting reads.
Shoppers adds that the winning candidate will also ensure that its medical pot marketing material is compliant with Health Canada regulations.
This comes after Shoppers’ parent company, Loblaw Companies Ltd. (TSX:L), applied for a Health Canada licence to dispense medical marijuana in October 2016.


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Beware superstar CEOs
Americans love stars. Celebrities, athletes, politicians and, yes, corporate executives, writes Steve Schaefer.india Updated: Oct 21, 2009 15:07 IST
Nearly 20% of the 3,000 largest publicly traded companies in the U.S. change their CEO or CFO in a typical year, and the chance to put a big name in the C-suite is alluring to corporate boards, says Renny Ponvert, the founder and chief executive of Management CV, a firm that analyzes management teams and executive changes for a client base of institutional investors. One of the biggest mistakes boards can make is reaching outside company ranks for a big-name executive who turns out to be a poor fit.
"There are times when [an external hire] is justified," Ponvert said, particularly for companies in need of a complete overhaul, but in most cases Management CV favors internal promotions. Executives from within "know where the skeletons are buried," Ponvert believes and often have a better understanding of the changes that need to be made right off the bat with a brief adjustment period.
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However, internal promotions don't have the flash of bringing in a well-regarded, widely known executive from another firm, even though there is evidence to suggest that the shareholder enthusiasm that accompanies such hires is often fleeting.
A 2006 study in the Harvard Business Review on the portability of leaders found that of 20 selected companies that hired a former General Electric ( GE - news - people ) executive as their CEO or CEO-in-waiting from 1989 to 2001, all but three enjoyed a pop in their stock price on the news. The thinking goes that since GE is known for breeding top-flight executives, hiring one of their alumni should be a no-brainer. In reality, it's not that simple. Just ask Home Depot ( HD - news - people ).
The home improvement chain hired Robert Nardelli for its top job in 2000, only to see its stock outperformed by smaller rival Lowe's ( LOW - news - people ) for years before Nardelli resigned in 2007, amid shareholder indignation over his pay package.
Boris Groysberg, an associate professor of business administration at Harvard Business School and one of the authors of the study, said that GE's reputation for producing strong leaders may be warranted, but only alumni whose strategic skills were a strong match with their new employers produced positive annualized abnormal returns (stock returns of a company relative to the returns of a similar group of companies matched by industry, size and stock volatility).
Groysberg says that search committees sometimes focus on the wrong traits. A proven cost-cutting specialist is hardly the best choice at a company looking to ramp up revenues, regardless of the past employers on his resume. By the same token, a company with an entrenched culture launching a new product is hardly a fit for a turnaround expert.
Ponvert doesn't disagree that "fit" is of primary importance, but even when things seem to match up, external hires often require more lucrative pay packages to come on board and sometimes get so many incentives up front that they have a hard time living up to their compensation.
In the clean energy space it's become enough of a trend that companies are essentially entering bidding wars for talent, resulting in some eye-popping packages. Ponvert points to Rob Gillette at First Solar ( FSLR - news - people ) as an example. A veteran of Honeywell ( HON - news - people ) division, Honeywell Aerospace, Gillette's pay "is bordering on the extraordinary," Ponvert says, and to justify his compensation the company would need to wildly outperform its peers.
According to an 8-K First Solar filed with the SEC, Gillette came on board Sept. 3 with an agreement to receive a $5 million signing bonus, $5 million in yearly grants of restricted stock, and various other options and incentives to go with his $850,000 salary and potential bonus. First Solar declined to comment for this story.
In other cases, the expectations and share price boost that come along with a new executive can raise expectations to unreasonable levels. Palm ( PALM - news - people ) Chief Executive Jonathan Rubinstein joined Palm as executive chairman in 2007 when private-equity firm Elevation Partners recapitalized the firm, and he was named chief executive in June 2009. around the time the mobile device maker launched the Pre Smartphone. (Elevation is also a shareholder in our parent company, Forbes Media.)
While his history plays well in the media--Rubinstein was part of the Apple ( AAPL - news - people ) team that developed the iPod--Ponvert is concerned that results won't match up to expectations. Management CV is not convinced that he'll be able to steer the Palm to operating results that will outperform industry peers, which investors seem to be expecting. Palm's share price was at $11.99 on June 10, the day Rubinstein was named CEO, and has risen nearly 37% since, comfortably outperforming Smartphone rivals Apple (+33%) and Research In Motion ( RIMM - news - people ) (-17%), as well as the S&P 500 (+16%). Palm declined to comment on the record for this story.
Sometimes, less heralded promotions and hires can often have more meaningful impact. Dirk Meyer was greeted coldly by the Street when he assumed the top role at Advanced Micro Devices ( AMD - news - people ) in 2008, but he has already made progress in fixing some of the missteps of predecessor Hector Ruiz, Ponvert said. Being promoted from within, Meyer was able to quickly gain traction toward reversing a string of poor results, and AMD is likely to benefit as capital spending eventually returns during the economic recovery.
Shares of AMD scuffled on the announcement of Meyer's promotion from chief operating officer last year, but perhaps subdued expectations are better than the pie-in-the-sky optimism that often comes with a "celebrity" hire, Ponvert suggested. An AMD spokesperson pointed out via e-mail that AMD has implemented a restructuring plan designed to reduce the firm's break-even point and divested noncore assets under Meyer's leadership.
Management CV, whose approach combines quantitative and qualitative analysis, readily admits that external hires are not always the wrong move. In many cases a mix of internal promotion and going outside the company to form an executive team creates "a strong management alloy," Ponvert said. He points to Walgreen ( WAG - news - people ), where Greg Wasson, CEO since February, is a lifer at the drugstore chain, but CFO Wade Miquelon was brought in from Tyson Foods ( TSN - news - people ) in May.
While Miquelon's compensation is 46% more than his predecessor's--the cost of doing business when you bring in outside talent--Management CV expects his cost-controlling skills and international experience to complement Wasson's intimate knowledge of the company. And the pair is certainly motivated to make it work: Walgreen's guidelines require Wasson and Miquelon to own company shares equal to certain multiples of their salary, ensuring they both have "skin in the game."
In other cases, it's not about what a new executive is bringing to the table but what goes out the door when their predecessor leaves the company. In the case of Teleflex ( TFX - news - people ), a diversified manufacturer that has expanded aggressively into health care products through M&A, Ponvert thinks the departure of CFO Kevin Gordon is a big concern. Gordon's skills as CFO, important given the financial and regulatory challenges associated with making acquisitions, will be sorely missed, he said.
The firm has not yet designated a replacement for Gordon, who resigned for personal reasons in September but will stay on board until early January. The company would not comment on its search.


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If you want your business to succeed, you’re better off constantly upgrading and improving your core business applications, instead of ripping and replacing.
This is according to a new report from Micro Focus, which states that businesses can benefit greatly from continuous improvement, particularly in terms of return of value, customer satisfaction, sustainable innovation and longer application lifespans.
Companies that replace a software application usually have a success rate of 26 percent, and a failure rate of 20 percent. Those that choose to upgrade their apps, meanwhile, usually have a 71 percent success rate, with a one percent likelihood of failure, the report states.
Further, almost half (45 percent) of firms that tried to rip and replace apps were not satisfied with the result, while 55 percent of those that upgraded their existing tech stack reported positive outcomes.
“A continuous and multi-phased modernization methodology delivers incremental value and reduces risk when compared to the alternatives of rewriting or replacing,” said Neil Fowler, GM of Application Modernization and Connectivity at Micro Focus.
“With application modernization typically being an important first step in an enterprise’s larger digital transformation journey, an incremental flow-based model provides a methodology capable of matching the flexibility of today’s business climate while ensuring continuous transformative activity.”


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Vaping devices aren’t the only products on the shelves that come in fruity or sweet flavors. A report from the Campaign for Tobacco-Free Kids highlights how tobacco companies take advantage of lax regulations on cigars to sell flavored tobacco.
After the Food and Drug Administration banned flavored cigarettes in 2009, tobacco companies started marketing flavored cigars, such as cigarillos. Often, the cigar-makers simply modified the banned flavored cigarettes so they would meet the legal definition of cigars — for instance, changing the material used in the wrapper.
Between 2000 and 2012, cigarette sales decreased while cigars sales doubled. Cigar sales grew by another 29% by 2016, which the CDC reports was driven mainly by increasing sales of cigarillos, and have continued to grow since then.
While the report was published in 2013, the regulations allowing flavored cigars have remained the same. However, the FDA recently proposed a rule prohibiting flavored cigars and menthol cigarettes.
Read more from TobaccoFreeKids.org.


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Microsoft Wins Ruling Forcing Change in Motorola Phones
May 18 (Bloomberg) -- Microsoft Corp. won a federal trade ruling that will force Motorola Mobility Holdings Inc. to alter software on some of its Android-based mobile phones to keep bringing them into the U.S.
A U.S. International Trade Commission judge found that Motorola Mobility infringed a patent covering a program by Redmond, Washington-based Microsoft called ActiveSync, which lets users generate meeting requests among a group. Six other patents weren't violated, the judge ruled.
The ruling still must be reviewed by President Barack Obama, who can override the order on public policy grounds.
"We hope that now Motorola will be willing to join the vast majority of Android device makers selling phones in the U.S. by taking a license to our patents," David Howard, Microsoft's deputy general counsel, said in an e-mailed statement.
An exclusion order would affect Droid 2, Droid X, i1, Cliq XT, Devour, Backflip, Charm and Clip models, according to a filing with the ITC.
Motorola Mobility said it was disappointed and would explore options including an appeal. "Motorola Mobility will not experience any impact in the near term," Jennifer Erickson, a company spokeswoman, said in an e-mail.
The ruling probably will push Motorola to reach a settlement and pay Microsoft a licensing fee instead of having to modify the phone software, said Charlie Wolf, an analyst with Needham & Co in New York.
"These cases usually end up with the parties settling," Wolf said.
The case is part of a broader effort by Microsoft and Apple Inc. to curtail the growth of mobile devices that run on Google Inc.'s Android operating system. Google licenses Android for free to further its mobile-advertising business.
The platform has become the most popular for smartphones, with more than half of a market for mobile devices that Yankee Group has projected will reach $360 billion this year.
Microsoft contends it should be paid royalties by makers of mobile devices that run on Android. The software maker has reached licensing deals with Samsung Electronics Co. and HTC Corp.
Motorola Mobility, which is being bought by Google, refused to pay and instead struck back in a case at the trade agency.
Microsoft's willingness to license is different from Apple, which wants makers of Android smartphones to make changes to its devices, Wolf said.
"I would expect Motorola to get together with Microsoft to resolve this," he said.
Microsoft has capitalized on patents it said cover features of Android, and said it has struck licensing agreements with makers of more than 70 percent of all Android devices sold in the U.S. Microsoft's only litigation with Android-device makers is with Motorola Mobility, following a settlement reached last month with Barnes & Noble Inc.
The software maker filed the ITC complaint in October 2010. Motorola Mobility responded by sending letters demanding royalties on Microsoft products, including the Xbox and Windows operating system. The legal battle has since escalated, with Microsoft accusing Motorola Mobility of misusing its patents in a lawsuit pending in Seattle and before regulators in the U.S. and Europe.
Motorola Mobility has filed its own patent-infringement claim against Microsoft at the agency, seeking to block sales of the Xbox. An ITC judge said Microsoft was infringing four Motorola Mobility patents; Microsoft wants the commission to review that decision.
Microsoft's case against Motorola Mobility is In the Matter of Certain Mobile Devices, Associated Software and Components Thereof, 337-744, while Motorola Mobility's case against Microsoft is In the matter of Gaming and Entertainment Consoles, 337-752, both U.S. International Trade Commission (Washington).
To contact the editor responsible for this story: Bernard Kohn at email@example.comFind out more about Bloomberg for iPhone: http://m.bloomberg.com/iphone/


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Who are we?
We are printers, publishers, paper suppliers and distributors that represent mostly small businesses in local communities that employ more than 600,000 workers in the United States.
What is the issue?
A single paper supplier, NORPAC, alleges that Canadian imports of uncoated groundwood paper (UGW), which is used for newsprint, directories, book publishing, circulars and other products, are being subsidized or shipments are being dumped into the United States. NORPAC has asked for duties that range up to 50 percent on the purchase price of Canadian paper.
NORPAC is an outlier, owned by a New York hedge fund, with no additional pulp or paper operations in the United States or globally. Majority of U.S. newsprint manufacturers, and even the trade association for the U.S. paper industry – the American Forest and Paper Association – as well as their U.S. customers, oppose the NORPAC petitions. A single paper producer, with less than 300 employees, is manipulating the trade laws, while threatening hundreds of thousands of workers and companies.
Who else is opposed?
A range of other business associations and state agencies, including state economic development departments, chambers of commerce, and associations of printers and publishers; religious publications, state and local political officials; think tanks, such as the Heritage Foundation.
What is the status?
Countervailing Duties: The Department of Commerce (Commerce) released, on January 9, its preliminary determination assessing countervailing duties on uncoated groundwood. These duties range from 4.4 to 9.9 percent with an average of 6.53 percent.
Antidumping Duties: On March 13, Commerce released preliminary anti-dumping duties that range from 0 to 22.16 percent depending upon the manufacturer. This means that some Canadian imports of newsprint will be assessed duties of up to 32 percent – right now at the border – as the investigation in this case continues. The duties are already causing a price shock and a disruption in the marketplace. The next phase in the process is for the International Trade Commission to initiate its final investigation which includes questionnaires, public comment period, and a hearing. A public hearing is likely to occur in early August, with an ITC final determination in mid-September.
Where does NORPAC’s claims fall short?
An overwhelming majority of Canadian imports are not in NORPAC’s regional market.
The ITC issued a report in its preliminary investigation (September 2017) which recognized that “newsprint tends to be supplied by producers in that region,” and pricing reflects the regional marketplace. The report also showed that almost 91 percent of Canadian newsprint comes into the Midwest and Northeast, and only 4.6 percent enters NORPAC’s region (the Pacific Northwest), undermining NORPAC’s claim of harm due to international trade. Transportation costs simply make it too expensive to ship newsprint produced in the Northwest to the Midwest or Northeast.
A decades-long shift toward digital platforms is the reason for the financial harm to U.S. newsprint producers; not unfair prices from Canada.
Industry economists say the prices for newsprint are dictated by the usual rules of supply and demand. Since 2000, the demand for newsprint in North America has declined by 75 percent. As a result, many US producers have been hurt financially. Other producers have simply left the business – either closing mills or converting them to other grades of paper where there is more demand, such as linerboard which is used in packaging for e-commerce companies (e.g. Amazon).
Tariffs will hurt, not help, the U.S. newsprint industry.
Producers have already alerted U.S. buyers that they would have to pass along the full measure of the tariffs, which are already being collected. Printers and publishers are not able to absorb these increased costs and will be forced to cut production, print fewer pages, and shift more of their content and – subscribers – to digital platforms. This cost cutting will drive down demand for newsprint, ultimately hurting U.S. newsprint manufacturers, including NORPAC.
The request from a sole petitioner threatens thousands of jobs in the United States.
Tariffs will force companies to cut jobs not only at newspapers, commercial printing, and book publishing operations, but throughout the supply chain, such as ink suppliers, fuel producers, and equipment manufacturers. In addition, in most small towns, the printed newspaper or small commercial printers that fulfill direct mail campaigns are the mediums for small businesses to reach their customers, particularly in areas where digital advertising is limited given absence of broadband. If newspapers and printers were forced to close, advertisers would lose an important outlet for promoting goods and services. Furthermore, in these small towns, citizens will lose an important source of news and information, including information from their representatives in our nation’s capital.
Closures / Conversions of Newsprint Mills 2007-2018
NORPAC continues to argue that Canadian paper suppliers’ imports are subsidized, which is what they believe is a significant problem to their business. When, in fact, the decades-long transformation from print to digital platforms, is the reason that newsprint mills throughout North American have taken a financial hit to their businesses. Placing unnecessary tariffs on Canadian paper would only ignite the financial problems of paper suppliers and news organizations and cause the reverse effect of what NORPAC’s petition is trying to achieve.
The following interactive map show the North American mills that have shut down or converted machines since 2007.


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Next week, the Northwoods Entrepreneurial Network (NEN) is sponsoring a free workshop and roundtable discussion focusing on types of businesses identified as being needed in our northwoods communities.
The group is encouraging entrepreneurs to come hear county economic development directors, chamber of commerce leaders, downtown development execs, plus business outreach specialists, real estate agents and other development professionals. They’ll discuss entrepreneurial opportunities for those looking to start or expand businesses in the Northwoods.
Board Member Dan Kuzlik says, “ While (our Network) has been in existence for 7 years, this is the 1st time we are connecting local entrepreneurs with a group of business development professionals to determine what type of businesses are most likely to succeed in our local communities.”
The program will take place on one week from today at Nicolet College at 6:00 pm. Although the program is free to the public, they are asking attendees to register for this event by contacting Michelle Madl-Soehren, NEN President at 715-365-4492 or by e-mail at email@example.com.


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Global investors were their pinning hopes on higher-level trade talks this month. But the latest round of news, which says there was no sign of improvement in U.S.-China deputy-level trade talks, indicates the opposite. U.S. stock futures slipped in the after-hour session. The China delegation is reportedly sit for a meeting in Washington on Thursday only instead of Friday as scheduled,
Investors should note that the Trump administration blacklisted eight more Chinese technology giants on human rights’ concerns on Oct 7. This is the first time that the Trump administration has shown human rights as a reason for blacklisting companies. The previous exclusion of Huawei Technologies Co. was in interest of national security (read
: Low-Beta ETFs to Tap Amid Stock Market Selloff).
Even if a partial trade deal is cracked, strategists say it’s also more likely now that the Trump administration will consent to a curtailed trade deal that could erase some tariffs before the year-end but postpone some of critical issues, such as intellectual property and technology transfers, for future talks.
However, the below-mentioned ETFs could be in danger amid half-hearted progress in trade talks.
Per Morgan Stanley equity strategists, “semiconductor and semiconductor equipment companies have the highest revenue exposure to China at
52%” and are thus exposed to maximum risks on rising trade tensions.
Qualcomm ( QCOM Quick Quote QCOM - Free Report) has 65% revenue exposure to China and Nvidia’s (NVDA) sales exposure to China is 56%, per Goldman Sachs. Apart from these, some other tech and semiconductor companies, which have sales exposure to China in the range of 22% to 55%, include the likes of Intel INTC, Micron Technology MU and Applied Materials AMAT. This clearly explains why the mood is somber in the semiconductor space. So, VanEck Vectors Semiconductor ETF SMH may face trouble. Tech Hardware & Equipment
Tech companies that have extensive trade relations with China would be at high risk of falling prey to the trade war. In fact,
Goldman Sachs has compiled a list of companies with considerable revenue exposure to China. These companies’ revenues are 14% exposed to China, per a CNBC article. SPDR S&P Technology Hardware ETF XTH should thus be followed carefully. Auto
Both steel and aluminum are vital to the production of cars and trucks sold in America and would push up the sale prices of those vehicles considerably. Adding fuel to the ongoing trade tensions, the Trump administration has initiated a national security investigation into auto imports that may result in fresh tariffs.
U.S. auto companies earn about 12% revenues from China. With Beijing slamming tariffs on
U.S. auto imports, First Trust NASDAQ Global Auto Index Fund would come under pressure. CARZ Consumer Services
As tariff tensions heat up, inflation in the U.S. economy should perk up. Along with most market watchers, we too believe that companies will try to pass on some cost escalation to consumers. Higher inflation will hurt
iShares U.S. Consumer Services ETF IYC. In any case, U.S. consumer services have about 10% sales exposure to China. That is yet another risk to consumer funds. Agriculture Business
China targets imports of U.S. agricultural products as a way of retaliation, building pressure on agriculture equipment makers
Deere & Co. DE and AGCO Corp. AGCO. AGCO has about 10% exposure to IQ Global Agribusiness Small Cap ETF CROP while Deere has considerable focus on iShares MSCI Global Agriculture Producers ETF (VEGI), First Trust Indxx Global Agriculture ETF FTAG and VanEck Vectors Agribusiness ETF MOO. Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.
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It’s cats versus dogs in Splatoon this Independence Day.
Nintendo’s innovative third-person shooter for Wii U is getting its players to fight on the side of either cats or dogs for 24 hours next weekend as it brings the first Splatfest event to North America. With over 1 million copies of Splatoon already sold worldwide, Nintendo is trying to keep things fresh and further grow Splatoon’s community by slowly adding new free content. Splatfest is the next part of that drive, adding a new competitive edge along with night-time battles and fireworks.
The first Splatfest event took place in Japan two weeks ago, with players choosing to fight for either rice or bread. Rice emerged victorious, but connection problems partially disrupted the event. These caused a slight delay to the first North American Splatfest, which now takes place for 24 hours starting at 12 a.m. Pacific on July 4.
Nintendo apologized for the delay on the official Splatoon Tumblr page, saying “we experienced some … tentacle difficulties with the Splatfest matchmaking.”


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Credit card fraud skyrockets in Teaneck
TEANECK - Teaneck Police are working with the Bergen County Prosecutor's Office and the United States Secret Service to find a link among dozens of fraudulent credit card transactions reported by Teaneck residents since early May.
Teaneck Police Det. Lt. Andrew McGurr said on May 18 that 68 reports had been filed, many on May 17 and 18.
The reports came from all parts of the Township, McGurr said.
"We are looking for a common thread to isolate where the information came from. It is our belief that the numbers were compromised locally," he said.
Councilman Elie Y. Katz said that several residents had informed him on May 16 that they discovered fraudulent charges to their credit cards. He and Councilman Emil "Yitz" Stern, who also had received reports, sent out email inquiries.
"It was a quick email, a feeler to see if there was anyone else," said Katz. "We thought that perhaps 20 people would respond."
Instead, the councilmen received more than 240 responses.
They then notified Police Chief Robert Wilson who encouraged anyone who believes he or she is a victim of credit card fraud to inform the police.
Katz discovered that he was among the victims. Two fraudulent charges of about $5 each were charged to his credit card account for purchases at a Crown Plaza Hotel in Indiana. His mother, also a Teaneck resident, had a fraudulent charge on her account.
One resident's airplane mileage was transferred to cash and mailed to an out-of-state address, Katz said.
Stern said that his daughter, a Teaneck resident, received a call from Chase Bank informing her of an attempt to charge $7,000 to her credit card at a supermarket in Michigan.
"Fortunately, in her case, and in many others, the credit card companies picked up on the attempts before they went through," Stern said. But he urged residents to report attempts to police, even if the attempt was blocked and the account closed by the potential victim.
The fraudulent transactions had been made in states throughout the United States and in foreign counties including Spain, McGurr said.
He said that, although a clerk at a local store or restaurant might initiate a fraud using a customer's account, the magnitude of identity theft suggests that it was more organized.
Katz said that in addition to Teaneck residents, he has received complaints from residents of Bergenfield and Englewood and other nearby towns.
"The common denominator is that they all shop in Teaneck," he said.
However, Katz believes that the source of the theft is the credit card processor rather than an individual merchant. He noted that one victim informed him that she uses her card in only one store while another said that she never shops in that store. Many of the victims have used their credit cards in Stop and Shop and Shop Rite in Hackensack, Katz said.
"The source seems to be connected with Teaneck merchants. It is a mystery who it is," he said.
He advised residents to keep a close check on their credit card statements and, if they see any suspicious charges, to cancel the card and inform police.
"People should not feel that the issue has been resolved if they just cancel their account. They could use their new account, and that could become compromised," Katz said.


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Bags of Plenty is under way again.
For the 13th year, the Maryland Food Bank and Maryland Food Committee are appealing for money and nonperishable food to help more than 20,000 needy people who eat daily at soup kitchens and food pantries around the state.
"Thousands of citizens have the opportunity in the next two weeks to directly impact their disadvantaged neighbors," said Bill Ewing, executive director of the food bank.
"Here it is, our 13th year, the same old thing, the food lines get longer at the soup kitchens. It's not the people's fault -- many have gotten jobs through welfare reform -- but it's not enough to feed their families. They need help."
Food being sought includes pasta, peanut butter, canned fruit or vegetables, canned meat or tuna, soup, evaporated milk and baby formula.
A typical grocery bag with 15 pounds of food can provide 12 meals. A check for $10 buys a three-day emergency supply of food for a family of three, while $25 supplies a family of four for one week.
Donated food and money are distributed so hungry Marylanders can eat during the holiday season and winter months.
Donors may leave bags of food at any Giant Food store or Baltimore fire station through Nov. 28. They may help "stuff a bus" Nov. 21 and 22, when MTA buses will be filled at Giant stores at Perring Parkway in Towson and Southdale Shopping Center in Glen Burnie.
Cash donations may be sent to Bags of Plenty, P.O. Box 22831, Baltimore 21203. Or people may call Sundial, 410-783-1800, Ext. 2247. From Anne Arundel County, call 410-268-7736; Carroll County, 410-848-0338; and Harford County, 410-836-5028.
Rob Hess, president and CEO of the Center for Poverty Solutions, said the number of hungry people has increased since a 1997 survey by the center's food committee.
The survey of emergency food providers found that 79 percent of soup kitchens reported an increase in the number of hungry people served; 47 percent of them were families with children.
Pub Date: 11/12/98


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With AirPlay, Apple opens iTunes software to a 3rd party
Engadget reports that Apple has opened its AirPlay technology to a third party, BridgeCo. BridgeCo is the maker of JukeBlox, a network streaming technology that's embedded into its partners' audio products and equipment to allow wireless audio streaming. And, it just so happens, according to BridgeCo's website, that the JukeBlox platform will play nicely with Apple's AirPlay technology.
What does this mean in layman's terms? It means that any audio equipment manufacturer that integrates BridgeCo's JukeBlox technology will be able to stream music from iTunes or iOS devices running iOS 4.2. This is the first time Apple's has opened up its iTunes software to a third party. In fact, CNBC reports that "BridgeCo worked with Apple on its AirPlay."
According to a blog at BridgeCo's website, it is currently partnered with audio equipment manufacturers DENON, iHome, JBL, and B&W, to name a few, with "many more coming." Not so coincidently, these brands are also mentioned on Apple's official AirPlay website as featured partners.
Update: Reader Leo notes in comments, and Dion via Twitter, that Marantz is a sister company of Denon; both are owned by D&M Holdings, along with other premium audio brands like McIntosh and Boston Acoustics.
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Direct Line signals more bloodletting ahead of flotation
Insurer Direct Line – which announced 891 job losses earlier this month – plans to cut staff even further over the coming months, its chief executive admitted as he unveiled plans to float on the London Stock Exchange.
The company is engaged in a major campaign to slash costs and improve profits as it gears up for the flotation, which is expected to begin within the next few weeks.
Paul Geddes said: ‘We are not dressing up the fact that we have had to reduce jobs and there will be more to come.
Slashing jobs: Direct Line has launched a cut-costing drive as it gears up for the flotation on the LSE
‘This is not something we take lightly, but we have to be efficient. We are up against some very lean and agile competitors.’
Direct Line is wholly owned by Royal Bank of Scotland, which has been ordered by the EU to sell the insurer as part of the price for the State aid the bank received during the financial crisis.
It is thought that RBS will make between £1.5billion and £3billion from the sale, with analysts widely divided on the likely market value.
RBS has until the end of next year to sell at least half of Direct Line and must have sold the whole business by the end of 2014. The first tranche will see at last 25 per cent sold to institutions and private investors through stockbrokers.
Geddes did not rule out the possibility that future tranches could be sold direct to private investors, like some of the major privatisations of the past. ‘We will have to see how this one goes first,’ he said.
Management at Direct Line will not receive any windfall shares in the float, according to Geddes. But he said there would be incentives that would ‘align their interests with shareholders’ – a phrase likely to mean shares awards or options pegged to performance targets.
Direct Line also owns the Churchill and Privilege insurance brands and the Green Flag breakdown service. It is Britain’s leading insurer with about 4.2million motor insurance customers and 4.3million home insurance customers.
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MasterCard expects to see increasing demand for its bank-card services now that the Chinese government is opening up the market for interbank transaction clearing services, the card brand’s China chief said last week.
“We are glad to see the decision,” said MasterCard China general manager Chang Qing, in an interview with Caixin Online. “In some ways, the bank card clearing business can be seen as a kind of infrastructure, and its openness will facilitate other economic reforms and stimulate domestic demand under this ‘new normal’ period of slower economic growth.”
After six months of deliberations, China’s cabinet announced last week that both Chinese and foreign companies will be able to compete fully in the payment-card clearing business. Until now, government-controlled UnionPay has had a monopoly for yuan-denominated transactions.
But the change won’t happen instantly. License applications are expected to take a year to be granted, though that doesn’t bother Chang. “MasterCard has been in the business of bank card clearing in China since 1985, when doors to the market first opened,” he said. “Compared to 30 years, one year is not too long, and we will make every effort to prepare for the business.”
Chang also said he expected MasterCard’s long-standing cooperation with UnionPay to continue. “All clearing institutions will still face the challenge of addressing a preference for using cash in many regions of China given the country’s underdeveloped e-payment environment,” he added. “Bank card clearing businesses will need to cooperate to form a market-oriented payment ecosystem and a pricing mechanism.”
Still, with China’s new initiatives to extend roads, railways and telecommunications to the Indian subcontinent, the Middle East and Europe — the “One Belt, One Road” plan — the international card brand can bring several advantages to the table, said Chang.
“First, we have the safest, most open and easily compatible clearing networks worldwide. We’re bringing the most advanced network and services to the domestic market,” he said. “Second, MasterCard can draw on experiences from around the globe in working with standards organizations to set up criteria for the industry as it adapts to mobile technologies. Third, MasterCard has had 30 years of experience in China. The country is opening the market to foreign companies, and we are now considering what our role will be for the next 30 years.”


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It seems that EA are wasting no time already at work producing the next UFC video game since the official announcement at E3 2012 in June.
It’s a funny story, and also one that really emphasises the UFC’s impact over the past few years. Before the release and production of the “UFC Undisputed 2009” video game, (the UFCs first major video game with a major gaming company) according to Dana White the UFC had approached EA hoping they would pick the UFC up for a potential video game production. UFC President Dana White then said that the people down at EA told the UFC that the UFC isn’t even a real sport and that they don’t want anything to do with this! Which made the UFC then go to work with THQ to produce the titles “UFC Undisputed 2009, UFC Undisputed 2010” and “UFC Undisputed 3”.
“EA Sports told us, ‘You’re not a real sport. We wouldn’t touch this thing. We want nothing to do with this.'”
Then this is where the birth of the UFC – EA Sports rivalry began when EA actually suddenly decided that MMA has now become a real sport when they released the “EA Sports MMA” video game featuring fighters from Strikeforce after they previously said that they didn’t want anything to do with this.
Now let’s fast forward to 2012. The UFC has already shown huge progress over the past few years in terms of popularity and overwhelming success, an example of this is the deal with FOX and just how they’ve attracted millions more fans around the world than, say, when Tito Ortiz was still champion.
Now the UFC have buried the hatchet with EA and actually announced in June that they have departed with THQ and have started working with EA for the next UFC video game, a huge step for the UFC.
Although may seem irrelevant to the UFC’s current success to some, let’s just look at some of the sports that go to EA for video production.
FIFA games, The Fight Night Series, NHL games, “Madden NFL” Series and the NBA Live Series are all produced by EA.
Right now, all of these sports are more world widely recognized by the general public and for the UFC to continue their strive past “mainstream” and into worldwide recognition with a major video game deal should definitely be seen as a huge accomplishment and a big step.
Being sort of a gamer myself, (if you could call me that!) my problem with the UFC games developed by THQ is that they were to arcade-like. If there is one way to get to our audiences right now in terms of education on the sport is not with a company that develops these games similar to the Street Fighter franchise and one that teaches fans on the technical aspects of the sport because believe it or not, most fans don’t really understand mixed martial arts today. I hear boo’s every time a fight goes to the ground at UFC events! It will be effective for EA to use their signature realism in forms of a video game to simulate what the actual sport is like.
UFC Fighters Cain Velasquez (10-1 MMA 8-1 UFC) and Vitor Belfort (21- 9 MMA 8-5 UFC) look like they have already been called up by EA Sports for their faces for the next game. When Velasquez’s wife, Michelle tweeted:
With Vitor Belfort also sharing his experience:
ProFightingFans.com Staff Writer


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11 bit studios has announced the bonuses to players who pre-order its upcoming Anomaly 2, which is scheduled to launch on May 15th, 2013.
Official Pre-Order Gift Descriptions
- Anomaly Korea, which has never been available for PC, is announced as the bonus gaming gift for people who buy Anomaly 2 via the official site.
- That means that if you pre-order Anomaly 2 on the official site, you get two copies of Anomaly 2, as well as a copy of Anomaly Korea. For $14.99. It’s ridiculous.


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Dangote Group President, Aliko Dangote
Nigeria’s President, Muhammadu Buhari, has applauded Dangote Group, saying that the Group’s role is key to his administration’s plan for economic recovery and growth of the country.
The President, who urged the private sector operators to join hand in bolstering Nigeria’s economy, said the key to modern economic growth and development is in the hands of private sector, and that government is desirous of providing the enabling environment for investments to thrive.
Dangote Group is the major sponsor of the Kaduna International Trade Fair which was declared open by the President at the weekend.
The President who was represented by the Minister of Industry, Trade and Investment, Okechukwu Enelama, commended the role of the Dangote Group and private sector operators in general in creating jobs for the youth, adding that the government was partnering the private sector in its industrialisation drive.
The Dangote Group was also commended for the sponsorship of the 39th edition of the Trade Fair. The minister took time to visit the Dangote Pavilion where he was introduced to the company’s various innovative products.
Meanwhile, the Kaduna State Governor, Mallam Nasiru El-Rufai, who was represented by his Deputy, Barnabas Bala Bantex, said he was impressed by the various innovative products displayed at the pavilion of the group.
The governor also said his administration was looking into partnering with the company on the issue of concrete road.
Speaking, Group Executive Director, Stakeholders Management and Corporate Communications, Ahmed Mansur, said the group was investing heavily in the agricultural sector.
Mr. Mansur said very soon Nigeria will witness an exponential opening in jobs for the country’s teeming youths, as hundreds of thousands of jobs will be created.
Also, the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, (KADCCIMA) also described the Dangote Group as one of the major sponsors of the forthcoming Kaduna International Trade Fair.
The Trade Fair which opens for participants on Friday February 26 to March 4, 2018 has as its theme: Promoting Commerce, Industry and Agriculture for International Competitiveness.
A statement signed by the Group Chief Corporate Communications Officer, Mr. Anthony Chiejina, had said the trade fair offers the Dangote Group an opportunity to display its numerous innovative products which include the recently introduced Dan-Q Seasoning, sachet sugar, salt, tomato paste and noodles, among others. The statement urged participants to patronise the Dangote Pavilion at the Trade Fair.
Speaking at the opening ceremony also, United States Ambassador to Nigeria W. Stuart Symington, said there was a need for an inclusive system to include women and youth, adding that this will help achieved the desired economic growth and development.


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Spanish startup delivery company, Glovo, has launched its operations in Nairobi.
The company uses a smartphone app to enable customers to order goods and have them delivered on demand. To enable them to do this, Glovo have partnered with a wide range of establishments, including restaurants, supermarkets, butcheries, bakeries, gift shops and as well as a network of Bike riders (called ‘Glovers’) to deliver the orders.
Glovo was founded in 2015 in Barcelona, Spain, and has since expanded its business across Europe, as well as reaching Africa and South America and now operates in more than 20 markets, offering its services to over 100 cities, including Paris, Madrid, Istanbul, and Buenos Aires.
“We are extremely excited about our launch in Nairobi after Morocco and Cairo, which strengthens our presence in Africa, and at the same time reinforces the transformation that the on-demand economy and delivery sector is undergoing in Kenya,” stated Priscilla Muhiu, Head of Marketing for sub-Saharan Africa at Glovo.
“Our vision is to bring the convenience of technology to everyone’s hand, giving them access to their own city, while creating income opportunities for thousands of Glovers i.e. our delivery riders.”
“Speed of delivery is one of Glovo’s value proposition and we would like to assure all our customers that we will live up to this promise.”
Glovo will refund the delivery fees for any deliveries which take more than 45 minutes and for the next couple of weeks, they are running a referral programme where users will be rewarded with credit worth Ksh600 when a user they referred uses Glovo. The referred user will also get credit worth Sh600 to use on their first order.


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Nestlé Waters North America Inc. is increasing its use of recycled PET in its Arrowhead brand of bottled water by 38 percent.
Many of the company's most popular sized Arrowhead bottles, Nestlé Waters said, excluding the reusable 3- and 5-gallon containers, soon will contain up to 50 percent recycled PET as a result.
The company announced the news on Oct. 7, and positioned the move as a commitment to environmental stewardship in California.
“Thanks to California's strong commitment to recycling, there is high quality rPET available enabling us to increase our use of recycled material,” said Tim Brown, CEO and president of Nestlé Waters North America, in a statement.
CarbonLite Industries LLC, a producer of food-grade, post-consumer recycled PET in Riverside, Calif., will supply the recycled plastic, Nestlé said. That recycled PET will be collected in California for the most part. CarbonLite reprocesses 2 billion containers each year.
Nestlé Waters said the increased use of recycled PET will be in place by the end of next year.
Arrowhead is just one regional bottled water brand owned by Nestlé and is popular in the West.
Arrowhead expects to use 18 million pounds of recycled PET annually through the new commitment.


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Stores Bring Out Big Discounts To Attract Shoppers
STEVE INSKEEP, host:
NPR's business news starts with the Black Friday discounts. This is the traditional kickoff of the Christmas shopping season. The slow economy has retailers offering big price cuts right at the start. One longtime analyst says he's seeing discounts of 75 percent in some places, and that's something he's never seen in November. Most analysts expect a drop in overall sales this holiday season.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.


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Apple's New Low-end iMac Contains Non-upgradeable, Soldered Memory
On Wednesday, Apple released a new low-end 21.5" iMac for only $1099
, and while the idea was to offer a capable machine at a fraction of the price of the higher-end models, it has been getting quite the negative press from reports all over the Internet.
We just recently shared how the machine was scoring up to 40% worse in multi-core processing
compared to the higher-end 21.5" iMac, but another negative has been discovered by well-known aftermarket computing company Other World Computing
We had wondered when we checked out the new iMac earlier this morning why there was no option to upgrade the memory in the machine, but now it has become clear to us. The memory, as you can see above, is now soldered into the main board in the computer, meaning that there is no way to upgrade the memory – neither by way of aftermarket support, nor from Apple directly from their factories.
It's also worth mentioning that the memory in the higher-end 21.5" iMac can
The new low-end iMac sports the following specs: a 1.4Ghz dual-core Intel i5 processor with Turbo Boost that can clock the processor up to 2.7Ghz when necessary, one 8GB memory module, a 500GB hard disk drive, and Intel HD 5000 graphics.
After hearing not only how poorly the machine scored compared to its bigger brother, which is only another $200, and now after learning that the machine can't even have its memory upgraded, we have plenty of reasons why you should probably pass on purchasing this low-end 21.5" iMac.
On the other hand, if you're interested in grabbing one anyway, you can learn more about the machine from Apple's online store at this link


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Alibaba on Thursday reported its slowest quarterly revenue growth since going public and missed expectations, but the Chinese e-commerce giant did beat on earnings.
Here’s how Alibaba did in its fiscal third-quarter, versus Refinitiv consensus estimates:
- Revenue: 242.58 billion ($38.06 billion) vs. 246.37 billion yuan estimated, a 10% year-on-year rise.
- EPS: 16.87 ($2.65) yuan per share vs. 16.18 yuan per share estimated, a 23% year-on-year fall.
The 10% revenue growth is the slowest quarterly year-on-year growth rate for the company since its 2014 U.S. listing.
Alibaba shares were down more than 5% in pre-market trade.
Alibaba has been facing macroeconomic headwinds in China which have weighed on the e-commerce giant’s business. Chinese retail sales remained sluggish in the fourth quarter of the year, for example. And there is heightened competition in China’s e-commerce space.
Meanwhile, the company’s shares have fallen over 50% in the last year as China tightened regulation on the country’s technology sector in areas from antitrust to data protection. Last year, Alibaba was hit with a 18.23 billion yuan ($2.8 billion) fine by regulators as part of an antitrust investigation.
Scrutiny on China’s tech giants continues which is another factor weighing on the company.
E-commerce in focus
Investors are watching a few key metrics including customer management revenue (CMR), cloud computing revenue and the company’s forward guidance.
In the December quarter, Alibaba further broke down the way it reports results for different segments of its business. Instead of “core commerce,” the company now splits up its China and international retail businesses into different reporting categories. It has also broken out figures for its logistics arm Cainiao and local consumer service which includes its food delivery platform ele.me. And Alibaba has started to report adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for each segment.
Under its China commerce business, customer management revenue (CMR) is a key metric for analysts. It is the single biggest portion of Alibaba’s revenue. CMR came in at 100.09 billion yuan, a 1% year-on-year fall.
CMR is revenue Alibaba gets from services such as marketing that the company sells to merchants on its Taobao and Tmall e-commerce platforms.
During the December quarter, China had its annual Singles Day shopping festival, a multi-day extravaganza in which retailers offer huge discounts. Alibaba said gross merchandise volume (GMV) during the 11-day period hit a record 540.3 billion yuan.
But GMV, which is effectively the amount of money transacted across a platform, does not translate into direct revenue for Alibaba.
Profit for China commerce fell around 20% year-on-year to 54.47 billion yuan.
Meanwhile, revenue for the company’s international commerce business grew 18% year-over-year to 16.45 billion yuan in the December quarter.
Alibaba said the percentage of customers from less developed areas has continued to grow. The Hangzhou-headquartered company has been focused on penetrating smaller Chinese cities to find new avenues of growth. It has launched a product called Taobao Deals, which offers discounted products, to help with its aim. Alibaba said paid orders on Taobao Deals grew 100% year-on-year in the December quarter.
Cloud growth slows
Cloud computing revenue for the December quarter came in at 19.54 billion yuan, up 20% year-on-year. That was slower than the 33% growth seem in the September quarter.


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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.Somerset, Singapore, 19th January, 2023, ChainwireXREATORS, a global NFT marketplace that connects social creators with fans, is officially set to launch on January 25th.
XREATORS will exclusively reveal highly collectible and attractive NFTs from all over the world. Not to mention their plans to continuously introduce previously unreleased content including:In addition, they’ll be pursuing a strategy to actively support rising artists while also running projects to donate portions of NFT sales revenue to charities dedicated to causes like education, disabilities, children & youth, and more.Gina Park, CEO of XREATORS, said, “With a much more user-friendly interface, not only are we lowering the entry barrier for new users as well as existing users with blockchain experience into the field of NFTs, but we’re ultimately contributing to the growth potential of NFTs.” She continued, saying, "We will spare no resources in our efforts to strengthen and contribute to the growth of this industry so that we can continuously provide access and convenient utilization of this technology to as many global users as possible in the future."Furthermore, XREATORS has successfully created and listed its own cryptocurrency, ORT, on the global cryptocurrency exchange, Gate.io, in May 2022.
They'll be holding several token airdrop events in commemoration of their NFT marketplace launch.XREATORS plans to introduce its NFT Parking service within its platform using ORT.
In the future, XREATORS has plans for additional functions and upgrades to their platform such as gifting NFTs, auction-basedRead more on cryptonews.com


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Well-known sports event organizer pivots to navigate the new normal.
PETALING JAYA, Malaysia, June 30, 2020 /PRNewswire/ -- SCORE has proven an SME can change directions quickly, by launching FitoMojo Live Stream Shopping. FitoMojo promotes selected products from participating brands directly to consumers who log in to watch their Facebook Live. Consumers can engage directly with the promoters regarding the promotions, and purchasing of the offered products.
"We make it an entertaining and personal affair, as the interactions are in real-time with consumers who log in to watch," says Patricia Tan, the CEO of SCORE.
SCORE's FitoMojo Live Stream Shopping made its maiden broadcast in May this year. Their first three episodes had achieved more than 10,000 views.
SCORE is a well-known household name, having organized one of Malaysia's most popular annual running events called SCORE Marathon for the last six years.
"Nobody saw the pandemic coming and it hit us like a train and mass participation sports were out of the question and will likely to remain so until a cure is found".
"We brainstormed hard and noticed of an emerging digital marketing trend from China," Patricia explains. "The Chinese have proven live stream shopping works as a marketing tool with great success, especially when there is a following".
SCORE has built a strong rapport and trust among fitness enthusiasts through their successful running events over the years. By leveraging on this, SCORE set up FitoMojo Live Stream Shopping to appeal to its established base with sports, health, wellness and fitness-related products that interest them.
The plan is to complement the live-streaming service with FitoMojo.com, an e-commerce platform that will be launched end June. The e-commerce platform will capture sales from and outside of the live-streaming sessions, creating a complementary sales channel to benefit participating brands further.
FitoMojo Live Stream Shopping offers free-of-charge to participating brands for featuring their products. "FitoMojo is a new income source for brands. We are keen to make our live-streaming service a win-win solution."
Encouraged by FitoMojo Live Stream Shopping's initial success, Patricia believes in developing the courage to pivot a business to address the new challenges brought by the pandemic. "Running a business is no different than running a marathon because both need mental strength. If you think hard enough, you can do anything - even pivoting your entire business model".


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Armenia’s Economy Ministry pushes to extend ban on Turkish imports
Armenia’s Economy Minister Vahan Kerobyan is to call on the government to extend the temporary ban on Turkish imports, imposed on January 1, 2021, which is due to expire on January 1, 2022.
According to government data, Armenia imported $268 million worth of Turkish-manufactured products in 2019 and $178 million worth of Turkish goods in January-October 2020, 15% down YoY. Among these were $10.3 million worth citrus fruit.
The ban was in retaliation to Turkey’s participation and assistance to Azerbaijan in the 44-day war unleashed against Artsakh (Nagorno-Karabakh) in autumn 2020. The ban on import of Turkish goods to Armenia applies not only to legal entities but also to goods of personal use of individuals arriving in Armenia.


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Nigeria Needs Prices That Work
Nigeria took a step toward economic sanity Tuesday by announcing plans to let its currency weaken. Africa’s largest economy is facing recession, and exchange-rate flexibility will help it cope. For best effect, those plans should also include junking the foreign-exchange controls that have blighted its businesses and scared off foreign investors.
Nigeria’s currency, the naira, has been pegged at about 200 to the dollar since March 2015 -- a policy that President Muhammadu Buhari has defended. Oil exporters from Russia to Colombia let their currencies depreciate when the falling price of oil hit their foreign-exchange receipts; Nigeria tried to shield consumers and businesses from inflation by propping up the naira and keeping imports cheap. It didn’t work. Inflation hit a nearly six-year high last month.
Restrictions on currency trading -- importers of everything from wheelbarrows and glass to margarine and toothpicks were barred from buying dollars -- led to shortages, with factories idled by lack of inputs. Insiders profited by trading dollars on the black market. Foreign investors, fearing an eventual drop in the currency, sold Nigerian stocks and bonds.
Devaluing the naira and dismantling foreign-exchange controls won’t solve the country’s economic problems. In the short run, inflation is indeed likely to rise. But avoiding an artificially overvalued currency is essential for repairing the country’s price system and making the economy more productive.
A correctly valued currency would make foreign investors more confident about putting their money down. It would make Nigerian non-oil goods more competitive both at home and abroad, building up both agriculture and industry. And dismantling currency controls would help to curb corruption and rent-seeking. Those enormous benefits would last long after the costs of any initial shock had been forgotten.
--Editors: James Gibney, Clive Crook
To contact the senior editor responsible for Bloomberg View’s editorials: David Shipley at firstname.lastname@example.org .
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NYSE: PFE or Pfizer Inc., as per brokerages, is expected to publish a sales report of 13.42 billion for this fiscal quarter.
About four analysts gave in their estimates for the company’s earnings. 14.33 billion dollars is the highest sales estimate. The lowest prediction is 12.20 billion dollars. Last year, for this very quarter, Pfizer had posted 12.03 billion dollars of sales. This indicates a positive growth for the firm— from a year over the other. The company’s growth rate ranges at 11.6%.
On 27th April, NYSE: PFE will publish their sales report of quarterly earnings.
Research Firms Weigh In On PFE
Several analysts are expecting Pfizer to post yearly sales of 59.83 billion dollars. The estimates go up to 63.10 billion dollars. The minimal estimate is 56.30 billion dollars. Other analysts have also weighed in for this fiscal year. Some of them have an estimated 45.66 billion dollars, which is the lowest, while others have 56.93 billion dollars, which is the highest estimate. The average provided here is 50.85 billion dollars.
On 2nd February, NYSE: PFE announced their earnings. On Tuesday, they reported an EPS of 0.42 dollars for this quarter. This was shy of an estimate by Thomas Reuters of 0.46 dollars. For the same quarter, the firm had 11.68 billion dollars of revenue. This topped other expectations of 11.32 billion dollars.
The quarter’s revenue by the biopharmaceutical firm was 11.8% up on the basis of year-over-year. The net margin for NYSE: PFE was 17.85%. The firm also reported an equity return of 24.88%.
On Monday, Pfizer opened at the market with 34.94 dollars. PFE’s market capital stands at 194.88 billion dollars. The moving average for 50-day of the company is 34.89 dollars. While the same average for 200-day stands at 36.71 dollars.
67.36% of the firm’s stock is owned by institutional investors.


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- Ford (F) is set to drop Microsoft (MSFT) Windows as the basis for the car-maker's next-generation Sync system and use BlackBerry's (BBRY) QNX instead, Bloomberg reports.
- The move follows technical difficulties, while QNX will also be faster, cheaper and more flexible.
- Sync, which is in over 7M vehicles that are on the road, allows drivers to make mobile-phone calls and play music using voice-activation.
- Getting Sync right appears to be rather important - surveys indicate that in-vehicle technology is the leading selling point for 39% of auto buyers,
Bloomberg: BlackBerry to get major boost from Ford
Feb 23 2014, 02:34 ET


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Supply chain disruptions are still causing real problems for some stocks, despite evidence that the worst is over. For proof, look no further than Koninklijke Philips, the Dutch health conglomerate that makes, among other things, Sonicare toothbrushes and Norelco shavers.
(ticker: PHG) stock plunged 16% in the U.S. premarket Wednesday. Its shares trading in Amsterdam (PHIA.Netherlands), where the company has a primary listing, were down 15%.
Why? Supply-chain issues, for the most part.
Philips reported preliminarily fourth-quarter financials that missed expectations Wednesday. Sales for the last three months of the year are expected to be €4.9 billion ($5.6 billion), some €350 million below the company’s own guidance and short of the €5.3 billion expected by analysts as recently as last month, according to FactSet data.
This represents a comparable sales decline of 10% from the year prior, the company said, and is primarily due to intensified global supply-chain issues—namely, a shortage of electronics components and limited freight capacity.
Consequently, quarterly profits—measured by adjusted earnings before interest, taxes, and amortization (EBITA)—will come in at €650 million. Analysts were looking for a figure closer to €780 million as recently as the end of last month, with earnings estimates steadily declining in the run up to the financial release.
The supply-chain issues may not signal a wider problem with the company’s recent performance. Philips, which is similar to health conglomerate
(DHR) and elements of
Johnson & Johnson
‘s (JNJ) business, saw comparable order intake growth of 4% in the last quarter, largely driven by its diagnostics and treatments division. Full-year order growth was 4%.
“We continue to see good demand for our innovative products and solutions, resulting in an all-time high order book,” group CEO Frans van Houten said. “However, we faced significantly intensified global supply-chain issues across our businesses, in addition to customer postponement of equipment installations in hospitals.”
“We are closely working with suppliers and governments to address the shortages in the healthcare supply chain,” he added.
Write to Jack Denton at email@example.com
Credit: www.barrons.com – Source link


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You Can't Beat Walmart
by Ron Davis
Walmart’s expansion plans at an Ohio retail complex have apparently cleared the final hurdle that will allow construction to proceed despite objections to the expansion.
The Walmart store, located in Beavercreek, wants to add 60,000 square feet to two sides of the existing building. The added space will allow the store to begin offering groceries and related items for sale to customers.
Opposing those plans is a nearby grocery retailer, Lofino’s Inc., which claims that the expansion fails to comply with the local zoning code. Specifically, Lofino’s explains, the expansion would, among other drawbacks, ignore density and development limitations, exceed original retail-space limits, and reduce green space at the site.
Moreover, Lofino’s contends, Walmart’s proposal would give “an enormous benefit to Walmart, unlike any other ever provided to major retail developments in Beavercreek.” Finally, Lofino’s argues, “All we are asking for is that Walmart be treated the way others have been treated and the zoning code be fairly applied.”
Walmart counters those arguments by explaining that Lofino’s would not suffer any unique harm and would not be directly affected by approval of the expansion plans. And Walmart points out, since the expansion would not directly affect or harm Lofino’s, its opposition lacks legal standing.
In fact, Ohio law states that an appeal of such a zoning ruling requires that the complaining party be “directly affected” by the zoning-authority decision. But Lofino’s explains that a Walmart expansion “creates direct harm to those specific grocers and retail developers…that are prevented by law from using their property to the same extent as their direct competition.”
An Ohio court ruled in favor of Walmart, pointing out that Lofino’s did not offer evidence that it is directly affected by approval of Walmart’s expansion plans. Lofino’s appealed that ruling.
An Ohio court agreed with the lower court, explaining, “At no point, did Lofino’s present evidence concerning its business or property—what it is, where it is located, or how the Walmart expansion would affect it…. Lofino’s did not, for example, present evidence that the expansion would decrease the value of their property…. Nor did Lofino’s present evidence that the expansion would diminish access to the Lofino’s business.” (Lofino’s, Inc. v. Beavercreek City Council, 2009 WL 2675294 [Ohio App. 2 Dist.])
Decision: September 2009
Published: September 2009