text:
Companies diversify to prepare for loss of Goodyear’s business
Posted: Wednesday, February 23, 2011 9:29 pm
By: Kevin Bowden, Staff Reporter
By KEVIN BOWDEN
Mike Rinker is concerned about the impact of losing the Union City Goodyear plant, but Vaughn Electric Company in downtown Union City will survive.
Rinker is president of Vaughn Electric Company, which has been a family-owned and operated business since 1949.
The company began in downtown Union City as a partnership between Charlie Vaughn and A.J. Bishop and during the past 62 years has grown into a major electrical motor repair company.
Rinker said the business employs between 40 and 50 workers and with $5 million to $8 million a year in sales. Of that amount, Rinker estimated about 20 to 25 percent of the company’s business comes from local customers.
“Out of that, Goodyear represents about 10 percent of sales,” he told The Messenger, noting that translates to about $500,000 to $1 million a year.
“It will affect us short term,” Rinker said about the recent Goodyear announcement. “I don’t think it will affect us in the long run, though.”
Under Rinker’s management of Vaughn Electric Company, the firm has diversified enough that while the impact of losing Goodyear as a customer will be felt, it will not cripple the company.
“We’re actually seeking other business,” Rinker said.
That means he is working with potential clients across the region, extending his market area into Arkansas and Missouri.
“We’re diversifying,” Rinker said.
What is a major problem for Vaughn Electric is the ongoing loss of industries across the region, and he specifically cited the 2006 announcement by Beckaert that it would be phasing out its steel cord plant in Dyersburg. That plant closure impacted about 200 workers there.
Rinker said that while his company will survive the Goodyear plant closure, it will have a significant impact on the local economy.
“It’s going to get tough for everyone in Obion County,” he said.
Vaughn Electric is one on a list of 10 companies in Obion County that serve the Union City Goodyear plant. The list of impacted companies is dominated by tool-and-die shops and repair businesses.
Southern Machinery Repair owner Ron Cooper has already met with economic development officials who are reacting to the planned closure of the local Goodyear plant by the end of this year. He offered ideas and suggestions on how to deal with the Goodyear loss and encouraged state economic development officials to directly contact the president of Goodyear.
One of the local tool-and-die shops that will be affected by the Goodyear plant’s closure will be D&P Company, which has been around since before Goodyear came to Obion County in the late 1960s.
The tool-and-die shop is owned by Brooks Duncan, who told The Messenger Tuesday, “I hate to see Goodyear go.”
He refused to give out any specific details about the economic impact Goodyear will have on his shop, but he did say, “I do quite a bit of work for Goodyear.”
Duncan went on to say that he has been working on diversifying his customer base and that he has picked up a few new clients in recent years.
“I wish they wouldn’t leave, but it appears they’ve already made up their minds,” he said.
In addition to his tool-and-die shop, Duncan said he also has several rental properties in the community and he expects the Goodyear news will affect him there as well.
It has been previously reported in The Messenger that a 2009 economic impact study estimates the direct and indirect workforce impact of Goodyear was 3,505 workers in 2009. The study estimated the total wage impact from Goodyear at more than $184 million.
At the state level, the state Department of Economic and Community Development’s Feb. 17 online newsletter reported on Gov. Bill Haslam and Commissioner Bill Hagerty participation in their Job Creation Road Show’s visit to Chattanooga. The recent Chattanooga visit represented the second in a series of roundtable discussions with business leaders and economic developers about job creation, according to the online newsletter.
“The governor told the gathering that Tennessee is compiling a budget plan without the benefit of $1.5 billion in federal stimulus dollars in the coming year,” the newsletter stated in part. “Governor Haslam also said regional partnerships between communities seeking to attract new jobs is going to become more important in the years ahead.”
The state newsletter also reported that Commissioner Hagerty participated in a Regional Jobs Roundtable in Maryville on Tuesday.
Staff Reporter Kevin Bowden may be contacted by e-mail at email@example.com.
Published in The Messenger 2.23.11


text:
Newly introduced legislation attempts to ensure both safety and quality in drugs manufactured outside the U.S. On Tuesday, Sen. Michael Bennet introduced the Drug Safety and Accountability Act of 2010 to increase the FDA's power to ensure U.S. drugs are safe and effective regardless of where they are made.
The Senate legislation follows by about two weeks a House filing by Rep. Ed Towns to arm the FDA with its own recall authority, which would allow the regulator to act more quickly than sometimes is the case with the current norm of voluntary manufacturer recalls. The idea is for the FDA to be able to sidestep the task of persuading companies to recall suspect products.
The Senate bill filed by Bennet also would provide the FDA with additional recall power, in addition to other enforcement options. Among them: authority to assess civil penalties and to subpoena documents and witnesses.
In contrast to the House bill, the Senate's has a supply chain focus. It attempts to strengthen manufacturing quality standards industry-wide, reaching beyond U.S. borders to such countries as China and India, home of a growing population of contractors governed by less stringent regulatory standards than the U.S.'s.
The bill would require that drugmakers institute quality management plans to ensure drug safety and strengthen supplier oversight. A related requirement involves documentation of all supply chain members.
The bill appears to be a reaction to contaminated heparin from China that resulted in more than 100 deaths. Questions remain about that incident, which occurred in 2007 and 2008. Congress has recently asked FDA Commissioner Margaret Hamburg to investigate further and take action.

domain: news


text:
Adele is now the UK’s number-one album. Her latest autobiographical LP 30 was also the fastest-selling of 2021.
This release generated 260,000 copies in one week and an astonishing 55.7million streams over its 12 tracks. Some of the songs document Simon Konecki’s difficult divorce.
The sales figures also represent the biggest opening week on the UK’s Official Albums Chart since 2017 and sees 30 join previous albums 19, 21, and 25 as Number 1s on the UK Official Albums Chart.
Popular: Adele has claimed her fourth consecutive UK number one album and the fastest selling of 2021 with her latest autobiographical LP, 30
On the 19th of November, the album set the Spotify record for most streamed music in a single day by any UK artist.
Adele set a new record in Spotify history for being the most streamed UK musician in just one day.
The singer has also secured a UK number 1 chart double as 30 joins the album’s lead single Easy On Me at the top of the UK official chart.
Success: The release (pictured) has generated 260,000 sales in one week and a staggering 55.7 million streams across its 12 tracks
The plaintive ballad continues to dominate the UK Top 40 singles chart since it’s original release six weeks ago an is Adele’s longest running UK number 1 single to date.
Additionally, the singer also lands two other entries within the top 5 of the UK official chart, with Oh My God debuting at number 2 and I Drink Wine at number 4.
Since release, 30 has broken numerous records including 24 million streams total first week streams in the UK and earnt the biggest week of digital download sales of 2021 so far, with 23,500.
Achievement: The sales figures also represent the biggest opening week on the UK’s Official Albums Chart since 2017
Easy On Me is also dominating UK radio. This year’s first ever record has reached 100,000,000 listeners in a single week. Easy On Me spends five consecutive weeks at the top of radio airplay.
Critics are as impressed as the figures, with 30 heralded as Adele’s finest album to date.
Adele, however, admits that Angelo, her nine-year old son, is not a big fan and doesn’t even know about her music, much to her surprise and dismay.
Explaining that the album is for her peers rather than teenagers, she told Zayn Lowe for Apple Music: ‘I don’t want twelve-year-old’s to listen to this record – it’s a little too deep…
“I would rather take care of those who are on the same level as me, have been through the same experiences and spent the same time here.”


text:
The Sony Ericsson C903 Cyber-shot camera phone comes with integrated support for YouTube, Flickr and Picasa, and the slider phone also supports faster uploads at speeds up to 2Mbps, Sony Ericsson announced on Tuesday.
High Tech Computer (HTC) unveiled two sleek new smartphones on Monday, and I was able to try one out one, the HTC Touch Pro2, at the company's office.
Nokia unveiled its thinnest smartphone yet, the E55, and another slim smartphone with a sliding QWERTY keyboard, the E75, a replacement for the old Communicator model also known as "the brick." It also unveiled the 6710 Navigator and 6720 Classic pho...
Chinese telecommunications company Huawei has announced its first Android-powered smartphone at the GSMA Mobile World Congress in Barcelona to be commercially available in the third quarter of 2009.
LG Electronics CEO Skott Ahn had a little time on his hands before the company's news conference at the Mobile World Congress in Barcelona on Monday, so he called up his buddy Steve Ballmer, CEO of Microsoft, for a video chat on a prototype wristwatc...
Telstra has launched what it claims is the world’s fastest mobile broadband service, with peak download speeds of 21Mbps and with the intention of increasing it to 42Mbps later this year.
High Tech Computer (HTC), the largest maker of handsets that run Microsoft Windows Mobile software, unveiled updates to two of its most popular smartphones ever on Monday, the HTC Touch Diamond2 and HTC Touch Pro2 handsets.
Microsoft will introduce an application store with its newest version of Windows Mobile software, it planned to announce at Mobile World Congress, where it also was to formally open a limited beta for its My Phone data backup offering.
Nokia plans to introduce an applications store, initially accessible to about 50 million people, with some innovative social-networking features.
Business travelers will be able to use their BlackBerry smartphones to automatically forward e-mail to their ThinkPad notebook PCs with a US$150 device developed by Lenovo Group and Research in Motion (RIM), the two companies said Monday.
A pair of iPhone developers who sell novelty applications that generate bodily function sound effects are squabbling over the phrase "pull my finger" in US federal court, documents filed last week show.
LG today announced a new flagship mobile phone, the ARENA (KM900).
Hacking an iPhone is against the law, Apple has argued in comments filed with the U.S. Copyright Office.
Sony Ericsson is working on a touchscreen phone with a 12.1-megapixel camera it announced on Sunday, but details on the upcoming Idou device were scarce.
Hewlett-Packard, News Corp.'s MySpace.com division, Bank of America and even Nokia rival Qualcomm have joined the foundation that was formed last year to shepherd the new open-source version of the Symbian mobile operating system.
Most Popular Reviews
- 1 Sony Xperia Z5 Premium review: Is the world ready for a 4K phone?
- 2 D-Link Taipan AC3200 Ultra tri-band modem-router review
- 3 Dell XPS 13 (2016) review: Making the very best Ultrabook
- 4 Microsoft Surface Book review: The verdict on Microsoft's first notebook
- 5 Telstra Wi-Fi 4GX Advanced III review: Testing the world's first 600Mbps wireless hotspot
Join the PC World newsletter!
Best Deals on PC World
Latest News Articles
- What iOS 10 can tell us about the new iPhone
- Rumor check: Everything we think we know about the Galaxy Note 7
- Windows 10 phones finally gain NFC payment support as Wallet 2.0 rolls out in preview
- Moto Mods for the Moto Z won't be cheap, with costs ranging from US$69 to US$299
- Report: NFC tap-to-pay coming soon to Windows 10 Mobile
GGG Evaluation Team
First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.
- FTSenior Software Developer (Full Stack)SA
- CCPMO AnalystVIC
- FTOracle Fusion Implementation ConsultantNSW
- CCInfrastructure ArchitectACT
- CCContract Analyst Programmer (JAVA/SQL) 160620/AP/623Asia
- CCSenior IT Automated TesterNSW
- CCNetwork EngineerVIC
- CCSenior Performance & Automation EngineerNSW
- CCUrgent requirement for a Splunk SMEVIC
- FTTechnical COE SpecialistACT
- FTAgile Implementation LeadNSW
- FTSystems Analyst - ERPNSW
- CCNational Project CoordinatorNSW
- FTNV2 Defence Project Manager | Canberra | Major exciting White Paper projectsACT
- CCSAP BASIS ConsultantVIC
- FTStorage ConsultantACT
- CCContract Junior Programmer (JAVA / SQL) 160621/JP/224Asia
- FTManager of Infrastructure ServicesVIC
- CCJava DevelopersACT
- FTSoftware Services Team LeaderNSW
- CCAEM Backend DeveloperVIC
- CCSystems Engineer / Applications Scripting DeveloperSA
- FTProject CoordinatorQLD
- CCContract System Analyst (Renewable Contract)Asia
- CCSenior Business AnalystVIC


text:
First Friday festivities will take place from 6 p.m. to 9 p.m. on Friday in downtown Gadsden.
Many downtown stores will be open late to allow for convenient shopping. Food vendors will line the 400 block of Broad Street and a wide array of classic cars will cruise in and be on display.
Live music features Jason Lyles at Third and Broad streets, Kings of Swing at Fourth and Broad, Damascus Road Band at Fifth and Broad, and the Gadsden Line Dancers in the 600 block.
Broad Street will be closed from First Street to Seventh Street starting at 4 p.m. and will reopen after the event.
Pets are not allowed at First Friday.
Follow Downtown Gadsden Inc. on Facebook, Instagram and Twitter for more details.


text: Shoemakers, reeling from surging labour costs and fierce competition, are increasingly becoming shoe sellers to tap growing consumer wealth in the mainland. Prime Success International Group and Yue Yuen Industrial (Holdings) are among shoemakers that are aggressively opening stores rather than factories. Research firm Euromonitor said shoe sales in the mainland expanded to 161 billion yuan last year and were set to accelerate. Footwear wholesalers also are finding retailing more attractive. Euromonitor estimates sales will increase 8.7 per cent to 175 billion yuan this year. With a population of 1.3 billion, each mainlander is expected to spend 135 yuan on shoes this year. The market is expected to grow to 212 billion yuan by 2009. Yue Yuen, the world's biggest sports shoemaker, aims to more than double its retail outlets in two years. 'The gross margin for retailing is usually higher than for manufacturing, although selling expenses may be higher,' said Yue Yuen investor relations director Terry Ip. 'Wages and increases in material price will be the challenge for manufacturers.' Yue Yuen has about 1,250 self-run and franchised stores and this will reach more than 3,000 in the next year or two. Belle International transformed itself from a wholesaler to the top mainland retailer in both sports and women's footwear after acquiring a retail business in the middle of last year. Belle's listing in May made it Hong Kong's biggest consumer stock, with a market capitalisation of HK$80.9 billion, surpassing electronics giant Gome Electrical Appliances with a value of HK$43.3 billion. Analysts said growth would be primarily driven by rising consuming power and an influx of international shoe brands. Next year's Olympic Games in Beijing would boost sales of sports shoes, they said. The secret behind Belle's success is that it works with department stores operators, as they expand nationwide to capture the high-end customer. Almost 91 per cent of Belle's footwear stores are in department stores, said Jake Lynch, an analyst at Macquarie. Belle sells Nike, Adidas and Reebok sport shoes through 1,052 outlets and also operates more than 2,800 women's footwear outlets and concessionaire counters under the Belle, Teenmix, Tata and Staccato brands. It also has the licence for Joy & Peace and Bata. The company aims to open 1,000 new outlets each year. Moving from wholesaling to retailing has boosted the company's margins. Operating outlets or counters in department stores involves revenue-sharing with the owners of the outlets who are driven by same-store sales. Belle said its net profit amounted to more than 976 million yuan last year, almost three times the 234 million yuan earnings in 2005 before it turned to retailing. 'As the owner of a highly ranked brand portfolio, Belle has bargaining power over any department store,' Mr Lynch said. 'Department stores can't stand to lose' top-ranked brands. Yue Yuen is now more than just a manufacturer for brands such as Nike and Adidas and has licensed shops selling Reebok shoes, as well as operating under its owned YY Sports name. Yue Yuen said last month that its first-half underlying profit increased 9.6 per cent, boosted by surging revenue from its higher-margin retail operations. Revenue for wholesaling and retail grew 37 per cent to US$189 million, accounting for 9.9 per cent of turnover compared with 8 per cent a year ago. Prime Success, a shoemaker and retailer, added 495 sales points for its flagship Daphne brand last year, or 1,447 outlets. It also opened 253 new outlets for its Daphne 28 brand last year. The aggressive expansion of retail business came as the company saw its gross profit margin drop six percentage points to 18 per cent last year as a result of surging production costs for footwear. Mainland sportswear companies Li Ning and Anta Sports Products, which are heavily involved in wholesaling their products, are now opening more flagship stores themselves in key mainland cities, anticipating a surge in sales driven by the Olympics. Nike and Adidas, among the early birds that have established a significant presence on the mainland, are also following suit. Their expansion has created lucrative business for local shoe retailers who understand retailing in the mainland, in terms of store locations and negotiations with landlords and department stores. Li Ning, which relies heavily on retail franchise partnerships, plans to add 500 stores this year, bringing its total to 4,800 locations. The homegrown player is planning to have 5,700 stores in operation by 2009, most of which will be franchised. Last year, it expanded directly operated stores by 24.5 per cent to 458. Li Ning chief financial officer Tan Wee Seng has said that the company's retail network will only sell self-branded products. However, analysts have warned that Li Ning's reliance on franchising could make it vulnerable if any of its franchised outlets were badly managed. Anta, which owns a popular athletic footwear brand in the mainland, plans to add 400 retail outlets by the end of the year, boosting its total to 4,500, after raising up to HK$2.5 billion from a Hong Kong initial public offering this month.


text:
The captain of the Indian cricket team and undoubtedly one of the biggest brands in the country, Virat Kohli will now have to aggressively promote his long-time employer ONGC, as the company has decided to strictly implement its sports policy.
The captain of the Indian cricket team and undoubtedly one of the biggest brands in the country, Virat Kohli will now have to aggressively promote his long-time employer ONGC, as the company has decided to strictly implement its sports policy. ONGC has asked 179 elite sportspersons along with Virat Kohli to display the company’s logo – an important clause of the sports policy – on their clothing and talk about the oil PSU during their public appearances, whenever it is permissible.
According to a report by The Indian Express, the ONGC management held a meeting with their sportspersons and reminded them of their contractual obligation to give priority to official functions. The management also asked these players to focus on the brand promotion push. This came after it was noticed that ONGC athletes rarely sported the company’s logo and preferred private sponsors’ events over official functions.
The company currently hires cricketers Ishant Sharma, Gautam Gambhir, Praveen Kumar, Munaf Patel, along with Hima Das (athletics), M R Poovamma (athletics), Pankaj Advani (cue sports), Heena Siddhu (shooting) and Ashwini Ponappa (badminton), apart from Kohli, among others.
As per the report, ONGC Group GM (HR) Manoj Bhartwal said that even though their athletes are achieving at the international level, the company is not benefitting from it. “If they are playing for the country, then the country has to be first, but ONGC is doing so much for them. So, whenever they get a chance, like when they give TV bites or give interviews they should talk about ONGC. We held a few meetings with the players in this regard and sensitised them about this issue,” Bhartwal told The Sunday Express.
Clause 25 of the ONGC sports policy states: “The logo of ONGC shall be properly displayed during sports events in which ONGC teams/ players are participating. Further, kits of ONGC personnel shall preferably be designed to display ONGC logo prominently. It shall be the responsibility of Game Coordinators (GCs) to ensure that all ONGC players display ONGC logo prominently at all the times they are on ONGC duty. Ceremonial dress, worn by ONGC sportsperson, and their attire during ONGC duty, including their travel, should have the ONGC logo displayed prominently.”


text:
Shares of FSN E-Commerce Ventures, the profit-making company that owns Nykaa, soared 89.2% to Rs 2,129 after opening at Rs 2,018 in pre-open trade.
Shares of cosmetics-to-fashion platform Nykaa made a blockbuster opening on Wednesday (November 10), valuing the company at near $13 billion, in the latest startup listing.
Shares of FSN E-Commerce Ventures, the profit-making company that owns the Nykaa brand, soared 89.2% to Rs 2,129 after opening at Rs 2,018 in pre-open trade.
The debut price was at a 79.4% premium to the initial public offering (IPO) price of Rs 1,125, giving the company a valuation of Rs 954.37 billion.
The 58-year-old CEO and founder of Nykaa, Falguni Nayar, is now the country’s richest self-made woman billionaire. Nykaa is derived from a Sanskrit word meaning heroine.
Ahead of the company’s Dalal Street debut, “I started Nykaa at the age of 50 with no experience. I hope the Nykaa journey can inspire each of you to be the Nykaa of your lives.” Before Nykaa happened, Nayar was an investment banker and that stint as the managing director of investment banking at the Kotak Mahindra Bank.
In 2012, people primarily bought beauty products from neighbourhood stores. That’s when Nayar started Nykaa providing a range of cosmetics and skincare items that was just a tap
Soon after, products of international brands and those which were never heard of were introduced. Nyakaa sells products of more than 300 domestic and international brands — including Maybelline, Lakme, L’Oréal, and luxury brands such as MAC, Huda Beauty, and Estee Lauder.


text:
Value investors are constantly on the lookout for high-performance stocks at discounted rates. The lucrative SaaS industry has a lot on offer to such investors, especially after the industry-wide declines witnessed in the past two months.
Perhaps the most stand-out among them is data analytics firm Alteryx (NYSE: AYX), which has been adding customers and growing revenues in a robust manner. The company recently announced quarterly results that surpassed street expectations on almost all accounts.
Interested in AYX stock? Below you can find AlphaStreet’s easy-to-digest research summary that helps investors make a quick and unbiased decision on stocks.
The semiconductor industry is a rapidly growing business segment that currently thrives on the digital transformation wave. The demand for memory chips and other semiconductor products increased over the years,
Shares of Bed Bath & Beyond (NASDAQ: BBBY) were up on Friday, a day after the company delivered disappointing results for the second quarter of 2022. The company reported a
Nike, Inc. (NYSE: NKE) has reported a decrease in net profit for the first quarter of 2023, despite a modest increase in revenues. The company's stock suffered a big loss


text:
The Australian dollar has tumbled in response to an escalation in trade tensions between the United States and China, falling to the lowest level against the greenback in a decade.
The local currency traded at 68.06 US cents by early afternoon on Friday, breaking the lows struck in January 2016 when the currency was hit by market concerns about the strength of China's economy. It had fallen as low as 67.96 US cents earlier in the session.
Excluding a "flash crash" in early January this year, which saw the Aussie fall over 3 per cent in a matter of minutes in holiday-impacted trade, it now sits at levels not seen since March 2009, when markets were stuck in the depths of the global financial crisis.
The plunge was sparked by a series of tweets from US President Donald Trump that said the United States will impose additional 10 per cent tariffs on $US300 billion ($440 billion) worth of Chinese imports entering the country from September 1, adding to the 25 per cent tariffs on $US250 billion in imports already in place.
In a press conference following the tweet, Trump went even further and warned that tariff levels could go "well beyond" 25 per cent.
The decision came just a day after the latest trade talks between the United States and China wrapped up in Shanghai without any clear signs of progress.
Richard Grace, chief currency strategist at the Commonwealth Bank, said the Aussie fell in anticipation of slower economic growth in China and the global economy.
"[The Australian dollar] is likely to remain under downward pressure as the ramifications of the trade tensions generate downward revisions to global growth," Mr Grace said in a note.
"This effectively means the US has imposed a tariff on virtually all Chinese goods imports into the US."
As a commodity-linked currency closely aligned with the performance of the global economy, especially China, the Aussie is often used by investors to express sentiment towards the outlook for the world's second-largest economy.
The threat posed by additional US tariffs on Chinese imports has raised concerns about the impact on the country's vast manufacturing sector, and potentially China's demand for raw materials.
Reflecting greater concerns about the outlook for economic growth, commodity prices fell sharply, as did government bond yields.
At the same time, the safe-haven yen rose as traders moved out of riskier assets. In that reshuffle, the Aussie also hit the lowest level against the Japanese currency since October 2011.
Fear index jumps
US stocks, having been up as much as 1 per cent earlier in the session, also slumped, with Wall Street's three major indexes finishing the session with losses of between 0.8 to 1.1 percent.
The US VIX index - also known as the fear index as it gauges investors' expectations of unstable times ahead - rose to 2-month highs.
The combination of increased risk aversion and sharply lower commodity prices is not generally one that the Aussie dollar thrives in.
Tapas Strickland, economist at the National Australia Bank, said the next risk is that Beijing will retaliate to the US move.
"It appears Trump has gone all in and is hoping that China buckles under the pressure and caves to US demands. However, in such a scenario there is no way for China to fold without losing face," Mr Strickland said in note.
"It is possible then that China will retaliate with an intensification of non-tariff barriers."


text:
The Kansas State Board of Education is taking a look at the possible effects of new federal rules aimed at ensuring public schools provide healthy snacks to students.
The agenda for the board’s Tuesday meeting includes a presentation about standards announced this summer by the U.S. Department of Agriculture.
Starting in July 2014, the USDA will require that all food sold in schools participating in the National School Lunch Program meets healthy snack requirements. The rules include items sold in vending machines, but exempt sports concession sales and events such as bake sales.
The USDA has said it’s trying to fight childhood obesity and other, related health problems. But its standards on school lunches have been criticized as being too strict and resulting in meals that kids won’t eat.


text:
© Dat Nguyen/Flickr
Nestlé has said it will sell its US confectionery unit to Ferrero for $2.8 billion, confirming earlier reports and ending months of speculation regarding the future of the business.
Last week, FoodBev reported that Ferrero was closing in on the deal, which makes it the third-largest confectioner in the US after Hershey and Mars.
The Italian company – best known for making Nutella, Tic Tacs and Ferrero Rocher – is keen to expand its business in the US following last year’s purchases of Ferrara Candy and boxed chocolate company Fannie May.
Nestlé’s US arm includes well-known brands such as Butterfinger and Nerds, stripped off by Swiss-based Nestlé so that it could focus on other areas of its business. In 2016, the division turned over approximately CHF 900 million ($935 million).
Today’s announcement comes exactly seven months after Nestlé first revealed its intention to sell.
Nestlé CEO Mark Schneider said: “With Ferrero, we have found an exceptional home for our US confectionery business where it will thrive. At the same time, this move allows Nestlé to invest and innovate across a range of categories where we see strong future growth and hold leadership positions, such as pet care, bottled water, coffee, frozen meals and infant nutrition.”
The transaction only covers Nestlé’s US-focused confectionery brands and does not include the iconic Toll House baking products, a strategic growth brand which Nestlé will continue to develop. The company remains fully committed to growing its international confectionery business around the world, particularly through KitKat, Nestlé said.
Giovanni Ferrero, executive chairman of the Ferrero Group, said: “We are very excited about the acquisition of Nestlé’s US confectionary business, which has an outstanding portfolio of iconic brands with rich histories and tremendous awareness. In combination with Ferrero’s existing US presence, including the recently acquired Fannie May confections brands and the Ferrara Candy Company, we will have substantially greater scale; a broader offering of high-quality products to customers across the chocolate snack, sugar confectionery and seasonal categories; and exciting new growth opportunities in the world’s largest confectionery market.
“We look forward to welcoming the talented team from Nestlé to Ferrero and to continuing to invest in and grow all of our products and brands in this key strategic and attractive market.”
The acquisition includes Nestlé’s US manufacturing facilities in Bloomington, Franklin Park and Itasca, Illinois – as well as other locations in California, Illinois and New Jersey.
Ferrero Group CEO Lapo Civiletti continued: “Our commitment to deliver value to North American consumers and customers will be strongly enhanced by the arrival in our portfolio of such powerful confectionery and chocolate brands.”
Also changing hands as part of the deal are brands like Crunch, BabyRuth, BottleCaps, 100Grand and Raisinets.
Last month, Hershey bought Tyrrells and Skinny Pop owner Amplify Snack Brands in a deal worth around $1.6 billion as it expands away from high-sugar foods.
Nestlé announced last June that it was considering putting its confectionery business up for sale. The unit generated $924 million in sales last year.
The world’s biggest food company has been under pressure to sell underperforming areas of its business after hedge fund Third Point invested $3.5 billion in the company in June.
When completed, the deal will be the first major Nestlé divestment since Mark Schneider took over as CEO. He said the company aims to focus high-growth categories like coffee, infant nutrition, pet care and bottled water. Between them, they account for more than half of group sales and are growing almost 2% faster than Nestlé’s other categories.
Towards the end of last year it bought vitamin producer Atrium Innovations for $2.3 billionand US coffee brand Chameleon Cold-Brew.
Both Nestlé and Ferrero expect the deal, subject to regulatory approval, to close at the end of this quarter.
© FoodBev Media Ltd 2022
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry.
Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial


text:
On Friday, the Dow managed to conclude the trading session up on upbeat mood after American leader told that a trade agreement with China is real…
American equities generally dip
On Friday, American equities went down in midday trade because another sink in crude prices put pressure on energy shares.
The stock market faced a holiday-shortened trading session because of the Thanksgiving day.
The Dow headed south by nearly 0.56%. The S&P 500 index dipped by 0.46%. As for the tech-heavy Nasdaq composite, it slumped by about 0.11%.
Crude declined over 6%. It became possible because fears about a supply glut persisted. As for Exxon Mobil and Chevron, they slumped over 3%.
Meanwhile, the energy sector has gone down by 16.5% since the beginning of October. It turned out to be the worst performing S&P sector, with its biggest two-month sink since September 2011.
Besides this, retail equities are closely watched. Investors are eager to know if the companies are capable of overcoming an underwhelming retail earnings season.
In addition to this, Walmart managed to head north by over 1%. However, Amazon.com went down a bit.
Market participants are going to closely watch the G20 summit to be held in Buenos Aires, exactly where American leader Donald Trump and his Chinese rival Xi Jinping are anticipated to hold negotiations in the face of a worsening trade clash between the two leading economies that has put pressure on financial markets and generated fears of a global meltdown.
The high-stakes gathering comes as the current presidential administration demonstrates little sign of backing down in its demands as well as rhetoric. On the contrary, on Friday, Chinese Vice Commerce Minister Wang Shouwen told that trade negotiations need to be mutually beneficial and equal.
Contributing to fears, the Wall Street Journal informed that the American authorities were trying to convince wireless as well as Internet providers in allied countries to avoid using telecommunications equipment from China's well-known company Huawei Technologies.
On Wednesday, upbeat signs from trade negotiations between the world's two leading economies spurred EU equities, while the threat of a blocked merger deal had Sainsbury's shares suppressed…
On Tuesday, American shares struggled for direction due to the fact that profits in Walmart compensated losses in financials, with trade negotiations between China and America in focus…
Did Bitcoin manage to recover and what was the hottest news in the crypto and blockchain world? Read and find out!
On Monday, Asian stocks traded mostly higher, with Shanghai bucking the trend because centrist Emmanuel Macron fully matched opinion survey hopes and left anti-EU far-right nominee Marine Le Pen behind…
Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…


text:
A painting sold for a world record £150,000 at an auction at Turnberry Hotel.
The portrait was expected to fetch a mere £12,000 to £18,000 but ended up attracting about 10 times that amount.
The artwork Yellow Jersey was painted by English artist Sir William Newzam Prior Nicholson who died in 1949.
Its mystery owner got an early Christmas present when the price zoomed into six figures.
A bidding war at the art sale organised by auctioneer Thomas Callan saw it exceed all hopes with an English buyer snatching it up.
Managing director Michael Callan said: “It was a portrait of a young woman that got the heart racing. She was dressed in a yellow jersey and wearing a hat with an ostrich plume. The young woman is probably a daughter of the artist, Sir William Nicholson.
“With 10 telephone bids pre-arranged, I suspected it was going to fly away.
“This result equals the world record for the highest selling portrait by Nicholson.
“A young woman in white sold for £150,000 at Sotheby’s London in 1998.”
Describing the heated auction, Mr Callan said: “The bidding started at £12,000 and slowly the sea of hands, dropped one by one and after protracted bidding it became a duel between two very determined buyers which ended in the hammer falling at £150,000 to much applause.”
He added: “The private vendor is going to have an exceptional Christmas this year.”
Callans ran the fine, traditional and contemporary art sale at Trump Turnberry Hotel last month.
There was an array of paintings from contemporary, wildlife and traditional fine artists including the Scottish Colourists.
Sir William Newzam Prior Nicholson painted still life, landscape and portraits - and was also known for his work as an illustrator, author of children’s books and designer for theatre.


text:
Scotland, which long has been a leading proponent of the use of clean energy, is now leaning as well into leadership in the electric vehicle space. What’s being billed as that part of the United Kingdom’s largest EV project is set for a large scale expansion.
Jewel & Esk College, leading the so far year long project, noted that for the first 12 months the low-carbon cars covered 18,000 miles without a single breakdown. The cost of charging the five vehicles was around £630 ($1015) over the year, against almost £3000 ($4837) to fill similar cars with fuel to cover the same distance.
When the project started, according to officials, it was thought the cars would have to cover 80,000 miles to break even because an average EV cost £10,000 ($16132) more than a similar car using traditional fuel. This turned out not to be the case in this field study, as the falling cost of technology meant the break-even point was now more like 40,000 miles.
Now when I’m talking large scale EV projects, the one going on over in Scotland is definitely on a smaller scale than trials you’ve seen being done by automakers like BMW. Five electric cars were the initial amount being studied, though other universities and local governments joined in and ten cars – a mixture of Mitsubishi i-MiEV and Nissan Leaf models – are being monitored from Jewel & Esk. This will soon further increase to up to 15 vehicles and their drivers.
Officials tied to this project said what they are doing is “crucial in making electric vehicles more mainstream across Scotland and further afield.” It is also tied in with new skills and research, with students at Jewel & Esk, for example, halfway through building ten charging points to be used in the project while EV technology has been embedded in motor vehicle engineering courses at the college.
“Schemes like this are crucial in the future of EVs because the results – both hard data and user experience – help us to identify challenges and how to tackle them,” said Prof Tariq Muneer, an expert in EVs at Edinburgh Napier University in a statement. “Real projects like this – tied in with relevant skills and research – will drive the EV agenda forward by building public confidence. It might be a few years before the cost of EVs and the number of charging points make them suitable for the ordinary motorist – but this project is moving us in the right direction.”


text:
Leading up to TJX Cos‘ (TJX) announcement of its first quarter earnings on Tuesday, May 15, 2012, analysts have become more bullish as expectations have improved over the past month from 52 cents per share to the current projection of earnings of 54 cents per share.
What to Expect:
Wall Street estimates are up 38.5% from a year ago, when TJX reported earnings of 39 cents per share.
The consensus estimate has risen from 46 cents over the past three months. Analysts are projecting earnings of $2.40 per share for the fiscal year.
Revenue is projected to eclipse the year-earlier total of $5.22 billion by 10.1%, finishing at $5.75 billion for the quarter. For the year, revenue is projected to roll in at $25.13 billion.
Trends to Watch For:
The company has posted increasing profit for three quarters in a row. The 42.1% year-over-year growth in net income in the most recent quarter came after the 9.2% profit growth in the third quarter of the last fiscal year and the 14.2% rise in the second quarter of the last fiscal year.
The majority of analysts (58.3%) rate TJX as a buy. This compares favorably to the analyst ratings of its nearest 10 competitors, which average 47.6% buys. Analysts have grown increasingly optimistic about the stock in the last three months.
The TJX Companies is an off-price retailer of apparel and home fashions. One of TJX’s main competitors in the specialty retail industry, Ross Stores (ROST), will report earnings on May 17, 2012. Other competitors in the consumer discretionary sector include: Gordman Stores (GMAN), Citi Trends (CTRN), and Stein Mart (SMRT).
Recent Price Movement:


text:
Pokemon GO is certainly among the most played mobile games in the entire world since it was released. The blockbuster hit from Niantic Labs has reignited the interest of people in becoming real world Pokemon trainers. While the game is already fun as it is, an upcoming Pokemon GO update could make it even more interesting. This is because it is rumored that new Eevee evolutions could be arriving with an upcoming update.
At the moment, Eevee has three possible evolutions in Pokemon GO: Volteon, Vaporeon and Flareon. There is a very popular trick that you can even try to help you choose which particular evolution your Eevee will turn into. Sadly, those three are the only ones available in the Pokemon GO.
New Eeveelutions Coming
Well, it appears that this could very well change very soon as there are rumors that additional Eevee evolutions could arrive with a future Pokemon GO update. GameNGuide reports that two possible Eevee evolutions could be introduced in the coming weeks or months.
This is definitely a very exciting update that many Pokemon GO players will be looking forward to. Eevee is certainly one of the most popular Pokemon and having more possible evolutions for it become available will really be great.
The addition of the new Eevee evolutions is certainly coming at a perfect time for Pokemon GO. Players have been asking for more Pokemon to be added to the game as it has become somewhat stagnant over the past months. There has not been a major update yet and many players have stopped playing it because of this reason.
New Updates Coming
Thankfully, Niantic Labs is listening to its players as it has made several changes to try and keep its users engaged. It held Halloween and Thanksgiving special events, which have been pretty successful to say the least. Also, it is planning to add 100 Gen 2 Pokemon very soon.
With the upcoming changes to Pokemon GO, players will surely get hooked to the game altogether. Be sure to check back here soon as we will bring you everything that you need to know about the latest Pokemon GO updates as well as other trending topics in the world of gaming.


text:
Howard Elias seizes the reins of the company's high-end server group, replacing Bill Heil as the executive leading the effort to compensate for shaky PC sales.
Elias, who previously led Compaq's storage group, now is general manager of Compaq's business-critical server group. These computers--with their power, lofty price tags and accompanying services revenue--are a key part of Compaq's years-long effort to expand beyond its roots as a PC company into an all-purpose computing giant such as IBM.
The effort to boost high-end hardware sales is critical in light of lagging PC sales. Faltering PC sales led Compaq to warn in December of lowered profit expectations.
Along with picking up PC revenue slack, Elias will inherit several sticky issues. Chief among them is dealing with Sun Microsystems' dominance in Unix servers, but he also will oversee the Alpha chip line, the solid but low-profile OpenVMS operating system, and the extremely demanding customers who buy Tandem Himalaya servers.
Elias agreed his division is central to the future of the company. "It is dead center to the strategy of Compaq building out next-generation business-critical Internet," he said in an interview. He declined to comment on potential changes to the group until he becomes more familiar with the operation, but said anything is possible.
Heil, who will stay on for several weeks to help during the transition, left the post to spend more time with his family, Elias said in an interview. "He's got five kids. He really wants to take some downtime," Elias said. Heil has no other employment plans, Elias added.
Terry Shannon, author of the Shannon Knows Compaq newsletter, said Heil isn't departing under a cloud, unlike former chief executive Eckhard Pfeiffer or former high-end hardware chief Enrico Pesatori.
"He has for the past year been on the road virtually 100 percent of the time. Even Mr. Nonstop himself has got to slow down every once and awhile," Shannon said, alluding to the NonStop Himalaya server and software line Heil managed.
Compaq once just sold Intel-based servers, but that changed in 1997 with the acquisition of Tandem and in 1998 with the acquisition of Digital Equipment.
Tandem builds super-reliable machines that run such computing operations as the trading systems of the New York Stock Exchange and Nasdaq. Digital gave Compaq the OpenVMS software, the Alpha chip line, lucrative telecommunications customers, and a solid services business helping customers select, install and support higher-end computing systems.
However, the digestion of these companies hasn't been easy for Compaq. For one, an alliance with Microsoft to support Windows on Alpha systems collapsed. And Compaq's "NonStop eBusiness" strategy to rejuvenate its server sales foundered.
The integration of Tandem and DEC "took them a lot longer than they said it would," Shannon said. "I think they lost at least five months going in circles, working on PowerPoint slides and org charts."
Intel server technology guru Paul Santeler consulted extensively with Unix server designer Dave Fenwick when designing the innards of Compaq's upcoming 32-processor Intel server, Shannon said.
But it'll be awhile before Intel servers catch up, Elias said. "As good as the Intel and Microsoft combination of technologies has gotten, they are still quite some ways from having the kind of scalability and availability" that big businesses need at the high end, he said.
Elias, like his colleagues at Hewlett-Packard and IBM, argue that his company's diverse product line is an asset. "When you have a hammer, every problem looks like a nail. We have a broader toolbox. We can understand our customer requirements," Elias said.
Sun, which has a hammer made of its UltraSparc chips and Solaris operating system, hasn't had any troubles with its decision to avoid Microsoft Windows and demote Intel chips to second-class status. Sun is the No. 2 server seller overall, ahead of Compaq and HP and trailing only IBM, according to research firm IDC.
Elias reports to Mike Winkler, executive vice president of Compaq's global business units. Replacing Elias as general manager of the enterprise storage group is Mark Lewis, previously vice president of the enterprise storage software group.


text:
Millennials 'most likely' to switch broadband or mobile provider
Millennials are the generation most likely to switch broadband or mobile provider, new research shows.
A study by EY shows that a third of millennials – also called Generation Y – have changed mobile phone operator two or three times in the past five years.
Nearly half of millennials (47%) have also left a telecoms, technology or media company in the past three years because of poor customer service.
The findings are based on a survey of 2,500 UK consumers split equally between four generations.
For the purposes of this research, EY defined Generation Z as those aged 18-21, Millennials or Generation Y as aged 22-40, Generation X as aged 41-52 and Baby Boomers as aged 52-71.
It found that Generation Z are the most likely to go in-store to buy a new phone tariff.
Baby Boomers are the most loyal generation, according to the research, with only 27% having changed service provider in the past three years over customer service issues.
While 62% of consumer overall have switched mobile operator in the past five years, only 48% of Baby Boomers have done the same.
The oldest generation in EY’s survey also appears to have the shortest fuse as they are the most likely to be aggrieved by long hold times on customer service numbers and slow customer service personnel.
They are also the most likely to get annoyed about unexpected price hikes.
'Consumers are becoming far less loyal'
EY found that Generation X are the biggest users of smartphones and fibre broadband, and are also the generation most reliant on multiple devices.
Generation X are also the most likely to shop online and rely on price comparison websites.
Martyn Whistler, EY’s global lead analyst for media and entertainment, said: “With the ability to compare tariffs and prices at the click of a button, consumers are becoming far less loyal to their service providers, particularly when it comes to phone and TV contracts.
“Where providers fail to meet the customer service expectations for younger consumers in particular, loyalty decreases significantly.
“As our survey demonstrates, customer engagement is key to being successful. And, as expectations rise and competition intensifies, it’s imperative for providers to best understand their customer drivers and behaviours.”
Why do we need your postcode?
Once you enter your postcode, Cable.co.uk will perform a live lookup and check all the available providers in your area.
This ensures you receive accurate information on the availability of providers and packages in your area.
Your information is safe with us. We won't share your postcode with anyone. Guaranteed.


text:
A Scottish couple were flabbergasted after a £20 'inflatable hot tub' turned out to be a rubber ring.
The couple took to Facebook to share their dismay after buying what they thought was an inflatable hot tub for £19.99 on social media site.
But when it arrived, it wasn't quite what they had purchased, leaving the pair in stitches.
Instead, a small white package dropped through their door this morning, and inside was a blow up doughnut style rubber hoop, reports the Daily Record.
Brandon Adams' boyfriend Jo Fury couldn't wait for it be arrive and has, as you can imagine, been left a little disappointed.
Posting on Facebook, Brandon, from Falkirk, said: "I don’t think I have ever laughed this much over a parcel just about fell too the floor.
"Were I found this boyfriend of mine I wonder sometimes.
"Joe last week seen this post apparently for £19.99 you and get a hot tub which is meant to be genuine.
"He’s been excited all week for this to arrive.
"Here we have it, his hot hub, I’m about to pee myself aye no bother a blow up doughnut.
"And it’s exactly what he is a doughnut for thinking for that money he paid he was gonna actual receive a real hot tub.
"I feel the more stupid for actual waiting in on his parcel to come."


text:
Tech Accelerator Elevate Blue Opens In Incline
Would-be local tech entrepreneurs got a new place to take their startup ideas last week.
What was once one of several ski shops along Tahoe Boulevard in Incline is now Tahoe's only tech accelerator. The definition of that term tends to change depending on who you're talking to, but according to Jameson Stafford, CEO and co-founder of Elevate Blue: "We gestate ideas, build them up, get them prototyped, we staff to the idea, get entrepreneurs to run it, and then we fundraise."
To get into Elevate Blue, entrepreneurs pitch a team of investors on their idea. If it seems like a winning business, the accelerator will create a company around it and divide equity between Elevate Blue investors and the entrepreneur. Then Elevate Blue will provide everything a startup needs to succeed, ranging from funding and software developers to office space, marketing support, even a CEO.
Elevate Blue also plans to host various meetups between area startup groups. And because they want to help build the local tech talent pool, they'll run coding classes for local college students interested in developer jobs.


text:
Emirates will soon be launching the NFT game in the metaverse and will be offering leading experiences in the latest digital spaces for customers and employees. Emirates will be launching a range of digital experiences for customers, employees, and buyers.
Emirates VR & NFTs
The UAE only states that the NFTs will be collectible and utility-based. The United Arab emirates only say that the NFTs are collectible. They stated that they are looking to launch their nfts in the coming months.
They said that they will launch their nfts on a whim in January. However, they have not yet announced a launch date for their products. The first virtual reality app spawned in the world was launched last year on the oculus store.
The app is the first to be released in the US Emirates VR experience is free to download so people can virtually look inside airplanes. People of Islamic values will build on it by creating new brand experiences in the metaverse.


text:
GAZA CITY, Gaza Strip — Qatar and Palestine are working to boost their bilateral trade, taking steps that one expert says will double their exchange over five years.
The Qatar Chamber of Commerce and Industry recently signed a cooperation agreement with the Palestine Trade Center (PalTrade) to increase partnership efforts between the two countries. During a Dec. 12 meeting in Doha that was also attended by Palestinian Ambassador to Qatar Amir Ghannam as well as Qatari and Palestinian businesspeople, the two sides agreed to allow nine Palestinian food and agriculture companies to export their products to the Qatari market.
“The Qatari private sector opens its arms to [our] Palestinian brothers. Qatari businessmen are keen on cooperating with their Palestinian counterparts to promote trade exchange between the two sides,” said the chamber's First Deputy Chairman Mohammed bin Ahmed Tuwar in a statement.
PalTrade is a non-profit organization that helps Palestinian companies export their products to Arab and international markets. In 2015, PalTrade introduced the Palestinian Exporter Award to promote trade.
“The new Palestinian food products that will be exported to the Qatari markets include mainly oil and milk and agricultural crops such as guava, citrus and herbs,” PalTrade Chairman Arafat Asfour told Al-Monitor.
He pointed out that the trade volume between the two countries stands at $30 million a year. With the new agreement, he expects that number to double during the next five years.
Asfour stressed that PalTrade encourages competition among Palestinian companies, urging them to continuously improve their products and to sell them at suitable prices by broadening their export horizons. He noted that Palestinian products have reached about 100 countries around the world.
Mohammad Skik, who heads PalTrade in the Gaza Strip, told Al-Monitor, “The agreement with Qatar will help boost the Palestinian economy. Exporting Palestinian products will bring more foreign currency to the Palestinian economy and will increase employment and create hundreds of new jobs.”
Palestine exports its products to many Arab, European and international markets, the most important of which are Jordan and the United States, with receive the biggest shares of Palestinian exports, especially agricultural goods, stone and marble.
“This agreement will be the first of several others with Qatar and the Gulf countries in general for the exportation of industrial products as well, such as stone and marble,” Skik said, noting that PalTrade is seeking to enter all international markets.
Qatar has played a major role in supporting the Palestinian economy by establishing development, economic, social, infrastructure and health projects in the territories, especially the Gaza Strip. All told, the projects amounted to $1 billion in investments between 2012 and 2017, according to Arabi21 news.
“The trade agreement between Palestine and Qatar can be seen as part of Qatar’s political and economic [contributions] to improve the living conditions of the Palestinians, especially in the Gaza Strip, in a bid to promote security and calm in the Palestinian territories,” Mohammed Abu Jiyab, editor-in-chief of Al-Eqtisadiya newspaper in Gaza, told Al-Monitor.
He explained that Qatar, with the approval of Israel, provides financial grants to Palestinians to help them cope with the deteriorating economic situation. On Oct. 10, Qatar made a $150 million grant to the Gaza Strip, $15 million of which is to be paid out over six months as salaries for Gaza’s government employees. This is in addition to $60 million for fuel needed to run Gaza’s electric company over six months. On Nov. 6, Qatar announced it would provide $100 in cash aid to each of 50,000 poor families in Gaza.
“It is clear that Qatar’s [help] isn't limited to providing financial aid because of the humanitarian crisis in the Palestinian territories, but also aims to set the wheels of the Palestinian economy in motion by introducing Palestinian products in Qatari markets,” Jiyab added.
The agreement between Qatar and Palestine will also improve the Palestinian trade balance, which will boost the Palestinian economy, he said.
In 2017, for the first time since 1995 Palestinian exports exceeded the $1 billion mark — a 14.9% increase compared with 2016. Meanwhile, Palestinian imports reached almost $5.85 billion in 2017, according to statistics from the Palestinian Central Bureau of Statistics.
Palestinian exports are transported through Israel, which controls the five commercial crossings of the West Bank (Jalamah, Beituna, Tarqumiyah, Taybeh and Bissan). The goods travel inside the Israeli territories all the way to the crossings of Ben Gurion Airport and the ports of Haifa and Ashdod, and then make their way to international markets.
“Israel’s ongoing occupation of the Palestinian territories is one of the major obstacles to Palestinian exportation because of the tight Israeli security measures, screening and clearance of Palestinian goods,” Jamal Jawabra, secretary-general of the Federation of Palestinian Chambers of Commerce, Industry and Agriculture in the West Bank, told Al-Monitor.
He explained that containers are unloaded for manual inspections followed by X-rays and dogs. He noted that truckers are also frisked and in some cases asked to undress.
“Security clearance might take weeks and even months, resulting in major losses for the Palestinian merchants, especially with products with short shelf lives such as agricultural and food products,” Jawabra concluded.


text:
In 2016, Disney Cruise Line guests can celebrate the legendary adventures and iconic characters from the Star Wars saga during a new, day-long celebration aboard eight special sailings on the Disney Fantasy – Star Wars Day at Sea.
Marking the first official appearance of the heroes and villains of Star Wars aboard a Disney Cruise Line ship, Star Wars Day at Sea combines “the power of the Force, the magic of Disney and the excitement of cruising for an out-of-this-galaxy experience unlike any other.”
Occurring one day during each of eight Disney Fantasy Western Caribbean sailings, Star Wars Day at Sea will feature a full day of Star Wars celebrations, including a deck party, meet-and-greets with favourite characters, Star Wars-themed youth activities, unique food and beverage offerings, and special merchandise.
Star Wars Day at Sea will be on Disney Fantasy cruises sailing on Jan. 9, 23; Feb. 6, 20; March 5, 19; April 2 and 16, 2016. Departing from Port Canaveral, the seven-night Western Caribbean itinerary includes Cozumel, Mexico; Grand Cayman, Cayman Islands and Disney’s private island in the Bahamas, Castaway Cay.


text:
Toyota dips a cautious toe into the electric-vehicle pool — again — with the capable 2021 RAV4 Prime plug-in hybrid that just went on sale. Jump in. The electrons are fine.
Walmart is the largest company in the world by revenue. When it speaks, it’s worth listening to, since no other company has its finger more firmly on the pulse of the American consumer.
Earlier this year, California was praised for an early lockdown, which helped stem the pandemic in the US state. But cases have since surged. What’s next for the Golden State, known for Hollywood, sunshine and celebrity?


text:
Another Kardashian Girl has taken a professional athlete off the market. On Wednesday, Kim Kardashian, 30, confirmed her engagement to basketball beau of six months Kris Humphries, 26. And TMZ.com
She’s been wearing high-heels since she could talk and boasts a wardrobe with an estimated worth of $3 million. So it should come as no surprise that Kooky Couture is all the rage for four-year-old Suri Cruise. The little goblin will be wearing a five-figure costume this Halloween, In Touch Weekly insiders report. Suri’s famous
Oprah Winfrey has another shock in store for the 300 fans she surprised earlier this week with tickets for an all-inclusive trip to Australia – she’s not paying for the vacation. The Queen of Talk’s offer to take her staff and 300 audience members Down Under will cost Tourism Australia about $2.7 million, Sydney’s The
On Thursday State-owned steel major SAIL announced a hike in prices of its commodities by up to Rs 2,500 a tonne due to huge rise in input cost.
While SAIL Open Golf Tournament in New Delhi Steel Authority of India Ltd Chairman S K Roongta said, “We have increased prices of our products in the


text:
The golden arches and Big Mac may have gone, but Russians saw 850 McDonald’s restaurants reopen on Sunday under new branding and ownership, according to its owner Alexander Nikolaevich Govor.
The company, which has Oleg Paroev serving as director general, plans to open 200 branches by the end of June and all branches by the end of the summer, according to a press release.
“If you recall, in May, McDonald’s announced they were removing their businesses from Russia. I am very proud that they chose me to continue developing this business. That means the company views me as someone who fully shares all the principles of business and values of McDonald’s,” Govor said at a press conference.
“I won’t hide the fact that I am an ambitious man, and so I am not just going to simply open up all 850 restaurants but I am going to develop new ones as well,” he said.
The rebranding coincided with Russia Day, a holiday marking the country’s independence. It took place at the same location in Moscow’s Pushkinskaya Square, where McDonald’s opened its first Russian restaurant on January 31, 1990.
On the first day, 30,000 people were served – a McDonald’s record for an opening day, the CBC reported at the time. The location even had to stay open for hours later than planned because of the crowds.
“Approximately 32 years ago…there were a lot of people on Pushkinskaya Square, when the first McDonald’s franchise opened here in Russia. It caused quite the craze. I think the craze will be just as big with this new chain of restaurants, with a new owner, a real entrepreneur,” Alexei Alexeevich, the Head of the Department of Commerce of Moscow, said during a press conference on Sunday.
However, the chain decided to leave the country and sell its Russia business, in line with many other Western businesses following Russia’s invasion of Ukraine, which began in February.
McDonald’s accepted a charge of almost $1.4 billion after the sale to Govor, Reuters reported. Paroev has said other franchises could work under the new brand, but the traditional McDonald’s brand will leave the country.
Russia’s anti-monopoly service said the chain could elect to buy its restaurants in Russia back within 15 years, although many terms of the sale to Govor are still unclear, Reuters also reported.
“If the opening of McDonald’s in 1990 symbolized the beginning of a new era in Soviet life, one with greater freedoms, then the company’s current exit represents not just a closing down of business, but of society as a whole,” Darra Goldstein, Willcox B. and Harriet M. Adsit professor of Russian, emerita, at Williams College, noted at the time.
The company’s new logo shared with CNN has “the main symbols of the restaurant” depicted on it — what is supposed to be two sticks of yellow fries and an orange burger. The green background, the press office told CNN, symbolizes “the quality of products and service that guests are accustomed to.”
Although “Vkusno & Tochka” does not offer some of the most recognizable items on the McDonald’s menu – including a Big Mac – customers could still purchase a double cheeseburger for 129 roubles (about $2.30), compared with roughly 160 under McDonald’s, and a fish burger for 169 roubles, instead of about 190 rubles previously.
Despite the some of the menu changes, the composition of the burgers and the McDonald’s equipment remains the same, said Alexander Merkulov, quality manager at the new company.
“The taste has stayed the same,” 15-year-old Sergei, a customer, said as tucked into a chicken burger and fries. “The cola is different, but there really is no change to the burger.”


text:
Adobe has taken a while to collect itself after Steve Jobs’ very public explanation of why Apple and Flash will never be seen together at the same party.
Today, it’s come out in a pretty big way with a new campaign aimed straight back at Apple. The advertising and editorial campaign stresses openness and criticizes Apple pretty directly.
In what could be viewed as a play on the beginning of Steve Jobs “Thoughts on Flash”, in which he talks about the great past and cooperation between Adobe and Apple, Adobe’s new ad starts off with a simple “We [heart] Apple.”
However, on the flip side of that ad is this little beauty: “What we don’t love is anybody taking away your freedom to choose what you create, how you create it, and what you experience on the web.”
The adverts, using a variant of the famous “I love New York” motif created by Milton Glaser, have appeared in newspapers including the Wall Street Journal and San Jose Mercury and online on websites including Wired and TechCrunch.
The ad comes at the same time as an open letter from Adobe’s founders, Chuck Geschke and John Warnock that claims Apple ‘threatens to undermine the next chapter of the web’. Geschke and Warnock’s letter, titled ‘Thoughts on Openness’, says Adobe believes in the value of open markets as well as the freedom of choice:
The genius of the Internet is its almost infinite openness to innovation. New hardware. New software. New applications. New ideas. They all get their chance. As the founders of Adobe, we believe open markets are in the best interest of developers, content owners, and consumers. Freedom of choice on the web has unleashed an explosion of content and transformed how we work, learn, communicate, and, ultimately, express ourselves.
If the web fragments into closed systems, if companies put content and applications behind walls, some indeed may thrive — but their success will come at the expense of the very creativity and innovation that has made the Internet a revolutionary force.
We believe that consumers should be able to freely access their favorite content and applications, regardless of what computer they have, what browser they like, or what device suits their needs. No company — no matter how big or how creative — should dictate what you can create, how you create it, or what you can experience on the web.
When markets are open, anyone with a great idea has a chance to drive innovation and find new customers. Adobe’s business philosophy is based on a premise that, in an open market, the best products will win in the end — and the best way to compete is to create the best technology and innovate faster than your competitors.
That, certainly, was what we learned as we launched PostScript® and PDF, two early and powerful software solutions that work across platforms. We openly published the specifications for both, thus inviting both use and competition.
In the early days, PostScript attracted 72 clone makers, but we held onto our market leadership by out-innovating the pack. More recently, we’ve done the same thing with Adobe® Flash® technology. We publish the specifications for Flash — meaning anyone can make their own Flash player.
Yet, Adobe Flash technology remains the market leader because of the constant creativity and technical innovation of our employees.
We believe that Apple, by taking the opposite approach, has taken a step that could undermine this next chapter of the web — the chapter in which mobile devices outnumber computers, any individual can be a publisher, and content is accessed anywhere and at any time.
In the end, we believe the question is really this: Who controls the World Wide Web? And we believe the answer is: nobody — and everybody, but certainly not a single company.
Adobe’s advertising blitz is the latest move in a recent public feud between the two companies. The dispute centres around Apple’s refusal to support applications that use Adobe Flash on its iPhone, iPad and iPod Touch devices.
But Flash is popular with developers for building smartphone apps. Many developers use automatic translation tools – some built by Adobe – to convert Flash code so their apps can run on Apple gadgets. In April, Apple angered the developer community by changing the terms and conditions of the software development kit licence, banning them from using these tools.
Steve Jobs has dismissed Adobe’s Flash technology as a “closed system” and “100% proprietary”.
“While Adobe’s Flash products are widely available, this does not mean they are open, since they are controlled entirely by Adobe and available only from Adobe,” said Jobs. “By almost any definition, Flash is a closed system.”
Jobs also said Apple doesn’t need Flash. “Flash is no longer necessary to watch video or consume any kind of web content,” Jobs categorically stated. “And the 200,000 apps on Apple’s App Store proves that Flash isn’t necessary for tens of thousands of developers to create graphically rich applications, including games.”
The user base of both companies have also been at loggerheads in recent week. An online poll allows you to vote on which company you think is right, and to comment on why. At the time of writing, people are almost neatly divided on the subject, with 47% supporting Apple, while 53% support Adobe.
In a similar spirit, a recent Infoworld poll found that most readers are in Apple’s corner, and don’t want Flash on the iPad.


text:
Deputy Mayor Alicia Glen (photo: @DMAliciaGlen)
City governments across the world are trying to adjust to and standardize their approaches to companies in the so-called sharing economy. With rapidly advancing technology, major financial investment, creative entrepreneurship, and little regard for the status quo, sharing economy companies -- such as Uber and Airbnb -- often catch government regulators unprepared and disrupt entrenched interests, leading to conflict. Government leaders are forced into difficult decisions, needing to balance embracing new economic opportunities, establishing the right regulatory framework, and protecting constituents.
A growing number and variety of emerging platforms in recent years highlighted the necessity to adjust existing regulations, reevaluate security measures and benefits for consumers and workers, and outline partnership frameworks between government and platform providers.
Software companies, government representatives, and gig economy experts gathered in mid-May in New York City for the 2017 Sharing Cities Summit -- “embracing and shaping the sharing economy” -- hosted by New York City Deputy Mayor Alicia Glen. Partially closed to the media, the gathering was framed as an opportunity for participants to discuss issues related to adapting to and embracing the sharing economy, in part through sharing experiences, and to come up with a set of guiding principles for cooperation.
The summit, which mostly took place over three days at the New Lab in the Brooklyn Navy Yard, addressed three key topics: “data collection and policymaking,” “consumer protection,” and “worker protection.” Its opening and closing sessions, which featured remarks by Deputy Mayor Glen, Amsterdam Deputy Mayor Kajsa Ollongren, an introduction to the topic by gig economy expert Arun Sundararajan, and others, were open to the media.
“I think that we need a common framework...to shape our approaches beyond just reacting to a single company, or even a sector,” said Glen, who oversees housing and economic development for Mayor Bill de Blasio. “Working together we can expand our own knowledge of this transformation and send a very clear signal to the companies about what our expectations are.” For the sharing economy platforms, it would mean more predictability and less political risk when expanding to different cities and countries, she added.
“The cuddling phase of sharing is far behind us,” said Ollongren, of Amsterdam. “The issue is that there are new players out there,” she continued, “new business models, and our systems are old and not fit to deal with it.”
“Crowd-based capitalism”, another term for the sharing economy concept, is an emerging form of economic activity that will be “increasingly dominant” in the coming years and will overturn, at least in part, the “20th century industrial capitalism as a way of conducting business”, explained Sundararajan, who is a professor at the NYU Stern School of Business and author of the book “Sharing Economy.” This new economic model connects various service providers, or even a collective of individual service providers, to various consumers as opposed to established institutions with many employees supplying a product to customers, it has new intermediaries and shifts the basis of consumer trust. As one of the industry experts, Sundararajan gave a 20-minute overview of the concept and moderated a panel consisting of four sharing economy platform providers: Lyft, Postmates, Managed by Q, and Getaround, at the summit kick-off dinner.
Transportation and accommodations have become essential pieces of the “sharing economy,” which is often noted as a misnomer, given that money is typically exchanged. Other sectors include professional services, like consulting, and areas within the food sector. The sharing economy will affect the energy sector as well, Sundararajan added, explaining that as the batteries that preserve solar power improve, people will start accessing and redistributing energy locally, instead of sending it back to the grid. This may lead to new regulatory challenges for the energy sector in the future.
The sharing economy is blurring the lines between casual labour and professional work and changing the significance of what it means to have a job, Sundararajan said. But despite opportunities emerging thanks to the popularity of sharing economy platforms, there are downsides. For example, sometimes freelance workers have to deal with wage theft and misclassification by employers trying to avoid legal fees.
In the light of this trend, Deputy Mayor Glen highlighted the importance of further developing the concept of “portable benefits.” Now, when more and more people are tiling together their career mosaic, there is a necessity to “level the playing field” for them and find a way to provide adequate healthcare, pension, and other benefits, according to Glen.
“The employment model that built economic security for many during the 20th century— often a unionized job that provided a pension, health benefits, Social Security, workers’ compensation, and unemployment insurance—has become increasingly out of reach,” a report published by the Roosevelt Institute indicates. Its authors, Rebecca Smith, Deputy Director of National Employment Law project, and Nell Abernathy, Vice President for Research and Policy at Roosevelt Institute, --- the latter participated on a summit panel -- identify three key measures to address the issue: “expand the public safety net, support new models of negotiated benefits, and ensure business and public funds supplement the contributions of workers and consumers.” The report was included in the list of references for summit participants, and also reviews possible funding options for portable benefits, such as public money, user fees, business and worker contributions.
“One out of 20 people in New York City now hire somebody on a website to do basic things,” Deputy Mayor Glen said, ”that’s just the beginning of a major transformation.”
Glen, whose administration waged a losing battle against Uber in 2015, offered a few examples of situations in which the workers and the consumers may need protection. For example, ensuring that workers are compensated fairly. Here, for instance, she gave “positive credit” to TaskRabbit for removing a system of bidding on tasks from its platform and sticking to fixed hourly rates, because it helps prevent users from bidding themselves down, she mentioned. Another priority is to ensure both quality of service and safety for consumers. Considerations must be given to workers’ hours and benefits, liability and insurance, on-time payment, and more.
New York City recently passed the Freelance Isn’t Free Act, which regulates the gig economy in the city, including mandates for contracts and payments. According to research published by City Council Member Lander, who sponsored the legislation, as of September 2016 over 70% of freelancers claimed to be victims of “wage theft or late-payment.”
The gig economy creates a vast amount of new data. “We’ve got this digital interface that is going to be be sitting between us and the things that we get,” Sundararajan said. Consequently, there is a need to figure out what to do with this data, how to regulate it and protect consumers, how the government should use it and collaborate with platforms to access it.
There are a few examples of how data exchange between sharing economy platforms and government could help improve citizen experience. For instance, in the beginning of 2017, New York City mandated Uber, Lyft and other for-hire car services share data on where drivers pick up and drop off passengers. Understanding how people move could potentially help the government improve the city’s transportation system, by identifying congested zones that are lacking enough public transport options, for example. This information will be in addition to other data already collected by the city.
Another example is cooperation between the government of New Orleans and Airbnb that includes data sharing. The company supplies to the city the names and addresses of hosts. Airbnb came under fire in New York, where its ability to operate as it had been received a major blow through new state law cracking down on those posting illegal apartment rentals.
In light of the recent global cyber attack, protecting and regulating consumer data was also a topic highlighted repeatedly during the Sharing Cities Summit.
The forum served as the grounds for launching the Sharing Cities Alliance, an independent association headquartered in Amsterdam, that aims to bring together city leaders and sharing economy participants to exchange knowledge and data in the hopes of creating some shared principles and, possibly, regulatory frameworks. The five founding cities of the alliance are New York City, Amsterdam, Toronto, Copenhagen, and Seoul, according to a Twitter post by Deputy Mayor Glen.
Seoul was dubbed the world’s first “sharing city” by the alliance, thanks to the efforts of Mayor Park Won-soon and Seoul’s Metropolitan Government that launched the Sharing City Seoul initiative in 2012.
The Sharing Cities effort, as described on the website of the Alliance, includes a few milestones in its brief history. One is the Sharing Cities resolution signed by the United States Conference of Mayors in 2013 that promotes “better understanding of the Sharing Economy” and encourages creation of local task forces to establish regulations. Another is the launch of Amsterdam Sharing City in 2015.
by Natalia Erokhina for Gotham Gazette


text:
With cancer blamed for as many as half of the canine and feline deaths in the U.S., veterinarians and owners are looking for solutions and are more frequently turning to supplements.
As veterinarians find clinical evidence to support aggressive supplement use, organizations like Morris Animal Foundation and the American Kennel Club are on board as well.
“My colleague Cheryl London is investigating the use of curcumin, a derivative of the popular Indian spice turmeric and has Morris funding,” says Ohio State University professor C. Guillermo Couto, DVM, Dipl. ACVIM. “Her research is separate from mine, but we are both investigating ways supplements can affect osteosarcoma.” London, DVM, Ph.D., Dipl. ACVIM (Oncology), also is an Ohio State professor.
Dr. Couto is clinically evaluating the effects of artemisinin, also known as sweet wormwood, an herb that has killed human and canine cancer cells in the laboratory.
“From what we’ve found with its effectiveness in test tubes, it should be achievable to arrest the cancer cell cycle of dogs with osteosarcomas,” Coutou says. “Incubation with dihydroartemisinin—the active metabolite of all artemisinin compounds—resulted in biological activity against canine osteosarcoma cell lines, which included induction of apoptosis and arrest of the cell cycle.”
In a separate but related study, Couto worked with the AKC in testing artemisinin on dogs diagnosed with cancer.
“We gave 20 dogs two different treatments using artemisinin and only one dog had a modest response,” he says. “We found the animals weren’t achieving the blood levels necessary to make a significant difference in their disease. We essentially were not giving a large enough dose and plan on conducting additional studies.”
Coutou says absorption and metabolism may affect the use of artemisinin and could explain the difference between what was found in osteosarcoma canine cell lines and canine patients.
Osteosarcoma is the most common primary bone tumor in dogs, accounting for about 85 percent of all bone tumors, says Dr. London, who notes that more than 10,000 new canine cases are diagnosed each year.
Osteosarcoma commonly affects Rottweilers, greyhounds, Scottish deerhounds and golden retrievers. London’s research was spurred because traditional treatment hasn’t substantially improved in the past 15 years and involves removal of the tumor, usually through limb amputation, followed by chemotherapy.
Despite this aggressive approach, most patients don’t survive longer than two years after treatment because the tumor metastasizes to the dog’s lungs. However, Ohio State researchers have shown that STAT3, a protein important in a tumor cell’s ability to metastasize and resist chemotherapy, is essential for cancer cell survival. Curcumin, a component of the spice turmeric, inhibits STAT3 but is not well absorbed after ingestion.
According to Morris Animal Foundation, researchers are evaluating a curcumin-derived compound developed at OSU for its ability to kill osteosarcoma cells. The compound and other compounds that target STAT3 represent cutting-edge research that could positively affect disease treatment in the future.
Charles Loops, DVM, of Pittsboro, N.C., says using efficacious, quality supplements is a priority.
“Two-thirds of my practice is consulting with owners of animals with cancer, by veterinary referral or word of mouth,” Dr. Loops says. “I don’t carry a lot of the supplements that I recommend, but I do give clients names of reliable places they can find the supplements.”
Americans spent $1.4 billion in 2008 on supplements for animals.
“Some clients want to purchase supplements from wholesale stores, but there is little regulation and you don’t know what’s in it,” says Carmine Bausone, DVM, of Acacia Animal Health Center in Escondido, Calif.
“It is better to purchase supplements created for animals when that is the patient they are intended for. I carry everything I prescribe to patients or suggest they purchase the supplement carrying the NASC label. Some supplements, especially Chinese herbs, may carry high levels of lead, mercury or other toxins, depending on where they are grown.”
The National Animal Supplement Council (NASC) is a non-profit trade organization comprising companies providing health and nutritional supplements that comply with a set of guidelines set by NASC for good manufacturing practices. While membership and compliance with the organization is optional, creating a regulatory environment that is fair, reasonable, responsible and nationally consistent is the council’s goal.
“When the FDA sends a warning letter to a company, it means business,” says Bill Bookout, president of the NASC. “If a company has false claims on its website or label, the FDA will take action against it to protect consumers and their pets.”
Bookout says a rule of thumb when looking at supplement labels is that if the claims seem to be too good to be true, they probably are; and cheap products are usually cheap for a reason.
Using supplements as part of pharmaceuticals, surgery or chemotherapy is the route many pet owners go, Loops says.
“I treat a lot of animals in conjunction with the use of chemo-therapy,” Loops says. “Radiation is performed by specialists who usually prefer that supplements aren’t given during the treatment. This preference is largely because oncologists don’t understand how to properly use supplements, but that is pretty common even with the American Veterinary Medical Association.”
Loops says cancer is commonly found in older animals, but after 30 years in practice he’s seeing more young patients than ever.
“Many veterinarians who use supplements in practice also push a healthier diet. Lena McCullough, DVM, CVA, of Seattle, helps identify the right diet and supplement combination for her cancer patients.
Dr. McCullough serves as a referral veterinarian to practitioners who make a cancer diagnosis but need diet and supplementation support.
“Some poor dogs come in on 20 supplements because the owner doesn’t realize you can have too much of a good thing,” McCullough says. “I consult with the owner to find what their expectations are with treatment, then go from there to determine the course of action.
“Most of the patients I work with are either also using conventional drugs, had an adverse effect to conventional treatments or aren’t good candidates for harsher treatments. There isn’t one program that fits every cancer patient. Each supplement and treatment plan needs to be individualized.”
Just as many pet owners’ interest in animal supplements stems from their use of supplements, so did veterinarian Melissa Shelton’s decision to incorporate supplements into her practice.
“After veterinary school I practiced traditional medicine for about eight years,” says Shelton, DVM, the owner of Crow River Animal Hospital in Howard Lake, Minn. “I was frustrated with the lack of response patients had to traditional drugs and started thinking, ‘Well, it works for me, why not dogs and cats?’ ”
Shelton recommends glucosamine for puppies to prevent the onset of joint problems later in life. The same theory exists with preventing cancer and other diseases.
“I recommend whole-food supplements and essential oils,” Shelton says. “I’d rather clients put money into disease prevention instead of paying to try to slow it down once the animal has it. There is a role for supplements at every life stage. Even animals in hospice care can benefit. I might add pain medications or something to help reduce stomach upset, but supplements can help an animal have more quality days toward the end, too.”
Alice Villalobos, DVM, PNAP, says most veterinarians who provide supplements for cancer patients aim to temper cancer’s fatal agenda using natural substances that inhibit common cancer pathways.
“Supplements may inhibit angiogenesis, proliferation and metastasis or encourage the destruction of cancer cells by accelerating apoptosis,” Villalobos says. “In addition, some supplements such as beta glucans from mushrooms have been shown to increase the surveillance functions of the immune system to improve recognition and destruction of cancer cells.”
This article first appeared in the July 2010 issue of Veterinary Practice News. Click here to become a subscriber.


text:
Is there a coin shortage?
CHATTANOOGA (WDEF) – Nickels, Dimes, quarters and pennies are the latest items in short supply as a result of the coronavirus pandemic.
Officials say when businesses began shutting down in March, the flow of coins through the economy nearly came to a halt.
With consumers spending less, officials say the U-S mint slowed their production of coins.
Officials explain the short supply by saying it’s not so much of a coin shortage as it is a major disruption in the supply and demand chain.
State officials say they haven’t seen much of an impact here in Tennessee.
“When there was a reopening there was a demand surge for coinage. It’s a supply and demand issue. Really what has happened is not so much of a coin shortage as there is an impact to circulation.”
The Tennessee Department of Financial Institutions says a national coin task force has been organized to further discuss and analyze the coin shortage.


text:
We all knew that Borders (BGP) was in financial troubles and it was not really a surprise when Borders’ management announced a few days ago that they had chosen Kasowitz, Benson, Torres & Friedman, a well-known bankruptcy and restructuring law firm to advise on its current refinancing efforts. They will try to keep the company out of bankruptcy court and continue to work on securing a $500 million credit line.
Borders and its main competitor, Barnes & Noble, are trying to show they can replace the sales lost to online giant Amazon.com and other web distributors. But Borders is closing hundreds of stores and needs to defer payments to publishers.
In the meantime, we also read that independent bookstores are struggling. Our local booksellers are disappearing; the survivors look empty most of the time. And according to industry insiders, the rapid advance of electronic readers such as Amazon’s Kindle and Barnes & Noble’s Nook; the preponderance of chain stores; and the availability of books online at low prices are the reasons independent booksellers are going through an industry storm.
Borders is one of these major chain stores. And they are also feeling the pain…
Meg Smith, the membership and marketing officer of the American Booksellers Association, (ABA), a nonprofit trade group that promotes the interests of independently owned bookstores said that “there’s a lot of opportunity out there for businesses that figure it out properly. If bookshops become more focused and gauge what their customers want, they’ll be able to survive and thrive.”
Could Borders be the savior of the independent booksellers? The Borders clientele does not want to drive to the mall and go to their stores anymore, preferring surfing on the web and buying e-books. But there are still thousands of local bookstores that could benefit from Borders’ experience, concept and buying power. What about a Borders bookstore & café downtown? Walking distance from your office or your favorite morning spot? A place, locally owned and operated, where you can find the latest opus of the Stieg Larsson‘s Millennium trilogy, a paperback edition of the Alchimist, a travel book about France (of all places), buy your favorite magazine and even grab an expresso, all ‘powered by Borders’.
Coming closer to the ‘book buyers’, listening to what they want and empower local booksellers could be one way for Borders to regain strength.


text:
National Microfinance Laghubitta Bittiya Sanstha LimitedR17;s promoter shares are being auctioned off by the company’s current promoter. The auction began today, on the 30th of Bhadra, and will end on the 13th of Ashoj, 2078.
The promoter shares are being auctioned in 36,500 units. The minimum bid rate is Rs. 1,022, and the minimum bid quantity is 100. The auction manager has been named RBB Merchant Banking Limited. Bids will be accepted at the auction manager’s office beginning at 11 a.m. on Ashoj 14.
Similarly, the promoter shares of Jyoti Bikash Bank Limited and Manjushree Finance Limited are being auctioned by an existing promoter. The auction will begin on the 31st of Bhadra and end on the 3rd of Kartik in the year 2078.
Jyoti Bikash Bank LimitedR17;s promoter shares will be auctioned for 181,470 units, and Manjushree Finance Limited’s promoter shares will be auctioned for 95,166 units. For the auction of MFIL’s promoter shares, the minimum bid rate is Rs. 275, while for the auction of JBBLR17;s promoter shares, the minimum bid rate is Rs. 185.
For both auctions, the minimum bid quantity is 1000 units.


text:
This week Verizon has confirmed its plans to purchase Intel’s TV business for an undisclosed sum, allowing Verizon to offer its customers like television over the Internet.
Verizon will use its newly acquired TV technology to provide streaming video to both its 4G wireless network and to customers on its FiOS fiber-optic home broadband service.
The price paid for its new Intel TV technology has not been disclosed but reports have rumoured the price to be between $200 million to $500 million, with the value of the Intel TV business to be around $300 million. Verizon Chairman and Chief Executive Lowell McAdam explained n a statement :
“The OnCue platform and team will help Verizon bring next-generation video services to audiences who increasingly expect to view content when, where, and how they want it,”-“Verizon already has extensive video content relationships, fixed and wireless delivery networks, and customer relationships in both the home and on mobile. This transaction provides us with the capabilities to build a powerful, capitally efficient engine for future growth and innovation.”
The acquisition of the new TV technology will provide Verizon with a big boost in releasing a Web-based TV service in the near future. Unfortunately no information on pricing or worldwide availability of the new Verizon TV service has been released as yet, but as soon as information comes to light we will keep you updated as always.
“In the third quarter of this year, Verizon added 173,000 FiOS Internet connections and 135,000 FiOS video connections. The company had a total of 5.9 million Fios Internet and 5.2 million Fios Video connections at the end of the quarter. Then there’s Verizon’s huge mobile subscriber base, another group that could be interested in its TV services.”
Latest Geeky Gadgets Deals
Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.