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Rebecca Stevenson takes a look back at the tenure of ‘Mr Milk’, Theo Spierings, atop our biggest company.
It’s our biggest business (yet it’s a co-operative) and its chief executive Theo Spierings also earns the highest salary in New Zealand – a lottery dream of a wage packet of about $8.3 million a year, or $159,000 a WEEK, or $22,700 a DAY. What would you do?
It’s a huge amount of money, yes. But Fonterra is a massive operation, owned by an estimated 10,000 dairy farmers (often called farming families, but it’s tricky to discern how many farms are owned by corporations, and Fonterra can’t give a number). Fonterra is the largest exporter of dairy products in the world, collecting billions of litres of milk, with about 95% of that milk exported. It’s estimated to account for about 30% of the world’s dairy exports, so yup, Fonterra is kind of a big deal.
For the 2017 financial year Fonterra pulled in revenue of $19.2 billion and net profit after tax of $745 million. For the farmers who pull on the gumboots every day and supply Fonterra its milk, the last financial year brought a ‘Farmgate Milk Price’ of $6.12 per kilogram of milk solids, and each share in Fonterra paid out a dividend of 40 cents.
At the helm of this mammoth milk machine has been Dutch dairy executive Theo Spierings. But this week saw the man dubbed “Mr Milk” step down (later this year) after seven years at the top. Why now? It could just be a little matter of a $348m half-year loss in 2018. But first, let us take you through Spierings’ stint at Fonterra; year by year, record by record – but also scandal by scandal.
2011: the arrival
Spierings’ appointment was announced in July 2011 but really the previous CEO Andrew Ferrier was still in charge for most of the year.
Spierings arrived in a record year for the co-operative. Fonterra reported revenue of $19.9b, an after tax profit of $770m (pretty similar to 2017), and paid out to farmers milk payments and dividends totalling $10.6b – $2.4b more than in 2010 and $1.5b more than Fonterra’s previous best year in 2008. Tickety-boo!
Little did Spierings know it, but an event was impending that would set in motion a PR crisis forever denting fortress Fonterra’s aura of invincibility.
2012: a ticking bomb is set
February to be precise. At the company’s Hautapu plant in the Waikato a large dryer was being examined, and during that process a torch being used “came into contact with a part of the equipment, breaking the hard torch lens,” a report later commissioned by Fonterra found. These bits of broken plastic had a catastrophic impact, ultimately triggering a botulism scare after testing in March 2013 identified high clostridia levels in a finished product made for a Fonterra customer.
The bomb was set, and the timer was ticking. But consumers, and Fonterra HQ, were unaware anything was amiss, and its annual result was duly announced for the 2012 financial year with flat (but still massive) revenue at $19.8b, while net profit after tax was $624m on “record milk flows”.
Spierings had also started a drive for efficiencies, which continued throughout his reign. The company said in 2012 a “strategy refresh” would see it slash expenses by $90m, and a further $60m in 2013. The cost of the restructure? $30m.
In the same month as its annual result, however, Fonterra discovered traces of fertiliser aid dicyandiamide or DCD (it helps to stop nitrate leaching into waterways and wells) in its dairy products, but said nothing until the new year. Another bomb started ticking.
It also introduced its Milk for Schools programme in December, offering free milk to all school kids. Spierings closed out his first full year in charge on a high, when the Fonterra Shareholders Fund floated on the NZX after publishing a prospectus in October.
2013: the Botulism scare bomb explodes
In January the DCD issue hit the media and the Wall Street Journal posed the question “Is New Zealand milk safe to drink?”. Fonterra said it was, that the DCD was only at low levels.
In the background the botulism bomb was well and truly primed. In March products started testing positive for clostridium, but it was months until Fonterra made any moves. Finally, in August, it notified the eight customers who received the contaminated whey and on 3 August it went public.
People were pissed. They were pissed about the delay in Fonterra telling them about the potential contamination, they were pissed about what little they were told about the contamination (imagine you were feeding your baby infant formula at the time – the disease is dangerous and potentially fatal), they were pissed Fonterra didn’t know whether there was toxic infant formula, and the people that were already pissed that Fonterra even existed were pissed and were also busy saying ‘I TOLD YOU IT WAS TOO DAMN BIG’.
And what did Mr Milking Millions say? “The precautionary recall challenged the co-operative, but has also provided the opportunity to make a profound change for the better. Within days of locating and quarantining product, we began an operational review to find out what happened, why, and what we must do to prevent this from happening again – and we are now implementing the recommendations of the review.” No drama then.
In 2013 Fonterra recorded revenue of $18.6b (down 6% year on year), but net profit after tax of $736m. Farmgate Milk Price was $5.84, with a dividend per share of 32c, making a total cash payout of $6.16 per share for shareholders/farmers. Not too shabby. Considering.
2014: the record highs
Except the fake botulism scare was now going to poison Fonterra anyway, as its clients looked to recoup losses on the product they’d had to recall, not to mention the reputational damage of a global scandal.
The price of this toxic scare, infant formula maker Danone estimated, came to $1b. On 8 January, Danone filed a dispute notice against Fonterra in Singapore and legal action in New Zealand. Danone also stopped using Fonterra’s factory in Darnum, Australia, which analysts later said, eventually led to Fonterra’s deal with Chinese company Beingmate (Beingmate purchased about half of the factory from Fonterra).
In April it was fined $300,000 for the botulism scare but Fonterra shrugged off its woes, booking revenue of $22.3b for 2014, and a final cash payout of $8.50 a kg for shareholders on a milk price of $8.40 – and a more modest dividend of 10c because net profit after tax was only $179m.
Just before it announced its results, it also announced a partnership with Chinese baby food and formula maker Beingmate Baby and Child Food Co. The deal, Fonterra said, was collectively worth $1.2b, with Fonterra first buying an up to 20% slice of Beingmate for an estimated $615m. The deal, Spierings said, would be a “game changer”.
2015: the Beingmate deal
A series of job cuts started early in the year attracted negative publicity when it ramped up to encompass 500 jobs (to cut another $60m in costs) but in the end another 250 jobs would be lost before the year ended.
Spierings’ pay rose in 2015 a hefty 18% to almost $5m, which provoked outrage about excessive pay to the executive; in tandem with the job losses it was not a good look. Fonterra announced a net profit after tax of $506m for the financial year ended 31 July, up a whopping 183%, but revenue was down to $18.8b. The cash payout was $4.65 per share.
Spierings said the company had achieved the result by focusing on “cash and costs”. Fonterra’s Beingmate deal had closed, falling short of the 20% Fonterra had wanted, with the company paying about $755m in the end for about 18% of the Chinese company (analysts were already sounding the alarm about its new partner’s financial health).
It ended the year by introducing three-month payment terms to some of its suppliers; a move Spierings would later trumpet had saved the dairy giant about $50-$70m and one we are still talking (in not very complimentary terms) about now.
2016: volumes down; profit up
Fonterra introduced Disrupt, its internal innovation project which allows any Fonterra worker or team to pitch ideas which can then be executed. This project the company estimates, has added about $70m of new revenue.
But the July 2016 financial year saw milk volumes decline for the second year in a row and revenue was down to $17.2b, but there was a 65% increase in that all important net profit after tax, to $834m. *Whistles*. Spiering pinpointed Fonterra’s ability to sell more milk at higher prices as the key underpinning the good after tax result, turning liquid milk into “higher value products”.
2017: counting the $183m cost
The year started with a bang of good publicity, Fonterra introducing the Fonterra Ventures team to seek out innovative ideas from outside the company – echoing its move to disrupt its business from the inside.
Milk supply levels recovered, and a positive global dairy outlook jollied our biggest company along, but both the Danone dispute and its investment in Beingmate overshadowed the general good vibes. Revenue (as stated above) had come back to 2011 levels.
Fonterra claimed things at Beingmate were fine, but in September analysts started screaming about the Beingmate deal. “In short, Beingmate has lost sales, missed FSF targets and likely lost reasonable market share in the last three years and FSF has been largely silent on it with investors,” a wealth manager said.
In December its arbitration with Danone over the 2012/13 botulism scare was settled, costing it $183m and its shareholder/farmers were understandably seething. Spierings was “disappointed the arbitration panel did not fully recognise the terms of our supply agreement with Danone, including the agreed limitations of liability”.
A bullish Spierings said Fonterra was in such financial health that it could meet the recall costs, and it must have been a relief to have a line drawn under the debacle – but Beingmate was now septic.
2018: losses signal the end
Months of sustained pressure culminated with Fonterra’s half-yearly loss announced this week. Spierings would go (although chairman John Wilson denied it had anything to do with the result), and its Beingmate investment was written down by $405m.
Jilnaught Wong, professor of accounting at the University of Auckland Business School, said the $405m write-down could look like this: Fonterra’s share of Beingmate’s 2017 full year loss was $41m. If this kind of loss continued, at a 10% yield, this equates to a $410m destruction in the value of Fonterra’s investment in Beingmate.
So what has been the damage to shareholders? A simplistic way of looking at the cost of this disastrous investment would be that Fonterra spent $756m on the investment and it is now worth $244m, so it lost $512m. But it’s worse than that, because all investors expect a return on their money.
If their expectation was, say, a 10% return per year, the carrying amount of the investment, (assuming no dividends have been received), at 31 January 2018 should be $993m, not the $244m fair value. “Looked at it this way, the loss to shareholders is $749m – not half a billion dollars, but three-quarters of a billion dollars.”
He said the board, CEO and management team have effectively destroyed about 10% of shareholder funds (available before the Beingmate write down and the Danone arbitration), and the investment leaves more questions than answers. Why did Fonterra buy a minority stake in a Chinese company, knowing the drawbacks of being a minority shareholding? Who was keeping an eye on its investment?
“Hopefully, the Fonterra board and executives will be pondering these questions. Lessons, if any, have been very expensive,” the professor said. Indeed.
The Spinoff’s business content is brought to you by our friends at Kiwibank. Kiwibank backs small to medium businesses, social enterprises and Kiwis who innovate to make good things happen.


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Celebrating its 20th year, the SAVRALA 2015 Manufacturer of the Year (MOTY) was revealed during a gala award ceremony at the Hilton Hotel in Sandton on 23 October. Incredibly, for six consecutive years, Volkswagen South Africa (VW) took the accolade of overall car rental winner yet again.
Commenting on this achievement, SAVRALA President Marc Corcoran applauded VWSA’s remarkable achievement and said that one had no choice but to respect the consistent and recognised high levels of service given by VWSA to the car rental industry. “An important insight from this year’s data is the improved scores by almost all automotive brands, demonstrating the competitive nature of the industry,” he added.
The winners of the SAVRALA awards are decided by the Rental companies such as Avis Budget, Bidvest, Hertz, Europcar / Tempest, First Car, Dollar Thrifty and other rental companies through a scientific and stringent process.
SAVRALA members are required to rate 25 motor manufacturers using a survey containing 40 different and targeted questions. The survey covers aspects such as communication, contact with the manufacturer, technical assistance, parts availability and pricing structures.
The MOTY 2015 results further reveal that VWSA has gained a distinct advantage over its peers in Communication and Support.
The competitive nature of this year’s MOTY awards was best demonstrated by the 0.1 difference in score between Audi SA and Toyota South Africa Motors which swopped podium places, with Audi taking home silver this year.
Illustrating the extent of how some automotive companies have focused special attention on their car rental customers, the Most Improved Award went to BMW SA which leaped from 11th place last year to 7th this year achieving a phenomenal 17% increase in their 2015 score.
Addressing concerns by some automotive brands that they are at a disadvantage when competing against their larger-volume peers in the car rental industry, a new award called Tutuka was created and won by Audi SA. “The performance of Audi this year clearly demonstrates that winning MOTY is not merely a function of the volumes sold to the car rental industry, but also of satisfying customer needs,” said SAVRALA GM Sandile Ntseoane.
The Value Award in its first year was a tight contest, but was won by Ford SA which, by the narrowest of margins, beat VWSA. Commenting further Marc said this ‘’was an important award as the cost of vehicle ownership is a key consideration for any fleet purchase, whether a corporate fleet or individual purchaser.’’
MOTY 2015 also acknowledged the role of certain individuals the car rental industry:
• Best Account Executive was won by David Maeko (Ford SA).
• Best Manufacturer’s Technical Representative was won by Bennita Senyatsi (Nissan SA).
The MOTY evening also saw industry stakeholders recognise the remarkable service given by Dawn Jones, Imperial Car Rental CEO, who leaves the industry next month after 35 years.
“Dawn leaves behind an incredible legacy that few could even imagine achieving. Ever the shrewd car rental operator, Dawn had a remarkable, innate skill in developing warm relationships with her colleagues, customers and competitors. The industry thanks her for contribution and wishes her well in her future endeavours,” concluded Marc.

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Union telecoms ministers were expected to give a significant boost to the fast-moving world of electronic commerce at a meeting in Luxembourg today (22 April) by finally agreeing legislation to give digital signatures the same legal status as hand-written ones. Assuming there are no last-minute hitches, the new law will come into force in about 18 months’ time.
The aim of the new directive is to end the uncertainty caused by the fact that although digital signatures are already in use in most member states, they cannot always be regarded as evidence in legal proceedings. “We are trying to iron out these legal difficulties with this directive,” said one European Commission official.
Electronic signatures use unique data to formulate the electronic equivalent of traditional pen and ink. A signature can either be based on a long string of numbers generated by a complicated mathematical formula or by recording a person’s hand-written signature, measuring the pressure on the pen, or taking his or her fingerprints.
In the first instance, one part of the number is public and is normally published in a directory, while the second part is private, similar to a PIN number for a bank account or credit card. Rather than repeating the same numbers every time, consumers use a new formula each time they sign a document to guard against forgery.
Arguments over the technical specifications for approved signatures blocked agreement on the proposed directive when telecoms ministers discussed the issue last autumn, but they were expected to settle their differences and approve the new measure at this week’s meeting.


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WPP, the world’s largest communications services group, said it has signed an affiliation agreement with PPG, the leader in digital marketing in Iran.
According to WPP, PPG Iran operates more than 15 top digital services companies in the country.
The company said in a an email statement that the agreement will give WPP and its clients access, on an exclusive basis, to the most effective digital marketing channels in the Iranian market and provides PPG with access to a huge amount of knowledge through connections with the world leader in marketing communications.
PPG employs more than 200 people and comprises several leading Iranian digital businesses, including Anetwork, ADRO, RASANEX, ADAD, DMC, and a host of other leading content, technology, data, mobile and digital consultancy businesses.
Anetwork, Iran’s leading online advertising network, serves 6+ billion impressions per month, reaching more than 36 million Iranians.
ADRO is the first real-time bidding advertising exchange platform for web and mobile adverts in Iran, connected to all local networks. It has over 184,000 sites and apps, and offers re-targeting pixel for local and international traffic.
RASANEX is the first and leading DSP (Demand Side Platform) in Iran serving 7 of the largest agencies through its media spend.ADAD is the dominant mobile advertising network in Iran. It is directly integrated with Café Bazaar, the leading local android app marketplace and brand, to monetize over 9000 apps currently in this market.


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Linda Schuler loves dolls. It started as a childhood passion, and eventually turned into a 15-year business venture.
In 2006, Schuler and her husband were driving down a Saskatchewan highway and saw a sign for a doll museum. They decided to check it out.
“I was totally in awe of the whole thing. It was just fantastic to view that museum, and (we) just totally fell in love with it right off the bat,” she said.
After returning to Drumheller, Schuler said she couldn’t stop thinking about the museum.
“Finally my husband said, ‘Why don’t you ask those ladies if they’d be interested in selling it?'”
Schuler said she got up the courage to ask, and to her surprise they were ready to part with their business.They packed up the doll museum on Mother’s Day and drove it back to Drumheller.
Valley Doll Museum opened on June 6, 2007.
Over the years, Schuler added more dolls to the museum – which she ran while also helping her husband with his locksmith business.
“The Ralph Klein dolls [of the world] that he had in city hall in Calgary when he was mayor, I acquired those as well, those were donated to me,” she said. “The Glenbow Museum in Calgary and Heritage Park, they didn’t want them, so they found a home in my museum.”
Fifteen years later, Schuler is retiring from the doll business, and is auctioning off her inventory with the help of an Edmonton auction company.
“I love my dolls but I just got to the point in life where I have health problems and can’t do both jobs at the same time,” she said. “One of them had to go and the doll museum is really a lot of work for one person so that’s the one that unfortunately had to go.”
‘JAMMED TO THE RAFTERS’
The museum’s inventory was moved from Drumheller to Beck Auctions’ east Edmonton location in preparation for Wednesday’s auction.
“We’ve sold many collections, but this is the most extensive collection, probably. It’s literally jammed to the rafters in here with dolls,” said Beck Auctions President Clinton Beck.
Beck estimates there are more than 1,000 dolls to auction off, as well as furniture, clothing and other museum items.
“We have dolls that are cultural dolls, we have dolls from different countries, we have Victorian dolls, we have antique dolls from the 1920s,” said Beck.
Many collectors will be looking to fill the missing pieces of their collections, Beck predicted.
“We’ve had calls from the United States, from Europe, from all over Canada, there’s tremendous interest in this auction tonight.”
The entire collection is available to view and bid on online.
The first lot of items in the doll auction will close at 6 p.m. Wednesday, with the auction ending at midnight.
With files from CTV News Edmonton’s Joe Scarpelli


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Senior appointments at Aston Barclay
Aston Barclay’s Adrian Dunbar has taken on a new role of group governance manager as he celebrates his 29th year of working at the remarketing specialist.
The role will see Dunbar manage all elements of the group’s compliance commitments, including individual auction centres. He will also be responsible for managing Aston Barclay Assured and will become a key part of the new product development team.
He moves to the new role after an eight-year tenure as centre manager of Aston Barclay Chelmsford and will be replaced in his previous position by Richard Farrar as centre manager of Chelmsford, which is currently the group’s largest site.
Aston Barclay’s group operations director Martin Potter said: “Governance is an increasingly important part of our business so it’s great to see Adrian’s considerable expertise being put to good use supporting individual auction centres and the group’s product development team. I know he will rise to the challenge as we develop and launch new products and services in Q4 and early 2019.
“I would also like to welcome Richard to his new role as auction manager at Chelmsford. With over 20 years’ remarketing experience he has car auctions in his blood and we know he will enjoy his new challenge of managing our longest established-auction facility,” he added.


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Supervisor Roberts says food trucks should be subject to health inspection like restaurants
City News Service
The food trucks proliferating in San Diego County should display the same health inspection letter grades as restaurants do, Supervisor Ron Roberts said today.
Roberts announced that he will ask county staff, at tomorrow’s Board of Supervisors meeting, to develop procedures for food trucks to display the results of county health inspections for customers.
The county inspects around 1,100 mobile food operations in the region, of which 550 sell to the public, but they aren’t required to display the results, he said. Restaurants generally display their “A” grade on a blue placard in a front window.
“The county of San Diego does a great job of ensuring food safety and our scheduled and surprise inspections are effective,” Roberts said. “Now we need to get in step with this growing trend and provide the public with visible letter grades so customers can quickly and easily see the trucks have passed food safety inspection.”
Roberts said his idea is supported by the San Diego County Restaurant Association and the owners of Trucked Up Productions, who operate the Chop Sooey and Ms. Patty Melt food trucks.
A survey released last September by the National Restaurant Association showed that 59 percent of those queried would likely visit a food truck if it was offered by their favorite restaurant; that 18 percent saw a food truck in their community last summer; and that 28 percent of those who saw a truck made a purchase.


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MENENDEZ RIGHT ON PORTS
Menendez has proposed a new law prohibiting the sale of operations at U.S. ports to companies owned by international governments, noting 95 percent of cargo reaching U.S. ports is not inspected.
Bravo my new senator! This may just earned you my vote. The issue is, indeed, the fact that Dubai Ports World is as I argued a foreign government owned company!
By coincidence"Israel seized 31 containers holding hundreds of thousands of dollars worth of goods destined for Hamas and Islamic Jihad were seized by Israeli authorities last week." Interesting report. You need more food for thought. Here it is:"The use of ostensibly legitimate businesses has become one of the major vehicles for funneling money to Arab terrorist groups."
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PG March Store of the Month: Harvest Market, Champaign, Ill.
Niemann Foods’ new concept Harvest Market in Champaign, Ill., is rooted in a farm-to-table philosophy to connect consumers with the farmers and producers who make their food, by telling their stories and sharing knowledge about the production and growing process.
By making store-made and specially sourced products the stars of the show, Harvest Market’s unique highlights include the company’s first-ever restaurant, The Farmhouse, featuring farm fresh ingredients and seasonal recipes, a butter churning station, a diverse line of Midwestern heritage baked goods and in-house made deli meats, all exclusive to Harvest Market. By highlighting special handcrafted products made on-site, the store strikes a precise balance time-honored traditions and new food trends.
“We began with the idea that we wanted our customers to have a connection that is unique in the industry and allow them to understand who the producers and makers are, because that allows them to understand where their food came from, what’s in it and what’s not in it,” explains Rich Niemann, president and CEO.


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Huawei – a hidden force in European cloud
Some weeks back PAC attended Huawei’s Eco-connect Europe 2017 event, and although the company’s expertise spans many interesting areas including 5G and IoT, this author’s interest was squarely on their cloud activity.
Earlier this year, the company made clear its intent to become a global leader in agile infrastructure, establishing a new top level business unit focused on Cloud. This puts Cloud at the same level of priority and visibility as the company’s pre-existing business units: Core (telecommunications equipment for carriers), Consumer (smartphones, watches etc.) and Enterprise (telecommunications and IT equipment and solutions for business). In other words, Huawei believes that Cloud will be as important to its future as telco hardware and smartphones already are - and it is already a global leader in both those markets.
Huawei’s big bet on cloud is based on OpenStack technology. Although that cloud platform was originally created as an open source alternative to AWS, today OpenStack has morphed into a private cloud platform for larger users, and separately into a Network Function Virtualisation (”NFV”) solutions for Telcos. Possibly because of that Telco NFV use-case, Huawei has over the years acquired deep expertise with OpenStack, which has a well-deserved reputation for being a complex and difficult platform to manage yourself without expert assistance.
Although Huawei has only been active in cloud for around four years, in that short time it has already achieved significant presence as a white-label delivery partner in European cloud markets. Two years ago it announced that it had partnered with T-Systems to deliver the Open Telekom Cloud, which was subsequently rolled out to customers from early 2016. Later last year, Telefonica also announced that it had partnered with Huawei to deliver cloud services based on OpenStack, initially in its Americas territories, with Spain “coming soon”. Finally earlier this year, Orange Business Services announced that it would also offer its “Flexible Engine” public cloud in collaboration with Huawei. OBS’s plan was initially focused on Europe and APAC, with plans for Africa and Middle East later in 2018.
All three European telcos have signed up to a joint risk, joint reward model, where Huawei provides the hardware platform and deep OpenStack support, and the telco provides all localisation and customer-facing support services. The local partner is also responsible for taking the lead on Sales, although Huawei also has local sales support capability.
In parallel to the Telco cloud strategy, Huawei also addresses the private cloud needs of large organisations its Enterprise division. Again, the sales channel is 100% indirect i.e. the sale is always led by a local partner. As before, the solution is mostly built on OpenStack, although hybrid solutions can also include extensions to hyperscale clouds (AWS, Azure etc.)
The big picture of Huawei’s cloud presence in Europe is truly impressive – one company is poised to become one of the very largest providers in cloud, potentially rivalling the hyperscalers in some markets, and all through an indirect channel strategy. While some potential buyers will be deterred Huawei’s origins in the People’s Republic of China, in most cases the predominant presence of a local partner will set clients’ minds at rest. Overall, Huawei is a powerful force in European cloud, powering three of the leading European alternatives to the obvious North American cloud providers.


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JOEY is launching two new cocktails and bringing back a patio favourite! The Mai Tai Crush and Hurricane Crush are the latest cocktails to join the JOEY menu, and the Watermelon Drink is back by popular demand.
According to the National Day Calendar, National Cocktail Day came into being in 2013. But as we all know the Cocktail has been around for a lot longer than that. Nevertheless, let’s enjoy the day and mix up something special.
Spring has sprung, and along with warmer temps and longer days comes all the fun and celebration this season has to offer! Spruce up your spring get-togethers with these fruity cocktails featuring Strega Liqueur


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The carrier expects to offer 4G LTE connectivity in 98 percent of its footprint by year end.
The self-healing, curved smartphone will be offered at $150 with a two-year service agreement.
Not to be outdone by larger rivals, U.S. Cellular drops prices for a number of its Shared Connect options.
Need a geeky gingerbread treat? Make it so with this tasty "Star Trek" tribute to the U.S.S. Enterprise made by Trekkie bakers.
Exactly how much will Samsung's new smartphones cost? We break it down for you.
This Sony leak is the gift that keeps on giving. We'll discuss the latest round of revealing leaks, a new upsetting U.S. obesity report and a cafe in London that only serves breakfast cereal.
The State Department demands that Defense Distributed, which has created a series of 3D files used to print firearms, take down the files because they could violate export restrictions.
A pair of engineering students created a new type of fire extinguisher that uses sound waves to put out flames.
Agencies like NASA, Department of Labor, and the Census Bureau will give hackers access to data for a weekend in June in an effort to help the country's communities.
During a cyberattack on the agency's computers and servers, the personal data of employees and contractors is stolen, but, reportedly, no classified data is leaked.


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October 29, 2013 9:21 AM
The A Link Between Worlds golden Nintendo 3DS XL bundle has finally been confirmed for North America.
October 24, 2013 11:38 AM
Nintendo has announced a new Nintendo 3DS XL charger will be available on Club Nintendo this Halloween.
October 23, 2013 12:23 PM
Two new limited edition Nintendo 3DS XL colors have been announced for Japan, featuring colored buttons.
August 12, 2013 10:02 AM
3DS bundles for Pokemon X & Y sold out in just under nine hours for Amazon Japan.
July 23, 2013 10:27 AM
A black Nintendo 3DS XL advertisement has popped up in a Canadian retail flyer.


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At Wall Street giants Morgan Stanley and Goldman Sachs Group the quarterly earnings calls for stock analysts tend to get most of the attention. But another kind of call, this one for bondholders, is moving to the fore.
The New York securities firms this summer for the first time held conference calls targeting fixed-income investors. Morgan Stanley and Goldman are seeking out new buyers for their debt in an effort to lower interest rates that are now higher than what industrial companies pay.
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4th of July Sale: Extra 25% off sitewide - JCPenney coupon code
- Best Buy:
Save 15% or more on the Best Buy deal of the Day
Nike Independence Day Savings: Up to 60% off hot summer gear
Up to 15% off + free shipping at Wayfair
- The Home Depot:
4th of July Sale: 43% off marble double trough sink vanity


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Last fall, the server at Cincinnati's Bluespring Software Inc. crashed. E-mail was down for three hours, and CEO Robert B. Daly missed three meetings because his appointment files had vanished. Says Daly: "It makes you look ridiculous."
The culprit? Spam -- the fast-rising flood of unsolicited junk mail that is crashing computer systems and provoking howls of outrage from Internet users coast to coast. Fully half of all e-mail is now spam, according to Brightmail Inc., the San Francisco maker of spam-blocking software. Moreover, the junk e-mail increasingly emanates from shady sources using false identities, flogging everything from Viagra and other drugs to pornography and dubious investments. Of 11 million spam messages collected by the Federal Trade Commission, 44% came from phony addresses.
Little surprise, then, that the wave of unwanted e-mail has the business and tech communities ratcheting up the war on spam. They've launched a multi-pronged campaign: developing technological weapons against spam, taking spammers to court, and lobbying for anti-spam legislation. On Apr. 28, Yahoo! (YHOO ), AOL (AOL ), and MSN (MSFT ) announced a joint anti-spam offensive that will combine technological and legal measures. Two days later, the FTC convened a brainstorming session in Washington to drum up other anti-spam measures. Politicians, too, are getting into the act. On Apr. 29, Virginia enacted a law that calls for jail time for spammers who hide their identity or send 10,000 copies of one e-mail message, and a flurry of anti-spam bills have been introduced in Congress.
Why the big move now? Spam's impact on business and consumers cannot be overstated. Dealing with all that junk e-mail is costing U.S. organizations $10 billion a year, according to Ferris Research in San Francisco. Internet service providers are being inundated with complaints from subscribers about junk mail. And retailers and others who rely on direct marketing worry that e-mail will be sullied as a legitimate sales tool. "Long term, if the industry cannot deal with spam," says Joe Barrett, AOL's senior vice-president for network operation, "it's going to destroy e-mail."
Of course, this isn't the first attempt to solve the spam problem. Both AOL and MSN launched upgrades of their Web portals in recent months, vowing that new spam-blocking software would help stem the flood. But while AOL and MSN claim they are blocking billions of spam a day, plenty more is still getting through. As a result, says MSN Vice-President Brian Arbogast, "we're seeing an amazing backlash from folks who realize that e-mail is no longer a dependable means of communication because their messages are treated like spam."
The overarching goal of the AOL-MSN-Yahoo alliance is to make spam uneconomical by using technology to make it tougher for senders of junk e-mail to gain access to servers or reach individual in-boxes, and by filing more lawsuits against the worst violators. "Everything we do will add to the cost of spammers," Arbogast says.
Still, those efforts are likely to achieve only moderate success without stronger federal laws regulating spam. One recently introduced bill proposed by Senators Conrad Burns (R-Mont.) and Ron Wyden (D-Ore.) would make it a crime to send unsolicited commercial e-mail with false or misleading headers or return addresses. The bill, which goes before the Senate Commerce Committee this month, also would allow state attorneys general and the FTC to impose stiff criminal or civil fines.
The mounting crackdown has legitimate business spooked, especially direct marketers who count on e-mail to push their products. "There's a lot of money involved for us," says H. Robert Wientzen, president of the Direct Marketing Assn. (DMA), whose members include everyone from the Home Shopping Network to AT&T (T ). That's why the DMA is teaming up with the FBI and Secret Service to go after mailers responsible for the most egregious spam.
Clearly, spammers have attracted powerful enemies. No single front will put all bogus junk mailers out of business. But the coordinated effort at least raises hopes that the tide will be stemmed, if not reversed.
By Lorraine Woellert, with Stephen H. Wildstrom and Catherine Yang, in Washington and with Robert Berner in Chicago
— With assistance by Stephen H Wildstrom, Catherine Yang, and Robert Berner


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First Charity Project Using NFT: All Profits From Sales of Content Produced by Miss Bitcoin To Be Donated
Gracone Inc., whose representative director is Mai Fujimoto and which operates KIZUNA HUB, a platform connecting ideas that change society through SDGs x Blockchain, will donate approximately $12,000 (JPY 1.3 million) in sales collected as of March 2021.
The donation was acquired from the sales of “Explore the History of Bitcoin with Satoshi,” the first product created by ATH Sisters, a duo comprised of representative director Mai Fujimoto and Ven, a voxel artist who leads a Japanese team on the blockchain game “The Sandbox,” and a visual work that depicts a future in which blockchain is widespread, which was created by filmmaker VJyou (Yu Ayato) and sold on the NFT (non-fungible token) platform Rarible.
The proceeds will be donated to certified NPO DxP, headquartered in Osaka City, Osaka and helmed by chief director Noriaki Imai, which will use the funds to provide food and sanitary products to support young people in need and suffering due to Covid-19.
The hopes and aims of the KIZUNA NFT charity project
There’s a phrase and philosophy in Japan called sanpo yoshi ‘good for all three sides’ NFT charity project. When fans purchase NFT artwork, they will not only be joyful about receiving the work, but they will also be able to support those in need.the three sides being the seller, the customer and society. It’s a perfect phrase for this
We have been making donations using cryptocurrencies, but we feel the need to create a mechanism to attract more donations, as simply promoting low fees and transparency has not been enough to raise the expected amount.
In addition to the elements of sanpo yoshi, the NFT charity includes entertainment that allows more people to have fun while collecting donations. This is our first project, but we are planning to engage in continuous collaboration with wonderful artists who support our movement.
Noriaki Imai, chief director of certified NPO D×P, said,
“Ever since the outbreak of Covid-19, those in their teens who can’t depend on their parents and live alone have consulted us saying that they barely have any cash left. We have provided over 4,000 meals and have distributed over $27,500 (JPY 3 million) in cash.
We also began supporting those who have told us that they don’t have enough money to buy essential products and sanitary products and are unable to go to work or school. The number of inquiries we receive is showing no signs of slowing down. In fact, the number of people seeking our help has outpaced the number compared to the same period last year. Receiving donations under such circumstances means we have more supporters who will help us and that’s encouraging.”
Mai Fujimoto, representative director of Gracone, said,
“On the surface, it feels as if the spread of Covid-19 in Japan has settled down, but as chief director Noriaki Imai of certified NPO D×P mentioned, the number of requests from young people in Japan suffering from the effects of Covid-19 has increased since the previous year.
Understanding the situation and continuing to extend a helping hand is crucial. Gracone will continue to flexibly engage in charity projects using NFTs to meet the needs of society, including activities related to sustainable development goals (SDGs) like Covid-19 relief, poverty and environmental conservation.
We will promote the usefulness of NFTs in economic activities and the purpose of blockchain platforms while expanding awareness of NFTs as a scheme that accepts efficient electronic processes for expressing intent and making payments.”
About Gracone representative director Mai Fujimoto
Mai Fujimoto is known domestically and internationally as Miss Bitcoin. She has been promoting the spread of Bitcoin around the world since 2011. The company raises awareness of use cases for cryptocurrencies and blockchain for social good.
It began operating the cryptocurrency donation platform KIZUNA in 2017 and started using social goods integrating blockchain as an infrastructure in 2020. During the Covid-19 pandemic, the company collaborated with the Binance Charity Foundation to raise approximately $78,500 (JPY 8.55 million) in cryptocurrencies, and donated masks and medical gowns to medical and welfare facilities.
In January 2021, it rallied for a partnership with Enjin for NFT charities, which is currently in development.
About ATH Sisters
A unit comprised of representative director Mai Fujimoto of Gracone, known as Miss Bitcoin, and voxel artist Ven, who leads a Japanese team on the blockchain game, “The Sandbox.” “Explore the History of Bitcoin with Satoshi” is the first work created by ATH Sisters. It was decided that all profits from sales through March 2021 would be donated. Donations consisting of 20% of the revenue and 50% of the royalties will continue. The donations will be made to an NPO supporting those in their teens who are having trouble making ends meet due to the spread of Covid-19.
Also, ATH Sisters will be exhibiting in the Crypto Art Fes 2021 (April 10, 2021, 16:00 JST Conata. Over 90 artists from around the world will be participating in this exhibition. It is one of the world’s largest crypto art festivals, with around 300 works including art (illustrations), music, VR art and avatars on exhibition.April 18, 2021, 22:00 JST) virtual exhibition space
Ven is a voxel artist who leads a Japanese team on the blockchain game, “The Sandbox.” Ven conveys the fun world of voxel art using unique worldviews that have stories. Representative works include “Miss Bitcoin,” “Satoshi” and “SebSamurai.”
VJyou specializes in producing interactive and organic images that combine live-action and programming. VJyou has presented works at UNESCO Dance Congress and the 75th Agency for Cultural Affairs National Arts Festival, recently became active as a crypto artist using VR and presents works with a focus on foundation.
This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.
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Author: Press Release


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Under a new strategic partnership, EyeLock Inc. and Stanley Security Solutions (SSS) will work to further commercialize EyeLock’s iris-biometric offerings.
EyeLock’s scalable and cost-effective iris-based authentication solutions will enable SSS to bolster its global distribution and growth across several key vertical markets, with a focus on financial services, banking, healthcare, industrial, education and government sectors. EyeLock’s access control solutions are used in a number of markets to reduce identity-related breaches and fraud by securely and accurately matching people with the unique biometric markers associated with their iris.
The partnership gives SSS exclusive rights to distribute EyeLock’s proprietary technology, products and solutions in the United States, Canada and Europe. The technology also will be made available to a broader commercial market through a newly formed EyeLock Certified Dealer Program, which will expand SSS’s global reach and contribute to its growth strategy, the companies said.
For EyeLock’s part, the partnership will provide the company with the financial and operational flexibility to expand its portfolio and focus on developing applications for the mobile, cyber and logical access markets.
“EyeLock has invested in substantial development efforts over years to perfect an iris-authentication system that is easy to use, effective and commercially attractive. This technology will help companies address issues that have been plaguing them for years, namely, that millions of dollars are lost annually to security breaches, identity theft and fraud,” said Jim Demitrieus, CEO of EyeLock. “SSS understands the game-changing impact that adoption of our technology will have for companies in the U.S. and abroad. We look forward to this partnership, which will significantly expand the reach, distribution and deployment of our technology, and also allow us to focus on future applications for EyeLock’s identity authentication solutions. With this partnership, SSS and EyeLock are well-positioned to lead the industry and change the way identity management and access control needs are served.”
“Stanley’s partnership with EyeLock exemplifies our commitment to identifying, developing and marketing innovative and revolutionary technologies in the security industry,” stated Brett Bontrager, senior vice president and group executive at Stanley Security Solutions. “We believe the EyeLock technology is the most fundamental change in access control since the creation of the lock and key. For more than 150 years, Stanley has been focused on bringing the most innovative technologies to the commercial, industrial, government, education and healthcare markets. Thanks to this partnership, our current and future clients will immediately start to realize the benefits of this iris-based technology.”


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A few days ago, ZKB invited us to an interesting panel discussion concerning the sharing economy in Switzerland in the Büro Züri, ZKBs free working space in the heart of Zurich (see image above). The panel consisted of the CEOs of the Swiss startups Mila and Sharoo, the head of startup finance of ZKB and myself as Head of Communications of digitalswitzerland. The panel was moderated by Deloitte.
Deloitte opened the event with a short presentation on the effects of the sharing economy on the world and on Switzerland.
Key takeaways from the Deloitte presentation on sharing economy
- In only a few years, Airbnb has become the most valuable hotel chain worldwide – without owning one single room.
- The same thing with Uber: without owning one car, Uber has become the biggest taxi service provider in several cities – even in NYC, the city of taxis.
- There are already 17 companies of the sharing economy worldwide, each worth more than 1 billion US dollars (so-called unicorns).
- Every sector will be affected by the sharing economy. You can find an overview of this here.
- The number of Swiss startups in the sharing economy is growing.
- The same is true for crowdfunding in Switzerland.
- Regarding regulation, calls for a level playing field between businesses of the sharing economy and existing companies are increasing.
- The political framework for startups in Switzerland is positive, thanks to good infrastructure, a well-functioning labor market, qualitative education and low regulatory hurdles. Yet we need to make further progress in these areas fast, so as not to fall behind other growing innovation hubs (see also my blog on education in the 21st century).
- According to Deloitte, however, there are three areas in which Switzerland is losing ground: taxation policy, talents from third states, market size
Most of the issues raised by Deloitte are covered by digitalswitzerland initiatives. For instance, digitalswitzerland is promoting political conditions and regulatory frameworks that are conducive to the development of new technologies, new business models and the respective influx of capital and talent. Furthermore, we are addressing the need for more digital education through the platform educationdigital.
Discussing challenges for startups and political frameworks
During the subsequent panel, which was moderated by Deloitte, the two CEOs were questioned on reaching critical mass in Switzerland. Both agreed that Switzerland is too small to pursue a profitable business model in their respective field, which is why they are currently looking at the possibility of international expansion. Mila is even looking to jump across the pond.
As far as the financing for such an international expansion is concerned, both CEOs admitted that Switzerland is not very well suited to receive “bigger tickets”. On the question from Deloitte, whether Switzerland encourages startups, the ZKB head of startup finance summed up the current situation perfectly: At the moment, Switzerland is a very good country to found your startup in due to many reasons. Even capital to kickstart your startup is well accessible. Nonetheless, it is true that bigger sums, for example for international expansions of existing startups, are not widely available.
This statement is in line with what digitalswitzerland is pushing forward with our Digital Manifesto for Switzerland and many other initiatives.


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Jakarta, 18 October 2023 - Indonesia Halal Training & Education Center (IHATEC), one of the largest halal training and certification institutions in Indonesia held the TOP Halal Award 2023 for the second time. This year, PT Garudafood Putra Putri Jaya Tbk (Garudafood) through its favorite brand, Garuda, successfully obtained the 2023 TOP Halal Award in the Roasted Peanut and Coated Peanut categories.
The TOP Halal Award 2023 was received by Donny Andrian Budiono as the Brand Manager of Garuda and Teti Herawati as the Food Regulatory Head, at Hotel Aryaduta Menteng, Jakarta (18/10).
The award was given to Garuda because it became the highest-ranking halal brand based on a survey conducted by the Indonesia Halal Training & Education Center (IHATEC) Marketing Research. The survey was conducted in five major cities in Indonesia, i.e. Jakarta, Semarang, Surabaya, Medan, and Makassar, involving 1,300 Millennial respondents aged 20-40 years old and by direct interview or face-to-face interview.
Garudafood has received five TOP Halal Awards since last year. In the future, Garudafood hopes to continue to increase consumer confidence and meet consumer needs for halal products.


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StrikoWestofen Brings 60 Years’ Experience and Innovation to the Foundry Industry at VDMA Mechanical Engineering Summit China 2016
‘StrikoWestofen leads discussion of structural changes and transformation of China’s manufacturing industry and the mechanical engineering sector’
November 18, 2016, Shanghai – StrikoWestofen, the global leader in the supply of industrial melting furnaces, recently participated in the 5th VDMA Mechanical Engineering Summit China 2016 in Shanghai, leading a discussion of the latest trends in China’s machinery manufacturing industry and building a platform for German enterprises operating in China to exchange ideas on products and technologies and strengthen cooperation between manufacturers and suppliers. The 2016 summit was attended by more than 110 top executives from member companies. The lead topic at this year’s summit was “Structural Changes in Mechanical Engineering and New Economic Policies in China,” with Prof. Dr. Sebastian Heilmann, the founding President of the Mercator Institute for China Studies (MERICS) in Berlin and consultant to German Chancellor Merkel, delivering a keynote speech.
StrikoWestofen was invited to be presented as a success case study in the mechanical engineering industry. Mr. Rainer Erdmann, Managing Director of StrikoWestofen Asia, briefed participants on challenges faced by the foundry market brought by China’s “new normal“ economic environment and demand for lightweight automotive materials. Mr. Erdmann also presented StrikoWestofen’s success experience in China and the details of how its leading products and technologies have helped to accelerate energy efficiency and emissions reductions for Chinese foundries, leading to the company’s achievement of growth milestones.
Adjusting the business model and product structure to accommodate transformation of China’s manufacturing industry
Amid China’s “new normal” business environment, the foundry market has experienced severe challenges including overcapacity, a slowdown in demand, increasingly stringent regulations and customer demands for higher quality that have resulted in over 25% of foundries in China closing. At the same time, China has evolved from a low technology and mass production orientation to highly diversified, strategic engineering region. In order to address the changing market requirements and to meet changing demands throughout the Asia Pacific region, StrikoWestofen developed PowerMelter®, a series of highly efficient, environment-friendly and durable furnaces that were completely designed and produced by StrikoWestofen’s team in China.
“Unlike other products which are designed in Germany and produced in China, the PowerMelter® series was entirely designed and made by the China team on its own,” said Mr. Erdmann. “More importantly, it is also StrikoWestofen’s China team that advances the technology and pioneers concepts of work/energy efficiency applications.”
StrikoWestofen developed the PowerMelter® in order to satisfy customer requests for a melting furnace with a lower capacity for lower volume market foundries, such as are typical in the Guangdong, China region. StrikoWestofen products perfectly meet the requirements of the structural changes in the Chinese market, providing the most efficient solutions for foundries. The company’s product advantages include the industry’s lowest energy consumption, highest uptime, lowest emissions levels, and lowest metal loss with a focus on resources optimization.
Taking root in the Asian market and expanding strategic cooperation
According to recent data, there has been a steady rise in the demand for die-casting in Asia Pacific market, with double-digit growth expected in the near future. This growth is the primary stimulus for StrikoWestofen’s development in Asia.
“Nearly two-thirds of foreign companies doing business in China are finding the business environment is becoming increasingly difficult,” added Erdmann. “However, even if there is a measurable decrease in foreign investments in China in favor of investment in ASEAN countries, the machinery and automotive sectors are still optimistic for their growth over the next two years. With this in mind, in order to provide customers with faster and more convenient distribution, maintenance and aftersales services, StrikoWestofen has continued to invest in the region with the opening of new offices in Thailand and Japan.”
Our Tokyo office will be headed by Mr. Yoichiro Sakai who has been appointed as the General Manager. Mr. Sakai was graduated from Friedrich-Alexander University Enlangen Nürnberg in Germany (Major: Economics). He worked several years in Germany and then moved to Japan with key role position in HQ of a multi international enterprise in Tokyo.
“This is a great example of StrikoWestofen’s expansion into new geographies coming to fruition to ensure our end-customers in Japan have full confidence of our on-going dedication to local expertise, market insight, service and support. Our local office enables us to better support the needs of our distributor and their end-customers while making our services easily accessible to a market that is increasingly focused on more energy efficiency and highly productive processes.” said Mr. Yoichiro Sakai.
The address of Tokyo office is Shin-Aoyama Building West 23F 2358, Minami Aoyama 1-1-1 Minato-ku Tokyo, Post Code 107-0062, Japan.
Green Foundry Forum Building StrikoWestofen Melting Technology as Industry Standard
Energy efficiency and sustainability from the environmental perspective is a key principle that foundries should strive to follow as part of an environmental, social and governance (ESG) corporate framework.
Next month in September, both StrikoWestofen and Tanabe Engineering will be holding the Green Foundry Forum in Tokyo (September 8th) and Nagoya (September 9th) that will introduce new melting technology for the foundry industry, and touch on the theme that highly efficient technology is not only a crucial competitive factor but is environmentally friendly with corresponding reductions in CO2 and gas consumption.
The event will be hosted by Mr. Yoichiro Sakai, General Manager of StrikoWestofen Nippon in tandem with Mr. Yoshio Mochiku Senior Technical Advisor, Tanabe Engineering. Other key speakers will be including Professor Naomi Nishi from the Institute of Technologists Japan.
Later in November 2016, both StrikoWestofen and Tanabe Engineering will participate in the ‘2016 JAPAN DIE CASTING CONGRESS & EXPOSITION’ held at Pacifico Yokohama to introduce the products of StrikoWestofen. This event held every two years is organized by the Japan Die Casting Association and is the only and largest event on the die casting industry in Japan. It will feature about 130 manufacturers exhibiting their latest equipment and products attended largely by involved with the die casting industry.
For registration or more info about the upcoming seminars in Japan, please contact email@example.com


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After engagement by the Atkinson Foundation and SHARE, 66.5% of Restaurant Brand International independent shareholders supported a proposal asking for disclosure on workforce management
Shareholders have made a strong statement to the world’s fifth-largest fast food company: good workforce management is a good investment.
A shareholder proposal filed at Restaurant Brands International Inc. (RBI) asked directors to report on actions the company is taking to ensure decent work practices are upheld in the company’s nearly 26,000 franchisee operations.
The company is better known by its fast food brands in 100 different countries – Burger King, Tim Hortons and Popeyes Louisiana Kitchen.
At RBI’s annual meeting on June 12, 66.5 percent of independent shareholders voted in support of a proposal asking the company to establish minimum requirements related to workforce practices for the people who interact with customers at its branded restaurants every day. The proposal was filed by SHARE on behalf of its partner the Atkinson Foundation.
RBI management opposed this proposal and because the company is majority owned by the Brazilian-US multibillion dollar hedge fund 3G Capital, it received only 25.8 percent of votes overall, meaning the proposal did not pass.
However, the fact that it showed such strong support through non-controlled votes demonstrates that for the majority of shareholders, franchisees and their employees are important to the success of RBI and its brands. This is also the first proposal ever filed dealing with the issue of labour standards in “fissured workplaces,” adding to the significance of this vote.
RBI management argues that it is not responsible for the employment practices of its franchisees and that as independent business owners, the franchisees are responsible for handling all employment matters, including all policies for benefits and wages. Clearly the majority of RBI’s independent shareholders do not agree with this sentiment and recognize that there is room for RBI to set minimum requirements and standards as it would do in other aspects of the business.
Atkinson is a Canadian charitable foundation focused on strengthening movements for decent work and a fair economy. It filed this proposal on workplace conditions because of a strong belief that decent work for all is a prerequisite for a healthy economy.
The success of RBI’s brands depends on its hundreds of thousands of employees. As the franchisor, RBI can provide standards and guidance on workforce practices for franchisees to ensure consistent good human capital management across branded locations. It is unclear from RBI’s current disclosure whether and to what extent it does so.
For several years, SHARE has been engaging with RBI management on decent work practices, and the risks of the company’s human capital management are well publicized. In 2018, RBI grappled with unhappy franchise owners and a public-relations debacle over how some franchisees responded to Ontario’s higher minimum wage. This shed light on an important issue that warrants investors’ attention: that RBI is either unable or unwilling to protect a key asset – Tim Hortons’ frontline workers – and by extension to protect the Tim Hortons brand itself. Is RBI prepared to value its workers as the engine of its successful company, and not just the fuel?
We are going to continue our engagement with RBI management on this pressing issue for the long term value to investors, for the hundreds of thousands of employees working under the company’s brands, and for building a sustainable, inclusive and productive economy.


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Singapore Telecommunications Ltd on Thursday reported a 14 percent drop in third-quarter net profit, due partly to intense competition in India and the impact of network investments by regional associates, and forecast a small decline in full-year earnings. Singtel, Southeast Asia's largest telecom operator, posted net profit of S$823 million ($605 million) for the three months ended in December, compared with S$959 million a year ago. Underlying net profit, which excludes one-time items, fell 28 percent to S$680 million, with its results also hurt by the rising shift from voice to data and margin erosion in traditional carriage services, the company said.
Sportswear group Puma gave a conservative forecast for 2019 on Thursday despite strong fourth-quarter sales helped by demand for its chunky RS-X shoes and Cali sneakers, sending its shares down more than 6 percent. Puma has been growing faster than its bigger German rival Adidas and market leader Nike, helped by savvy social media campaigns and partnerships with celebrities like singers Selena Gomez and Rihanna and rap mogul Jay-Z. Puma's fourth-quarter sales rose a currency-adjusted 20 percent to 1.226 billion euros ($1.38 billion), beating analyst consensus for 1.17 billion, while operating profit came in at 38 million euros, shy of analyst forecasts for 39 million.
Radian Group had discussions about being acquired by an investor group last week before talks broke down over a potential deal price, according to a Friday story from Bloomberg. Radian (NYSE: RDN) declined comment. Apollo's senior managing director and co-founder is Joshua Harris, who leads the ownership group of the Philadelphia 76ers. During Friday trading, Radian's stock rose by as much as 9 percent after the news broke. In a note to investors, analyst Harry Fong of MKM Partners said that shares of Radian and all of its chief competitors in the private mortgage insurance space — MGIC Investment Corp. (NYSE: MTG), Arch Capital Group (NYSE: ACGL) and Radnor's Essent Group (NYSE: ESNT) were up by a higher rate than the S&P 500 because of the story. Fong said he has thought the valuation of the PMI group was too low for a long time.
CNBC's Becky Quick reports from the Daily Journal Annual Meeting on Berkshire Hathaway vice chairman Charlie Munger's comments on the company's buybacks.
Credit card companies Visa, Mastercard, and Discover, will raise their processing fees in April, according to the Wall Street Journal. The card networks authorize banks to issue credit cards to people. Separately, businesses get merchant accounts that let them present credit card transactions with their customers for payment.
This is one of the many reasons why I believe our 50s can be the most challenging decade of our lives. Assuming you can clear the mental challenges, the financial and administrative obstacles can leave you feeling like a Rube Goldberg machine. Income, health insurance, life insurance, disability insurance, bills, expenses, short-term savings and retirement savings are all immediately important in the face of a job loss.
While some Americans are frustrated with the size of their refunds this tax season, a number of Democratic lawmakers are using the opportunity to criticize the Trump administration's tax law. A group of about 40 Democratic senators sent a letter to the administration on Friday, calling for the Internal Revenue Service (IRS) to waive penalties on taxpayers that had their payments underwithheld this year as a result of the tax reform law and the adjusted withholding tables. “It looks like the Trump Treasury Department spent 2018, an election year, goosing people's paychecks by under-withholding, and it should have been obvious that the bill would come due eventually,” Senate Finance Committee Ranking Member Ron Wyden, D-Ore., said in a statement.
The British pound fell again during the trading session on Thursday, as we are now testing the 50% Fibonacci retracement from the recent surge higher. I think at this point, we are continuing to see value hunters coming back into this market place, but the reality is that this is going to be a very difficult market to deal with going forward as the headlines will continue to be manipulated by the various politicians trying to get in front of the cameras. Because of this, we will be held hostage to the occasional tweet or headline, but keep in mind that we are at technical levels that should be important in general.
Berkshire Hathaway Inc. (BRK.B), the conglomerate run by billionaire investor Warren Buffett, sold some of its giant stake in Apple Inc. (AAPL), called it quits on Oracle Corp. (ORCL) and used some of its freed-up capital to top up on bank stocks in the last three months of 2018. Berkshire also boosted its stake in regional lenders, including PNC Financial Services Group Inc. (PNC) and US Bancorp (USB). Share price across the industry have been lifted by speculation that the recent merger between SunTrust Banks Inc. (STI) and BB&T Corp. (BBT) could pave the way for more deals, reported Bloomberg.
Redfin Corp (NASDAQ: RDFN) reported solid fourth-quarter results Thursday and mixed Q1 guidance. RBC Capital Markets raised its 2019 estimates have been raised based on the real estate company's comments on a mass marketing campaign that should boost revenue growth. RBC Capital Markets' Mark S.F. Mahaney maintained an Outperform rating on Redfin and raised the price target from $20 to $26.
Amazon AMZN said in a statement on Thursday that it will no longer build a campus in New York City. The retail giant originally announced its plan to split its new headquarters , "HQ2," between Queens and northern Virginia in November 2018. The retail giant also announced a smaller, third investment in Nashville, Tennessee, where it said it will build an east coast operations hub and create 5,000 jobs.
Whether you're planning to do your taxes online or work with an accountant, it helps to know which deductions and exemptions you are entitled to, so you have a rough idea of how big of a refund you might get — or how much you could owe to Uncle Sam. So we spoke to Brittany Turner, CPA, the founder of Countless, a New York City–based accounting firm for creatives. Brittany compiled a list of ten tax credits and deductions to be aware of while heading into tax season this year.
With life expectancy and inflation rates rising, Americans are increasingly delaying retirement as they fear their nest egg running out. Well, you could always plan for a shorter retirement, simply because it would be easier to manage costs over a shorter time frame. You could also take up a part-time job during retirement, and make small investments from any accumulated wealth to ensure a steady source of income.
March E-mini NASDAQ-100 Index futures are trading lower early Friday in response to weaker markets in Asia. At 06:04 GMT, March E-mini NASDAQ-100 Index futures are trading 6988.50, down 31.25 or -0.45%. The main trend is up according to the daily swing chart, however, momentum shifted to the downside with the formation of a closing price reversal top at 7069.75 on February 13 and the subsequent confirmation of the chart pattern on Thursday.
In our series My 6-Figure Paycheck , women making more than $100,000 open up about how they got there and what exactly they do. We take a closer look at what it feels like to be a woman making six-figures — when only 5% of American women make that much, according to the U.S. Census — w ith the hope it will give women insight into how to better navigate their own career and salary trajectories. Today, we chat with a senior marketing manager in fashion from San Francisco, CA.
It's been a bumpy year for retail giant Walmart Inc. (NYSE:WMT). The company was praised for its dedication to building out its online offerings, but later disappointed the owners of Walmart stock with lackluster growth figures and a questionable commitment to its long-term goals. While Walmart stock hasn't risen above $100 per share since November 2018, WMT stock has gained 13% since reaching its 52-week low of $81.78 in December.
Eric Moffett of T. Rowe Price says a lot of babies have been thrown out with the bathwater in China's stock market and some "fantastic" companies are trading at "fire-sale valuations."
Sears and Kmart have a new strategy, post-bankruptcy: more tools and appliances but less clothing and smaller locations. Eddie Lampert, the hedge fund king who bought Kmart out of bankruptcy in 2004 and melded it with Sears a year later, told the Wall Street Journal that the leaner company, which has closed hundreds of stores under each brands in recent years, would allocate more space in stores to areas like tools and appliances, where Sears remains a contender despite years of market share loss, and shrink store size. The new company, which will have 223 Sears stores and 202 Kmart locations, gives two iconic retailers another chance at life thanks to a $5.2 billion offer by Lampert earlier this month in a bankruptcy court auction.
The backing from Amazon will bolster Michigan-based Rivian's plans to bring an electric truck to market late next year. Rivian remains in talks with General Motors Co. about the largest U.S. automaker also making an investment, people familiar with the matter said. Chief Executive Officer R.J. Scaringe said in his first interview since reports of Rivian's talks with Amazon and GM surfaced earlier this week that he was seeking companies that could help the electric-vehicle maker grow.
Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc, on Thursday criticized active fund managers, bankers and even Elon Musk as he urged investors to court simplicity and temper expectations for future returns. Munger, 95, often provoked laughter as he fielded questions at the annual meeting of Daily Journal Corp, the Los Angeles newspaper publishing company he chairs, though he is better known for his four decades as a Berkshire vice chairman. Berkshire now owns more than 90 businesses in the insurance, energy, railroad and other sectors, along with dozens of stocks.
Qualified retirement savings accounts are a great way to build a retirement nest egg. In the financial community, this has been a topic of an ongoing debate between estate planning attorneys and financial advisors. Since qualified retirement plans such as a 401(k) or 403(b), an IRA or a Roth IRA pass by way of contract directly to a named beneficiary, the often lengthy probate process, attorneys' fees and other costs associated with wills and settling estates are avoided.
The Tennessee Valley Authority voted on Thursday to close two aging coal-fired power plants, including one supplied by a company led by a major supporter of President Donald Trump, who had urged the U.S.-owned utility to keep it open. This decision is about economics," said President and Chief Executive Bill Johnson, who is retiring from the TVA. The 870-megawatt Bull Run coal plant in Tennessee will close by December 2023 and the 971-MW Paradise 3 plant in Kentucky will be shut by December 2020.
Medical supply distributor Henry Schein, Inc. (NASDAQ:HSIC) has taken a beating from analysts this week, with Baird, J.P. Morgan Securities, UBS, and RBC all issuing price-target cuts. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, this signal has flashed seven other times in the past three years. Henry Schein is slated to report earnings next Wednesday, Feb. 20.
To support its ambitious future of signing up more corporate clients for its Amazon Web Services and offering Prime members same-day delivery, Amazon will need more high-skilled tech workers than ever before. Unfortunately, those well-paid workers will not come from New York City, at least right now. The internet and cloud services beast said Thursday it will pull out of its New York City development project after significant outcry from locals and various other parties fearing big rent hikes and epic wage inflation.
A pension plan is a defined benefit plan in which an employer sets money aside for an employee and invests it on the employee's behalf. When the employee retires, she receives the return from that investment as retirement income. This can be in a lump sum, but it's much more likely to be in regular payments.


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The year 2023 is on pace to finish as the worst year for corporate bankruptcies since the end of the global financial crisis. This year has already seen the two largest bankruptcies in American history outside of the Great Recession. If these numbers have you feeling uneasy about the economy, prepare yourself – 2024 is forecasted to be even worse.
A Rough Week for the Banking Industry
The past week saw the collapse of Silicon Valley Bank, the second largest bank failure in American history, as well as the biggest bank failure ever in the form of Capital One Mutual. No amount of money could salvage these institutions’ faulty business models.
Famous Blue Coupon Retailer Shutting its Doors
Home goods retailer Tuesday Morning, known for its ubiquitous 20% off coupons, is abruptly shuttering all of its stores. The closures come on the heels of three bank failures in the span of days, sparking concerns of a wider economic downturn.
Another Beloved Retailer Calls it Quits
Add Bed Bath & Beyond to the list of popular retailers closing up shop for good. According to data from S&P, corporate bankruptcies among major companies they track skyrocketed over 200% in the first half of 2023 alone. High-profile names like WeWork, Vice Media, and Bed Bath have collapsed recently due to poor leadership, shifting consumer preferences, spiking interest rates, and overall weak market conditions.
What Do All These Bankruptcies Mean?
Although these big names have filed for bankruptcy, many are still operating. Vice continues churning out videos. WeWork offices remain open for rental. And Bed Bath & Beyond maintains stores stocked with overpriced laundry baskets. Modern corporate bankruptcies are more strategic business moves rather than a corporate death sentence.
In fact, there are four key reasons bankruptcies have become so commonplace nowadays:
Bankruptcies Reward High-Risk Investing Strategies
A new style of high-risk, high-reward investing championed by private equity firms motivates saddling vulnerable companies with extreme debt. Even if the company fails under the burden, the private equity fund loses little while retaining chance of a massive payout if their scheme pays off.
Private equity refers to investments in non-publicly traded companies. Early stage venture capitalists and angel Shark Tank deals are examples of private equity. Lately however, private equity has been dominated by leveraged buyout firms.
These Wall Street giants raise billions of dollars from university endowments, retirement funds, and wealthy individuals. They use this cash to purchase full companies. The idea is the finance hotshots can overhaul operations and management to boost sales and slash costs.
But the real strategy is taking on boatloads of risky debt that they face no accountability for. Here’s their playbook:
Imagine you’re a private equity partner who just secured $1 billion to spend. You identify a promising but poorly managed target company, say “Toys R Us.” You use the $1 billion to purchase Toys R Us outright and install a new CEO to follow your turnaround plan.
The first order of business is taking out massive loans on behalf of Toys R Us. If the company is profitable at a $1 billion valuation, it can likely borrow around $700 million.
You now have two options with this $700 million. Option one is reinvest it into the business through advertising, new locations, improving online capabilities. Option two is instruct management to funnel it directly to you as the new owner. With the cash in hand, you’re free to buy another distressed company and repeat the process.
This loop of buying companies, piling on debt, collecting payouts, and moving to the next target is known as a leveraged buyout. By exploiting debt they never have to repay, private equity financiers can rapidly multiply returns while offloading risk.
If Toys R Us implodes under its loans, the private equity firm loses little of its own money. And if the company succeeds, they reap jackpot profits. Heads they win, tails they don’t lose much.
With interest rates low in recent decades, this approach has led private equity to swallow up household name brands across all industries. But now with rates spiking, these debt-laden companies can’t afford interest payments on what they borrowed.
Even when everything falls apart, private equity still profits thanks to savvy utilization of bankruptcy proceedings. More on that shortly.
Surge of Bankruptcies Represents Overdue Market Correction
In 2021 and 2022, corporate bankruptcy figures hit record lows despite a challenging economic climate. This is because struggling business leaned heavily on government bailout programs and cheap debt to stay afloat. These lifelines hid the weakness that is now surfacing.
Companies that should have failed long ago survived artificially as so-called “zombie companies.” With bailouts expired and rates rising, they now buckle under their own previously concealed deficiencies.
Bankruptcy Seen as Strategic Move Rather Than End of Road
Another driver of the bankruptcy boom is that it’s no longer viewed as an irreversible kiss of death. Chapter 11 bankruptcy allows courts to protect and restructure failing companies so they can regain solid financial footing. The prevalence of this option reduces corporate stigma against tapping bankruptcy procedures.
Media company Vice continuing to publish content despite declaring chapter 11 demonstrates this dynamic. Viewed through the lens of business strategy, bankruptcy has become more tool than tombstone.
Company Structures Allow Leaders to Avoid Accountability
The final factor perpetuating the bankruptcy bonanza is that crafty corporate structuring enables leadership to escape consequences. Business empires built atop complex webs of shells, trusts, and holdings allow owners and executives to remain financially insulated if part of their enterprise goes under.


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Over 16,000 Volvo Cars Recalled in China
The recall affects both imported and domestically made Volvo models which include XC90, S90, V90CC and XC40, manufactured between 2016 and 2018.
Volvo XC40. Photo for representational purpose only. (Image: Volvo)
A total of 16,582 Volvos are being recalled in China due to a problem with the software in the Vehicle Connectivity Module (VCM), according to the State Administration for Market Regulation. The recall affects both imported and domestically made models including XC90, S90, V90CC and XC40, manufactured between 2016 and 2018, the administration said in a statement, Xinhua news agency reported.
The software in the VCM of the affected vehicles may have an error causing the failure of vehicle positioning. As a result, the vehicles will not provide location information to emergency personnel in the event of an accident. Volvo Automobile Sales (Shanghai) Co and two manufacturers of Volvo in China will update the defective software free of charge for affected owners.
Volvo Cars, owned by China's Geely, also said earlier that it has no current plans to go for a stockmarket listing, more than two months after the Swedish carmaker postponed its flotation blaming trade tensions and an automotive stocks downturn.
The Swedish carmaker had also announced a deal with Swedish communication services company Ericsson which would let industrialised Ericsson Connected Vehicle Cloud (CVC) platform enable the carmaker's digital vehicle services in over global 120 markets for the next five years.
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Tesco has launched its Boxing Day sale early - with half price toys for parents in the run up to Christmas.
The retailer said it's getting ahead of the festive rush by launching its sale two weeks ahead - allowing parents to take advantage of deals on LOL. Surprise Dolls, Playdoh and even Fortnite toys.
It comes as figures show families will blow more than £700 on presents alone in 2019, totalling more than £1billion.
Tesco head of toys, Anne Borrett said: "We know from previous years that quite a lot of shoppers leave it until the last few weeks to get toys in the hope of snapping up some bargains.
"Some of the biggest deals include half price savings on a Lego 3 in 1 Super Pack which has been cut to £22.50 and a Nerf Alpha Strike Mission Pack which is now £25."
Also included in the sale will be LOL, Playdoh, Transformers, My Little Pony, Thomas, Toy Story, Fortnite and PJ Masks - you can view all of the deals here.
The announcement follows a warning from the Local Government Association (LGA) over counterfeit Christmas toys .
The LGA said shoppers should watch out for fake and potentially dangerous goods that could contain toxic materials, and pose serious choking or hearing hazards for young children.
It said Brits should be wary of turning to suspect online sellers offering next day delivery to get hold of in-demand toys that are out of stock elsewhere, as they may not actually exist, leaving them out of pocket.
Recent toys seized by councils' trading standards teams include more than 54,000 teddy bears - after their eyes were found to be falling out, posing a choking hazard.
The bears were all destroyed in a high speed shredder. A similar shipment of more than 1,000 teddy bears, described as "cute but deadly", were also destroyed.
The bears had a long removable ribbon around their necks which posed a strangulation hazard, with stuffing directly accessible via a zip that presented a suffocation risk.
Fake and unsafe toys were also among nearly 9,000 items seized by Manchester City Council officers following a raid on a business premises.
The counterfeit branded goods included Marvel, Lego and Disney. Some of the items posed a significant choking risk to small children while audio items exceeded legal decibel limits for toys which, if used repeatedly, could damage a child’s hearing.
Counterfeit versions of popular toys – such as L.O.L Surprise! Dolls, which were described as last year’s 'must-have' Christmas toy - were also found to contain phthalates, a chemical which can damage the liver, kidneys, lungs and reproductive system.
Deals on offer
The Tesco toy sale runs from December 12 until Boxing Day. Here are some of the deals included:
Nerf Alpha Strike Mission Pack: Was £50, now £25
Lego 3-1 Super Pack: Was £45, now £22.50
VTech TTD Construction Set: Was £35, now £17.50
Monopoly Cheaters Edition: Was £18, now £9
Frozen 2 Classic Doll: Was £14, now £11


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Commentary: Japan Can Rise Above A Rising Yen
The Japanese government has left no doubt that it is as determined this year to hold down the rise of the yen as it was in 2003. In January alone, the Bank of Japan spent a mind-boggling $68 billion in an effort to weaken the yen, on orders from the Finance Ministry. Yet the dollar has continued to drop, after falling almost 10% last year.
Japan's finance mandarins should relax. The Japanese can't change the U.S. budget and trade deficits, the real reasons for the dollar's fall. More important, the BOJ's actions reveal an almost hysterical insistence that Japan's trading relationship with the U.S., which accounts for a quarter of its overall trade, just can't function without a weak yen to boost its shipments of DVD recorders, digital cameras, and cars. The fact is, Japan is a lot tougher than the government's actions would indicate -- tough enough to take a stronger yen.
Hard to believe? Talk to some of Japan's top executives, and you'll find a surprising level of equanimity. Big exporters, such as Honda Motor Co. (HMC ), are confident that they'll be able to stay profitable "even at a rate as low as 100 yen to the dollar," says Satoshi Aoki, Honda's senior managing director for finance. "There's not nearly as much impact as in the past."
The reasons are clear. For one thing, Honda and other Japanese auto makers have spent years bolstering their defenses against a weaker dollar. They've shifted production from Japan to key markets such as the U.S. and increased local procurement of parts. Yen swings just don't affect sales generated by those Japanese factories in Alabama and Ohio.
The best-run factories in Japan are less affected, too. After years of quiet restructuring, the consequences of a rising currency aren't what they were. Production has been trimmed and job growth rolled back. The result: Although statistics are hard to come by, Japan's manufacturing productivity appears to be on the rise -- and with it the ability to absorb the shock from a stronger currency. For instance, Canon Inc. came through the latest round of endaka, or yen appreciation, with flying colors, posting a record net profit of $2.62 billion for 2003. It offset $70 million in currency-related losses with a $1 billion belt-tightening drive, in the process boosting output per worker.
The other factor in Japan's favor is that the U.S. is no longer the be-all and end-all of its trade policy. Japanese auto makers and other companies have sought out new business in other Asian markets, such as China. Plus, Japan is benefiting from a decline in the value of its currency against the euro -- the yen fell 7.7% against the euro last year -- which is providing a crucial boost to exports bound for the euro zone. The upshot: Japan Inc. is in its strongest position in years, weak dollar or no. "The Japanese economy is much less sensitive to the yen-dollar relationship than it used to be," says Peter Morgan, chief economist at HSBC Securities Inc. in Tokyo.
Of course, a further plunge in the dollar could still be painful for Japan. Last year, for example, exports of manufactured goods dropped 14%. But economists say more modest currency movements no longer make or break corporate profits, since trade is not exclusively reliant on the U.S. According to a recent report by Goldman, Sachs & Co. (GS ), Japan's trade with China and Hong Kong combined make up about 18% of the total, up from 6.7% in the early 1990s. Goldman predicts that "exports to China will overtake exports to the U.S. over the next year or two."
Although the Chinese currency is pegged to the dollar, and therefore has fallen vis-à-vis the yen, that hasn't made much of a dent in bilateral trade. China trade, in fact, is Japan's sweet spot. While the Chinese snap up industrial goods, Japanese consumers eagerly buy cheaper made-in-China wares. Japan benefits from the weak yuan in another way: Japanese-owned factories in China now flood the U.S with goods, resulting in a flow of steady profits to Japanese parent companies.
So why do the Japanese keep fighting a losing war to contain the yen? Tokyo is hoping to arrest the decline enough to give Japan's weakest companies more breathing room. Better instead to focus on the unfinished restructuring of Japan -- and use the strong yen to force less competitive exporters to shape up. This time Japan Inc. can take it.
By Chester Dawson


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At the close of trading Tuesday, Europe’s markets were still in negative territory as Greece asked for a new bailout deal.
Meanwhile, analysts say consumer spending could be hampered by a pending financial crisis in that country.
At the close of the market, the CAC 40 in Paris closed down 1.6 percent to 4,790, while the FTSE 100 in London finished down 1.5 percent to 6,520. The DAX in Frankfurt lost 1.3 percent to 10,944 and the FTSE MIB in Milan fell 0.5 percent to 22,460. U.S. equity markets ended Tuesday’s trading day on an up note. The Dow Jones Industrial Average rose 0.1 percent to 17,619.51, while the S&P Retailing Industry Group rose 0.6 percent to 1,137.35.
As of 6 p.m. Tuesday in London, the Greek government had requested a new $29.1 billion euro, or $32.3 billion two-year bailout deal from the euro-zone countries, hours ahead of its deadline at midnight CET Tuesday to repay its 1.6 billion euro, or $1.8 billion, debt to the IMF. Come July 5, Greece is set to hold a referendum, when the country’s electorate will vote on the terms of the debt deal Greece’s creditors are offering.
For George Wallace, chief executive officer of London-based retail consultancy MHE Retail, the real impact of a potential Greek default and exit from the euro is “confidence and sentiment rather than real economics.”
“If [a default and exit] happens, it is going to create negative sentiment in the markets, particularly on currency, but I think the danger for Europe is it will mean higher interest rates for Italy, Portugal and Spain – the countries that are thought to be in a weaker economic position,” Wallace said.
Wallace said this could result in interest rates rising in other European countries, such as France and Germany, which in turn could hamper economic growth and reduce consumers’ disposable income. “It basically has a depressing effect ultimately on consumer expenditure and also on economic growth,” said Wallace. “Once this confidence in the euro is dented, that has a knock-on effect for interest rates and that’s where the problems come.”
But Wallace added that the weakening euro could have both a positive and negative effect on tourist spending in the U.K. and Europe. Europeans, he noted, would likely be put off from coming to the U.K. if the euro weakened further against the pound, but conversely, Asian visitors would find visiting European countries more reasonable.
While Wallace underlined that the Greek debt crisis was far from having such a “catastrophic” effect on markets as the collapse of Lehman Brothers and the subsequent credit crisis in 2008, he characterized the situation as “very unwelcome.”
In terms of U.K. consumer spending, Sophie Michaels, head of retail and wholesale at the London-based business advisory firm BDO, said the Greek crisis could lead to “uncertainty” in the British economy. “The economic recovery on the high street is fragile — we’ve certainly seen tentative shopper behavior in the recent months,” said Michaels. “The situation in Greece is likely to lead to uncertainty in the U.K. economy and the subsequent tremors may have an impact on the retail sector as consumers hold on to their cash while they await stability.”
And at the upper end of the market, the news of the referendum has put the kibosh on what has been brisk business for European luxury goods firms in Greece. According to one executive, who spoke on condition of anonymity, sales in the country catapulted by high double digits last week as Greeks converted their euros into tangible assets, citing similar bumps for white goods such as TV and appliances. But the crisis will put a crimp on shipments of fall and winter merchandise, which have ceased, as vendors are no longer able to get paid with banks closed.
Meanwhile, Andrea Buccellati, president and creative director of Buccellati, which is controlled by private equity fund Clessidra SGR, said that he believes a Greek exit from the European monetary union would have a “strong effect in the short term … but in the long term, the European economy can absorb a problem like Greece.”
Buccellati added that he does not expect the crisis to impact luxury spending, aside from any potential spending by Greek clients. He expects that high-net-worth individuals who spend on luxury would have already “taken some action” to protect their stock portfolios from exposure to Greece, noting that the country’s debt crisis has been a long-term issue.
Among European clothing retailers, the exposure to Greece is estimated to be relatively low. According to Jamie Merriman, an analyst at Bernstein Research in London, Inditex has around 2.5 percent of its sales in Greece, while H&M has less than 1 percent and Marks & Spencer is estimated to count between 1 and 2 percent of its sales in the country.
Merriman expects that if Greece does leave the euro, there will be “some disruption” to those retailers’ business in Greece. “I think it’s still too early to say how prolonged that will be or to what extent, but if Greece does leave the euro, there will be at least a short-term negative impact for those businesses,” said Merriman, adding that the impact on the Greek economy will also depend on how a potential exit is handled.
In terms of the further weakening euro, Merriman said that for a number of clothing retailers a weaker euro puts pressure on their cost structures, as they tend to source from Asia in dollars. “I think the question is if Greece defaults, does the relative strength of the dollar increase further and put more pressure on the cost structure for clothing retailers?” said Merriman.
But in contrast for Inditex, for example, the weaker euro has been a positive for the firm, due to its European cost base. “They’re sourcing to a large extent in Spain and Portugal and Turkey, with euro-denominated contracts,” said Merriman.


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The US Inflation Calculator website has been updated with the latest Bureau of Labor Statistics (BLS) data released Tuesday, September 12. The newest figures show consumer prices rose 5.4% in August from a year ago. On a monthly basis, the Consumer Price Index fell 0.1%.
The Inflation Calculator has been updated to use the latest figures for calculation, as has the following pages:
Read Inflation eases to 5.4% as consumer prices fall 0.1% for an in depth look at the released Labor Department data.


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Five New Ways for Americans to Book Trips to Cuba
Flights, ferries, and cruise packages between the U.S. and the formerly off-limits island nation are popping up left and right.
Ever since the federal government announced new rules for visiting Cuba in early 2015, opening up the possibility of Cuban tourism for a broad range of Americans, eager travelers have been instructed to be patient. The tourism infrastructure in Cuba is limited, and airline and tour operations needed time to figure out the logistics of the nation opening up to Americans for the first time in half a century.
Now that a few months have passed since the big policy change was announced, we are starting to see more and more ways for Americans to visit Cuba. Here are a handful of new developments:
JetBlue Flights from New York
Starting on July 3, passengers will be able to fly from New York-JFK to Havana on JetBlue planes. While the trips are being operated by JetBlue, they’re being sold as charter flights through Cuba Travel Services. Sun Country Airlines began flying the New York-Havana route in March, though some have balked at the $849 round trip ticketprice. Meanwhile, another service, ABC Charters, already usesJetBlue aircraft for flights to Cuba from Tampa and Fort Lauderdale.
Flights from Baltimore-Washington
Cuba specialist Island Travels & Tour, which already runs charter flights to Cuba from Miami and Tampa, is expanding with flights from Orlando in July and flights from BWI (Baltimore-Washington) in the fall. The initial two departures from Baltimore to Havana will cost $695 round trip, and after that the regular price will rise to $775.
New Small-Ship Cruise to Cuba
Starting in late 2015, International Expeditions is welcoming passengers aboard the 48-passenger, three-masted Panorama for a sail to Cuba that features three days in port at Havana. The 10-day adventure begins with a charter flight from Miami to Cuba, followed by a small-ship cruise with stops in Trinidad and the Cuban ports or Cienfuegos, Cayo Largo, Maria La Gorda, and Havana. Cuba’s shallow ports are generally not equipped to handle today’s large ocean liners, so the Panorama voyage is one of very few options for seeing Cuba by ship. It doesn’t come cheap. Prices start at $4,599 per person.
Ferry Services from Florida
The (South Florida) Sun Sentinel recently reported that four companies have received licenses from the U.S. government to run ferries between Florida and Cuba. Among them is Havana Ferry Partners, which could launch 200-passenger ferries from Key West to Havana within weeks, and later add longer, overnight trips from Miami, Fort Lauderdale, and perhaps Tampa on vessels holding 300 to 500 passengers. Ferry prices are expected to start at around $300 round trip.
First Way to Book Flights Online
For the most part, charter flight reservations are handled on the phone or even with paperwork sent through the mail. They’re not readily bookable online. Because visiting Cuba is particularly complicated for Americans, there has been no way to book a flight from the U.S. In mid-April, though, that changed according toCheapAir.com, which claims to have become the first online travel agency to sell Cuba-bound flights from the U.S. on the Web. A round trip ticket from Miami handled by Sun Country costs $471—a fare that some consider outrageous because it’s only a one-hour flight—plus $85 for a visa and a $25 departure fee in Cuba.
This article originally appeared on Time.com.