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Gap, the all-American casual brand, has decided that its vision for the future should be filtered through a European designer with a Scandinavian aesthetic.
Nevertheless, Rebekka Bay, a former top designer at H&M who on Monday was named creative director and executive vice president for Gap Global Design, said in an exclusive interview with WWD on Monday that her mission will be to build upon the heritage of the brand. “Gap has great potential as a lifestyle brand,” said Bay, who was born and schooled in design in Denmark. But she emphasized that with Gap, “It’s important to continue to [build upon] the product’s American heritage. Gap is the brand that owns casual fashion. It can take more ownership over casual.”
She sees the opportunity to introduce a more sophisticated range of colors to Gap, more prints, more washes, and said that, long term, the company will be able to add lines to broaden the range of styles. She said the mission will be to deliver high-quality, well-priced products, not just seasonally but trans-seasonally. Gap, while recently performing well, has for about a decade found it difficult to deliver consistent, stylish, quality product.
“I am superexcited about joining Gap and I don’t know if I fully understand the size of the task,” Bay said.
The stock market applauded Bay’s appointment, though, sending Gap Inc’s shares up 2.4 percent to $36.05 in a generally tough day for retail shares.
Over the next few weeks, Bay will relocate to New York with her husband and seven-year-old son, and will be based at Gap’s Global Creative Center on Thomas Street in lower Manhattan. Her impact on the Gap collection will first be felt in the second half of 2013.
Asked what is working at the brand right now, she said the company has great khakis and great denim, as examples, but potentially could “own more product categories.”
Bay succeeds Patrick Robinson, who left in 2011, but actually has a bigger role since she will be creative director, a title Robinson didn’t have. She will develop the vision for the entire Gap brand, including working on the marketing and communications, and, as executive vice president, will have global responsibility for Gap women’s, men’s, 1969, accessories and body lines.
She will report to Art Peck, president of the brand’s North American division, and Stephen Sunnucks, president of Gap Inc. International. She will also work closely with Pam Wallack, who leads the Gap Global Creative Center; Seth Farbman, who leads Gap’s marketing team, and Jennifer Giangualano, head designer for kids and baby. Gap said Tracy Gardner will continue as a creative adviser to Gap.
Like Robinson, Bay will be high profile at the Gap, particularly with the media at fashion shows and presentations, and to convey the brand message, though she is not as gregarious as Robinson tended to be.
“I am very hands on,” Bay said during the interview. “I like the behind-the-scenes work. My main focus will be developing the product. That’s what I came here for,” though she added that she is “more than happy” to communicate the vision and serve as a voice for the brand.
She joins Gap Inc. at a relative good time for the $14.5 billion company, which has experienced two positive quarters and seems to be gaining momentum, though it is too soon to say that, after years of negative comparable-store sales and declining traffic, it has been turned around. The Gap brand last month saw comparable-store sales rise 9 percent.
“We’re confident that Rebekka’s approach to design, along with her considerable international experience, will allow her to help us build upon the momentum we’re delivering in the business today,” said Sunnucks.
The 42-year-old Bay, according to Gap, was selected because she has had more than two decades in design and can articulate a vision. In 2006, she conceptualized and developed COS, the higher-priced line of H&M that sells in Europe, Asia and the Middle East and is expected to make its way to H&M in the U.S. Since 2011, she has been with the Danish brand Bruuns Bazaar as creative director, overseeing the design of women’s and men’s wear. Gap said that at Bruuns Bazaar, Bay was instrumental in creating a strong signature for the BZR and Bruuns Bazaar collections and built upon the strong Scandinavian heritage of the brand.
The Danish aesthetic, she said, is in her DNA, and will, to some degree, affect her work and the taste level she brings to Gap. She defined it as “very functional and modern and based on great craftsmanship and design. The approach to design is very craft based. The material itself can carry a good part of the design.”
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews


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David S. Brown Enterprises to unveil latest plans for Mechanic Theatre project
- Daniel J. Sernovitz
The curtain will rise once again on an a developer’s dramatic effort to redevelop the historic Morris A. Mechanic Theatre in downtown Baltimore.
David S. Brown Enterprises Ltd. of Owings Mills will present its latest plans Thursday afternoon to the Baltimore City Urban Design and Architecture Review Panel.
Brown will propose adding a 30-floor addition to the building that will include a 161-room hotel and 250 rental units, said Dan Stuver, project architect with Shalom Baranes of Washington, D.C. In addition, Brown plans to convert the structure’s theater into 400,000 square feet of retail space, Stuver said in a telephone interview. Stuver said he did not know how much the project would cost, or if a hotel or retail stores have agreed to lease space in the building.
He referred those questions to representatives at David S. Brown, who could not be reached for comment.
The landmark building known for its brutalist architecture — a style popular from the 1950s to mid-1970s — helped spark downtown Baltimore’s revitalization when it was constructed in the late 1960s. Brown’s plans to redevelop the building set off a wave of controversy among the city’s architectural community, centered around whether the structure should be preserved as is or redeveloped into a more practical use.
Stuver said the project aims to make use of the building’s historic features while also making its interior more welcoming. The theater itself was built as a solid mass without windows or natural lighting. Stuver said one of the changes will be adding a skylight to make the converted retail space more inviting.
If the panel supports Brown’s concept, the developer would have to return with more detailed plans including renderings, for formal approval. Stuver said it could take another two months to prepare those plans.
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If police officers, firefighters, farm workers, organic consumer groups, animal welfare advocates, state governments, almost 200 bipartisan members of Congress and a host of other organizations rose up in unison to oppose one thing, you’d sit up and take notice, right?
Then take notice, America. That’s exactly what’s going on right now as Congress returns from recess to take up the Farm Bill.
While much of the opposition has focused on the ghastly impact this provision would have on animal welfare, that’s not the only problem here — not by a long shot.
What is the King Amendment?
In a nutshell, the King Amendment would prevent states from applying their own regulatory agricultural standards to agricultural products made or produced in other states. For example, the California ban on eggs from battery-caged chickens would not apply to eggs brought in from, say, Iowa. Iowa’s eggs could be freely (and more cheaply) sold in California, neatly sidestepping California’s rules and putting California egg producers at an economic disadvantage in their own state.
Indeed, it was the passing of California’s Proposition 2, which banned the sale of eggs from inhumanely caged chickens, that prompted Rep. Steve King (R-Iowa) to propose this amendment to the Farm Bill in the first place. His proposed amendment to the Farm Bill would say:
“[T]he government of a State or locality therein shall not impose a standard or condition on the production or manufacture of any agricultural product sold or offered for sale in interstate commerce if (1) such production or manufacture occurs in another State; and (2) the standard or condition is in addition to the standards and conditions applicable to such production or manufacture pursuant to (A) Federal law; and (B) the laws of the State and locality in which such production or manufacture occurs.”
To comprehend the far reaching impact of these words, it’s important to understand the definition of “agricultural products.” They include:
“agricultural, horticultural, viticultural, and dairy products, livestock and poultry, bees, forest products, fish and shellfish, and any products thereof, including processed and manufactured products, and any and all products raised or produced on farms and any processed or manufactured product thereof.”
Now stop and consider the ramifications. If the King Amendment becomes law, says Wayne Pacelle, president and CEO of the Humane Society of the United States, it will obliterate “every state, county or local law that creates any standard or condition relating to an agricultural production activity — so we’d have no state laws for agricultural facilities relating to worker rights, animal welfare, environmental protection or public health.” Pacelle is, by far, not the only one with this view.
That’s right. State, county and local laws that have anything to do with “agricultural production” — enacted in many cases because you voted for them – wouldn’t be worth the paper they’re printed on anymore.
45 Reasons (and Counting) Why You Need to Care
You say you’re not a farmer, so why should you care?
Take a look at this list of 45 or so state agricultural-related laws. Are any of these things important to you? The King Amendment would allow other states’ products, produced under more lenient rules, to be sold in your state, overriding your own state laws regarding:
Find out who’s objecting to the King Amendment and why on the next page
Photo credit: Thinkstock
Disclaimer: The views expressed above are solely those of the author and may
not reflect those of
Care2, Inc., its employees or advertisers.
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The licensing commercialization agreement includes the following territories: Asia, Americas, France and Czech Republic, said Lallemand in a press release.
L. plantarum P17630 (Proge P17630) is supported by clinical evidence to support and maintain an equilibrium of a normal vaginal microflora, when taken orally at a dose of 5 billion CFU/day, in women prone to experience temporary imbalances in their vaginal microflora. This strain has a wide spectrum of benefits to vaginal health, from helping maintain proper vaginal balance to being used in combination with conventional treatments for candidiasis (anti-fungal). According to Proge Farm, it has been been studied in over 800 women, in six clinical studies, including two by oral intake.
“Proge Farm highly documented probiotic strain L. plantarum P17630 (Proge P17630), is a valuable new asset in Lallemand Health Solution’s Women’s health probiotic range,” said Isabelle Champié, vice-president sales and marketing at Lallemand Health Solutions.
“Women’s health is gaining more importance in the probiotics market as consumers are increasingly looking for natural ways to take care of their intimate health. Furthermore, with this specific strain, it will be even easier to do so with one daily dose taken orally.”
Giancarla Dondi, owner and chief executive officer at Proge Farm, commented: “We are proud of this significant licensing commercialization agreement with Lallemand Health Solutions, a worldwide renowned key player in the probiotics industry. They will have the ability to broadly disseminate our strain L. plantarum P17630 (Proge P17630); meaning more women will benefit from its compelling effects.”
A fast-growing niche
Speaking with NutraIngredients last year, Ewa Hudson, head of market insights at Lumina Intelligence (which is also owned and operated by William Reed, publishers of NutraIngredients-USA), said women's health is a rapidly growing and evolving category in the probiotic market, and it is witnessing ever-increasing levels of industry and consumer engagement.
“Probiotics for women is a fast-growing niche, increasingly engaging women across online retail channels and on social sites,” said Hudson.
“Post-purchase product review scores are relatively high, making probiotics for women a promising niche from the marketers’ perspective. Interest in probiotic cosmetics, typically targeting women, is also on the rise.”


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NEW YORK — Swimming against the tide of designers exerting greater control over their overseas businesses, Nautica Enterprises Inc. will discontinue its wholesale ventures in Europe and attempt to conquer the continent through...
NEW YORK — Swimming against the tide of designers exerting greater control over their overseas businesses, Nautica Enterprises Inc. will discontinue its wholesale ventures in Europe and attempt to conquer the continent through licensing.
The firm said Monday it would take a $6 million to $7 million aftertax charge to close its remaining European offices and transition its business there to licensing or other arrangements. Europe currently accounts for about 2 percent of Nautica’s sales.
About $1.6 million, or 5 cents per share, of the charge will be recorded in the recently finished fourth quarter. The balance of $4.4 million to $5.4 million, or 13 to 16 cents a share, is expected to be taken in the first half of fiscal 2004. The charge is for certain wind-down and closure costs; the impairment of goodwill; the write-down of fixed assets and the termination of certain lease obligations, Nautica said.
Under the plan, Nautica will close its sales office in France and its London headquarters. A German sales office has already been closed. To build its business in Europe, Nautica will try to expand its relationship with Ridenco — which holds the licenses for Greece, Turkey and Eastern Europe — to include Italy. The company is also evaluating a proposal from its management team in Spain and Portugal to license the brand in those territories.
Christopher Heyn, president of the firm’s Nautica Apparel global licensing subsidiary, will lead the efforts to license the brand or find alternative arrangements. "We remain committed to Europe and strongly believe in the long-term global opportunities for the Nautica brand," Harvey Sanders, Nautica chairman, president and chief executive, said in a statement.
Excluding the charge, Nautica expects to meet analysts’ estimates of profits of 21 cents a share in the fourth quarter, against profits of 2 cents a year earlier, also excluding special charges.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)


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Peat prices are up by 20 per cent and supplies down by up to 70 per cent thanks to the wet harvesting season, leaving suppliers now talking of dire shortages.
Some are warning of rationing for customers and running out by March. Clover Peat Product sales and marketing manager Andrew Peers said: "We're up the creek without a paddle. It's been a dire year with regard to weather.
"The peat harvest is dire. It's been the worst since 1947 and there's nothing we can do until the sun shines. We're going to struggle to supply our customers with their full requirements. I don't know when we're going to start harvesting again but if we do get on in March we might just make it."
He said industry harvests were 70 per cent down and prices have firmed. "We're not prepared to blend other products with ours because it changes the nature of the product. It's most likely some products will become unavailable and big bulk users will suffer." He added that baled product would be short because it is too wet to bale and "growers will certainly face some difficulty getting what they want".
Erin Horticulture managing director John Molloy said: "We expect to survive for another year, but everybody is low this year. We are struggling and trying to help each other." He added that Erin will continue to work "closely" with neighbouring giant Bord na Mona, which only harvested 37 per cent of normal amounts this year.
Chat Moss Minister's decision means peat bog cannot be used
William Sinclair Horticulture has lost the use of its leased Chat Moss bog in Salford after a ruling by local government minister Eric Pickles. The public enquiry followed concerns about the environment and conservation.
Pickles said: "The Government's view is that the use of peat in horticulture is unsustainable and it has also to be set against the consequences of peat extraction on climate change and biodiversity."
There were nearly 600 objections to the work from environmental groups, which argued that it would release huge amounts of carbon dioxide.
Sinclair managing director Bernard Burns said extraction was allowable from previously used sites but the minister had decided it would "frustrate moves from peat to non-peat".
Burns added that the ruling, which only applies to England, will mean greater CO2 emissions from imports. Prices are up by 20 per cent, he said, with "small Irish companies having sold their last lorry-load already. If a garden centre wants supply in the season, nothing's going to be there."


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Luxury handbag brand Longchamp has posted a sales surge in the UK, saying its performance in 2016 was “good despite the economic crisis and increased competition”. Revenue increased by 70% to £15 million.
Malls have spent a reported $8 billion on renovations to distance themselves from traditional retail outlets. Trends include renaming properties, and adding entertainment and residential features for secondary use.
H&M is continuing its ambitious store opening programme in Britain with its Weekday brand set to open a second store, in London, just shortly after its debut on a section of Regent Street where H&M brands dominate.
Ted Baker is working to make the online and offline shopping seamless with a new ordering and payments initiative that lets staff help shoppers buy items online while in its shops using PayPal Here tech.
H&M has just filed its UK results for the year to November 30 2016 and the figures confirm how tough fashion retailers had it last year with sales and profits broadly flat despite more stores in its third biggest market.


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By Stacey Doyle
Current Silicon Valley Bank and monetary policy events raise lending concerns that could help fuel the launch of more IPOs.
In 2022, 71 IPOs raised $8 billion, the slowest year by proceeds in over three decades. With IPO value down from this time last year, 2023 started slowly with a recent spurt of activity in blockchain IPOs in the past two weeks.
All told, nine companies floated recently. Last week, five small companies launched IPOs.
Going with the Grain
YanGuFang International Group (YGF) has an estimated IPO date of March 21 and intends to raise about $13 million at a $163 million market cap. Founded in 2012 and based in Shanghai, China, YanGuFang is a Chinese grain producer whose portfolio includes oatmeal, oat bran, oat flour, and oat nutrient products. The company was profitable for the fiscal year that ended June 30, reporting a net income of $6 million on revenue of $36 million. The lead bookrunner is EF Hutton.
Golden Recreational Opportunities
Golden Heaven Group Holdings (GDHG) has an estimated IPO date of March 21 and seeks to raise $9 million at a $234 million market cap. Founded in 2008 and based in Nanping, China, the company operates and manages six water and amusement parks throughout Southern China. Golden Heaven Group booked $42 million in revenue for the year that ended September 30, 2022. The lead bookrunners are Revere and R.F. Lafferty.
Mango and Erectile Dysfunction
Mangoceuticals (MGRC) has an estimated IPO date of March 21 and intends to raise $5 million at a $61 million market cap. Founded in 2021 and based in Dallas, Texas, the company has a new erectile dysfunction (ED) product branded “Mango,” which notably, will not get FDA approval. Also, Mangoceuticals shows no recent revenue. The lead bookrunner is Boustead.
Gas and Oil Exploration
Trio Petroleum (TPET) has an estimated IPO date of March 24 and plans to raise $6 million at a $67 million market cap. Founded in 2021 and based in Bakersfield, California, Trio Petroleum is an oil and gas exploration and development company. The company generated no revenue since its inception, with a net loss of $3.8 million for the year that ended Oct. 31. The bookrunner is Spartan Capital Securities.
Singapore Property Technology
Ohmyhome Limited has an estimated IPO date of March 21 and plans to raise nearly $15 million at an $88 million market cap. Founded in 2016 and based in Singapore, China, the company is a property technology company offering brokerage, home renovation, research and listing, and mortgage and insurance referral services. The bookrunner is Prime Number Capital.
Public IPO Update
Last week four small companies and a SPAC priced IPOs. Many of these businesses focus on providing technology solutions in their respective industries.
Gas and Oil Logistics
Atlas Energy Solutions (AESI) launched on the NYSE on March 9 with 18 million shares priced at $18 with an offer amount of $324 million. The company was founded in 2017 in Austin, Texas, and provides proppant and logistics services to the gas and oil industry in West Texas and New Mexico. As of March 20, Atlas opened at 16.14 + 0.21 (+1.29%).
Leveraging Artificial Intelligence
Xiao-I Corp (AIXI) launched on the Nasdaq Global on March 9 with 5.7 million shares at $6.80 with an offer amount of $38.76 million. The company was founded in 2010 in Beijing and is a holding company to leverage Shanghai Xiao-I’s core artificial intelligence technology. As of March 20, Xiao opened at 5.66 +0.02 (+0.35%).
E-Commerce and Electronics
ICZOOM Group (IZM) launched on Nasdaq Capital with 1.5 million shares at $4 with an offer amount of $6 million. The company was founded in 2012 in China and is an e-commerce trading platform offering electronic products. As of March 20, ICZOOM opened at 3.3597 +0.0847 (+2.59%).
Blockchain App Solutions
Intchains Group (ICG) launched on Nasdaq Capital with 1 million shares at $8. The company was founded in 2017 in China and provides integrated solutions such as ancillary hardware and software and ASIC chips for blockchain apps. As of March 20, Intchains Group opened at 8.19 -0.08 (-0.97%).
Blank Check Company
Four Leaf Acquisition Corporation (FORL) launched March 17 with 5.2 million units at $10. The company was founded in 2022 in Los Altos, California. The tech-focused SPAC has said it will target companies in the IoT (Internet of Things) space. As of March 20, Four Leaf opened at 10.19 -0.01 (-0.10%).


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Two students of the University of Lagos (Unilag), Nigeria, Gloria Oziohu Alonge and Jemima Ojo after emerging winners of $1,000 cash prize for the maiden edition of the Daring Debates Africa will represent Africa at the global finals.
The duo from unilag competed at the continent level alongside representatives from 12 universities across Africa via a virtual platform(zoom) on September 27, 2020 and emerged winners.
The global finals will take place today, November 16, 2020 at 2.30pm GMT and interested individuals can register to watch the session here
Theme: Is global sustainability profitable for business?
As the team Unilag represent the continent at the global finals, African is excited and highly hopeful that they’ll bring home the prize.
You can also join the session here.
More details later…


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Short Video of Tweetdeck Beta Surfaces
With the public beta of Tweetdeck for Android going live some time this week, I am starting to feel all giddy inside as I look forward to tweeting using what I consider to be the be the greatest Twitter manager of all. To help us get through the agony of waiting, Tweetdeck CEO Iain Dodsworth has posted a short video showing the log-in process on Tweetdeck. Looks pretty good, and seems to have a beautiful UI. Check out the video after the break folks. Are you excited yet?
Source: Android Central
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A group of hackers released a file containing unique identification data for over 1 million Apple iOS devices and claim that the information is part of a larger database stolen from the compromised laptop of an FBI agent.
"During the second week of March 2012, a Dell Vostro notebook, used by Supervisor Special Agent Christopher K. Stangl from FBI Regional Cyber Action Team and New York FBI Office Evidence Response Team was breached using the AtomicReferenceArray vulnerability in Java," the hackers, who claimed affiliation to Anonymous and its Operation Antisec campaign, said Monday in a statement published on Pastebin.
"During the shell session some files were downloaded from his Desktop folder," the hackers said. "One of them with the name of 'NCFTA_iOS_devices_intel.csv' turned to be a list of 12,367,232 Apple iOS devices including Unique Device Identifiers (UDID), user names, name of device, type of device, Apple Push Notification Service tokens, zipcodes, cellphone numbers, addresses, etc."
As proof, the hackers released a stripped-down version of that file that only contained 1 million UDIDs, with associated Apple Push Notification Service tokens and device names. The other personal data that accompanied many of the UDIDs was intentionally removed, the hackers said.
The FBI declined to comment on the alleged security breach.
However, the leaked UDIDs -- random-looking codes made up of letters and numbers that are unique to every iOS device -- appear to be authentic.
"I have confirmed three of my devices in the leaked data," Peter Kruse, an electronic crime specialist at Denmark-based security firm CSIS Security Group, said Tuesday on Twitter.
A check of a random sample of UDIDs using the publicly accessible API (application programming interface) of OpenFeint, a social networking platform for iOS games, revealed that many of them correspond to devices whose owners have OpenFeint player profiles.
According to security researcher Aldo Cortesi, the founder of New Zealand-based security consultancy firm Nullcube, the leak of UDIDs can have serious privacy implications.
In the past, Cortesi investigated how UDIDs were being used by app developers and what information was being associated with them.
In May 2011, he reported that, when supplied with an UDID, the OpenFeint's API returned GPS coordinates and information that could reveal the user's Facebook profile.
In September 2011, he reported that other popular iOS gaming platforms had similar data leak issues. In one case, a platform's API even allowed attackers to take over a user's Facebook and Twitter account by knowing only their iOS device's UDID.
"It's disheartening to say it, but some of the companies mentioned in my posts still have unfixed problems (they were all notified well in advance of any publication)," Cortesi said in a blog post published Tuesday in light of the new UDID leak, which he described as a "privacy catastrophe."
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IRELAND: Diageo to shut Guinness 'essence' plant, 21 jobs to go
Diageo plans to close its Waterford facility
Diageo has confirmed it plans to close one of its brewing-related plants in Ireland with the loss of 21 jobs.
The Waterford site, which opened in 2004 with a EUR40m (US$52.4m) investment, produces Guinness Flavour Essence, which is exported to 49 markets worldwide. The site will "fully cease" operations at the end of 2013, Diageo confirmed in a statement to just-drinks today (12 April).
The company said the move is in order to maintain its "global competitiveness".
Production of Guinness Flavour Essence will transfer to the company's flagship facility at St James's Gate in Dublin by the end of this year, with plans to upgrade facilities there, the company said.
The essence is described by Diageo as Guinness' "special ingredient", giving the stout its "unique aroma".
Twenty-one people are employed full-time at the Waterford site. The spokesperson confirmed that all 21 will be "impacted" by the closure.
"We have now started consultation with this group through their employee representatives and we will work with them on future opportunities," the spokesperson added.
Paul Armstrong, Diageo Europe's beer supply chain director, added: “Through their skill and commitment, our employees at Waterford have made an outstanding contribution to our business over many years and it is with sadness and regret that we are required to make this decision in order to maintain our global competitiveness."
Diageo kicked-off a "restructuring" plan in Ireland 2008, which was subsequently put on hold a year later. In January last year the company cut 99 jobs in the country, but said at the time that Waterford was not part of a restructuring review.
Two entities expressed "serious interest" in buying collapsed wholesaler Waverley TBS after it called in administrators last year, it has emerged. ...
Diageo's renewed focus on its Don Julio Tequila brand in the US is producing solid growth in the on-trade, with opportunities to expand further, according to latest figures....
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World VoIP NewsUK Virgin Media launches unprecedented home calling VoIP plan
UK Virgin Media launches unprecedented home calling VoIP plan
Enterprise Virgin Media has rolled out SmartCall, the UK's pioneering WiFi calling service that enables customers to enjoy merely unlimited calling from their home plan on their mobile devices - whether at work, at a friend's, or being abroad.
Once a WiFi connection is available, SmartCall will provide the real freedom to implement their Virgin Phone inclusive calls on smartphones, no matter which mobile operator is involved. The intuitive appliance will automatically find out whether a SmartCall is feasible and whether this mode is included in their home phone telecommunications plan. This service is completely available when forwarding the phone call to UK from abroad, so travelers could just forget the financial frustrations of roaming charges or massive hotel phone bills. Virgin Media has executed extensive technical testing of SmartCall and will now deploy this service up to selected customers on an specific basis in several oncoming weeks, just before rendering it available to Virgin Phone customer base in next year. Virgin Media is also delivering a brand new talk plan which, for the very first time in the country will be associated with unlimited calls to all country’s mobile networks. Paired with SmartCall, the new calling plan will assist customers to make massive savings and get much more added value from their telephones. Graeme Oxby, CEO at Virgin Media's mobile and home phone, explained: 'SmartCall will extend the home telephone wire all the distance to wherever you could be, whether in a coffee shop in London or on a beach in Maldives. You just have to have a home phone from our company, a mobile device and a WiFi connection. This innovative and massively attractive service will deliver to customers even more extremely lucrative value from their phones and is also another live instance of how technology can render our lives easy going. Virgin Media is quite positively placed to ensure the excellent value integrated telephone services as the difference between being connected in and out of the home disappears and as we seek for more methods to give our clientele more.' Recently Virgin Media has rolled out a Line Rental Saver, as the mean of considerable savings for customers could save even more.
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Microsoft builds a 'Do Not Track' feature into its browser and privacy advocates applauded. Their exuberance was short-lived. According to press reports, the Digital Advertising Alliance has suggested that its members can simply ignore the privacy flag. In a uniquely disingenuous statement, the DAA said that "A default 'do not track' mechanism offers consumers and businesses inconsistencies and confusion instead of comfort and security."
What a hoot. Yes, indeed, I feel so very comforted and secure when I know you are tracking me. As John would say, "What a crock." The Interactive Advertising Bureau has said it supports the DAA position.
The Association of National Advertisers, in its own foray into the disingenuous, said that the default 'do not track' setting would "undermine American innovation and leadership."
It all comes down to the coffers. Track us all and make a fortune. Afford us some privacy and your purse strings might be tightened. The FTC wants no part of this battle. The only hope we have is Congress - why does just saying that depress me?
E-mail: email@example.com Phone: 703-359-0700


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An Omaha Cadillac saleswoman had no idea that she was selling a car to Warren Buffett, but the billionaire found her so impressive that he personally requested she deliver the new car herself.
Madison Willers, 23, welcomed a customer at Huber Cadillac in Omaha, Nebraska, in May with a smile, just as she greets all of her customers. What Willers did not realize, however, is that her customer was Susie Buffett, there on a mission to purchase a new car for her father, Warren Buffett.
"When I was talking to Susie, it was clear that the car wasn't for her," Willers told ABC News.
Willers spoke with the woman and walked her through choosing the right vehicle for the mystery driver, just as she would any customer.
When the customer asked for Willers’ card at the end of the conversation, the saleswoman just assumed the customer was actually a “secret shopper” testing her product knowledge.
The customer came back a few days later to make the vehicle purchase, finally introducing herself as Susie Buffett and revealing the car was for her father.
"When Susie told me who her father was, I was surprised," said Willers, "I told her, 'That's awesome. Your father and I go way back.'" Willers had been Buffett's server many time when she had worked as a waitress at a restaurant in Omaha.
Warren Buffett specifically requested that Willers’ personally deliver his new car so he could say hello, and the two were able to snap a picture in front of the new car.
"I was honored and humbled that he remembered me and wanted to say hello," said Willers.
Warren Buffett ultimately wrote a letter, on Berkshire Hathaway letterhead, to the General Motors CEO Mary Barra, praising the saleswoman for a job well done.


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Indonesia''s 0 imports in 2019 include computers, mobile phones, refined petroleum oils & plastics In 2019, Indonesian importers spent the most on the following 10 subegories of electronic products including consumer electronics.
Globaltranz joined the group Manufacturing and Shipper Related News 1 month, 2 weeks ago Trucking Planet posted an update in the group Manufacturing and Shipper Related News 1 month, 3 weeks ago FORT WAYNE, Ind. (WANE) Sweetwater is hiring for dozens of jobs in its new 480,000 square foot distribution center.
View Najia Jafrin’s profile on LinkedIn, the world''s largest professional community. Najia has 7 jobs listed on their profile. See the complete profile on LinkedIn and …
Consumers would also eventually not benefit from the lower GST rate if domestic manufacturing suffers on account of inverted duty structure, it said. RELATED NEWS Pune District Collector Naval
2020/8/7· Newsome has said the agency hopes to lure more retail-based importers to the industrial park as well as warehouses that will use the Journal Scene - Summerville, SC The News - Kingstree, SC
A news story on the Arkansas Democrat Gazette''s website said that Sun Paper received an air permit from the state of Arkansas on Sept. 23, which allows the company to start construction of a proposed $1.8 billion pulp and paper mill.
2020/6/11· Retailers Walmart and Target were the nation’s top two importers, accounting for 893,390 and 600,040 containers, respectively. Conglomerate Koch Industries was the …
Premier Textiles is one of Europe’s leading importers of yarns and fabrics, sourced from around the globe. Founded in 1981 as an independent, family run business, we have earned a reputation for being friendly and helpful; bringing together an exceptionally committed team.
The Supreme Court (SC) issued notice to the Centre on Jharkhand government’s pleas challenging its decision to auction coal blocks for commercial mining. A bench of Chief Justice S A Bobde and Justices R Subhash Reddy and A S Bopanna gave the Centre four weeks to reply to the writ petition and an original suit filed by the Jharkhand government questioning the decision to auction coal blocks
Northwestern Meat Inc was established in 1961 and is regarded as one of the top importers of beef and seafood, serving the Caribbean Islands, Central and South America, as well as the United States . Deemed as a pioneer of its industry, Northwestern Meat Inc''s credibility is undoubtedly one of the most respected of its kind.
Coluia Forest Products currently manufactures hardwood plywood in seven plants throughout the United States and Canada. Our decorative interior veneers and panels are used in high-end cabinetry, fine furniture, architectural millwork and commercial fixtures.
Improve quality control in your manufacturing process with a third party product inspection from QIMA. Learn more about our production inspection services here. Product Inspections conducted at various stages of the manufacturing process help you secure your
2020/7/15· Finance Ministry said various chemicals, packing materials and input services, among others, used for manufacturing hand sanitisers also attract a GST rate of …
In 2018, US importers and exporters will be greeted by the strongest international and domestic demand conditions in at least a half-decade. Still, uncertainty regarding tariffs and a tight US trucking market are obstacles that could dampen what many expect to be an impressive year for global trade.
Additive Manufacturing Allowing customized solutions, new designs and faster time to market Major industrial companies from all over the world apply Oerlikon AM (Additive Manufacturing) services to optimize product design, accelerate innovation cycles, improve product performance or …
Liberty is the GFG Alliance’s global steel manufacturing arm. With a total rolling capacity exceeding 18 million tonnes it is one of the 0 producers globally, excluding China. Its comprehensive product range includes semis, long and flat products, including coated steels.
Welcome to Johnson Controls-Hitachi Air Conditioning With Johnson Controls–Hitachi Air Conditioning, you can now address all of your building’s air conditioning needs faster, smarter and more efficiently than ever before. We’ve coined the rich heritage and
1 · Get Latest handicraft buying leads, quotations and buy offers from Bangladesh Importers, Coloia Importers, Germany Importers and India Importers. BOX:81456-1379,ESFAHAN ,you can find more info like fax,email,website on page USA Yellow Pages - USA SIC Directory - World Buyer - …
Seychelles Trading Company (STC) P.O Box 634 Latanier Road, Mahe Seychelles Tel: +248 4285000 Fax: +248 4224735 This section enables you to make a suggestion, a complaint and any general comments about STC, as well as giving your feedback on other
2020/8/7· Opinion Rafale Acquisition Gives Much-needed Boost To India''s Defence-Industrial Agenda Since 2014, the country also started a massive programme to build domestic defence
News Alt_ Market Feeds, Empowers Community Through Pop-Up Grocery Alt_, an artist-led nonprofit organization based in Chicago, is taking on food scarcity in underserved neighborhoods one pop-up …
The Philippine Exporters Confederation, Inc. (PHILEXPORT) is the urella organization of Philippine exporters accredited under the Export Development Act (EDA) of 1994. It is a non-stock, non-profit private organization born out of the unifiion of the Philippine
2020/7/12· East Asia has become the solar manufacturing hub of the world and the latest emerging trend is that companies outside of China are starting to have success, including Canadian Solar. As we’ve noted before, however, a panel’s country of manufacture is not usually the most important consideration for someone going solar.
Recent news may be pushing investors away from China and emerging markets, but long-term growth trends mean now may well be a good time to buy. 9 Nov 2018 - 10:32PM
2015/6/4· Appearing for the first time solely on SeafoodSource is the Top 25 North American Seafood Suppliers list. A ranking that SeaFood Business magazine produced annually, the list has always intended to be an informative tool for those wanting to know the


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Researchers have discovered how stem cell-centric converging mechanisms caused by obesity can accelerate hair thinning, bringing new insights to tackle obesity complications and prevent hair loss.
According to the American Academy of Dermatologists, it is considered normal to shed anywhere between 50 to 100 hairs per day, and even more for people with longer hair. However, if you are noticing thinner hair on your scalp or bald patches on your head, it may be more than a simple case of temporary excessive hair fall – it may be a sign of hair loss. How, then, can we stop our hair from falling and our hairlines from receding? According to a group of researchers from Tokyo Medical and Dental University, eating less fat may be one way to save our hair.
Under normal circumstances, hair follicle stem cells renew themselves in every hair follicle cycle as part of the process that allows our hair to continuously grow back. However, as we age, hair follicle stem cells fail to replenish themselves, thereby causing hair thinning. Besides ageing, we know today that hair loss can be caused by a variety of reasons, including genetics, diet, and other medical conditions. For instance, androgenic alopecia – a common form of hair loss that usually begins above the temples – is often associated with obesity as it is often seen in overweight individuals. However, scientists have yet to confirm whether obesity truly accelerates hair thinning, and if so, how.
To find this missing link, Hironobu Morinaga and colleagues used mouse models to examine how obesity-induced stressors, such as those induced by a high-fat diet, or genetically induced obesity can affect hair follicle stem cells. They subjected two groups of adult mice to high-fat and standard diets and hypothesised that mice fed with high-fat diets would experience greater hair thinning and loss.
Their findings revealed that after merely four days of receiving high-fat diets, the mice developed bald patches. The lead author of the study, Morinaga, explained, “High-fat diet feeding accelerates hair thinning by depleting [hair follicle stem cells] that replenish mature cells that grow hair, especially in old mice.” But to precisely understand the reason behind this development, the researchers further “compared the gene expression in [hair follicle stem cells] between high-fat diet-fed mice and standard diet-fed mice and traced the fate of those [hair follicle stem cells] after their activation.”
Through chronological gene expression analysis, they found that feeding the mice with high-fat diet for four consecutive days directed the activated hair follicle stem cells towards epidermal keratinisation by generating excess reactive oxygen species. Integrated analysis using stem cell fate tracing, epigenetics, and reverse genetics also showed that feeding the mice with a high-fat diet can lead to the depletion of hair follicle stem cells by activating inflammatory signals and blocking hair follicle regeneration. In particular, Morinaga reported that “those [hair follicle stem cells] in high-fat diet-fed obese mice change[d] their fate into the skin surface corneocytes or sebocytes that secrete sebum upon their activation. Those mice show[ed] faster hair loss and smaller hair follicles along with depletion of [hair follicle stem cells]”.
“The gene expression in [hair follicle stem cells] from the high-fat-fed mice indicated the activation of inflammatory cytokine signalling within [hair follicle stem cells],” described Emi K. Nishimura, senior author. “The inflammatory signals in [hair follicle stem cells] strikingly repress Sonic hedgehog signalling that plays [a] crucial role in hair follicle regeneration in [hair follicle stem cells].”
The inhibition of Sonic hedgehog signal transduction in hair follicle stem cells can result in the further depletion of lipid-laden hair follicle stem cells through aberrant differentiation and inducing hair follicle miniaturisation and eventual hair loss. Conversely, when the scientists activated Sonic hedgehog signalling through transgenic and pharmacological means, they were able to rescue the depletion of hair follicle stem cells and reverse the effects of high-fat diet-induced hair loss. With these results, Nishimura firmly believes that “this could prevent hair loss brought on by the high-fat diet,” opening the door for future prevention and treatment strategies for hair thinning as well as to better understand obesity-related diseases. [APBN]
Source: Morinaga et al. (2021). Obesity accelerates hair thinning by stem cell-centric converging mechanisms. Nature, 595, 266-271.


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Trumpette has recalled about 33,000 pairs of "Hearts" and "Aubree's" style baby socks sold from December 2012 through February 2013. The bow and flower decorations can detach, causing a choking hazard. For details, including a brilliant (ahem) remedy idea (re…
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The author-and-illustrator team who created the bestselling Goodnight, Goodnight, Construction Site have another surefire hit out this month. Steam Train, Dream Train is officially available on April 16, but you can get it now for $16.99 at booksinc.net.
We didn't realize a onesie adorned with letters could be edgy, till we saw this one from NUNUNU. $36 at ronrobinson.com.


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World Tourism Barometer - Nov 2019
Solid growth in international arrivals in January-September 2019, though uneven across regions
International tourist arrivals (overnight visitors) grew 4% in January-September 2019 compared to the same period last year, with mixed performance among world regions.
The Middle East (+9%) led growth followed by Asia and the Pacific and Africa (both +5%). Europe (+3%) and the Americas (+2%) enjoyed a more moderate increase.
The global economic slowdown, trade tensions and rising geopolitical challenges, social unrest, prolonged uncertainty about Brexit and lower business confidence have weighed on growth in international tourism.
The collapse of major travel group Thomas Cook and some small European airlines temporarily affected some key tourism destinations, particularly in Europe and the Americas.
As per the main source markets, the United States led growth in international tourism expenditure in absolute terms, supported by a strong dollar. France reported the strongest increase among the top ten markets, reflecting for the second consecutive year a surging demand while China, the world’s top source market saw outbound trips increased by 14% in the first half of 2019, though expenditure fell 4% compared to the same period last year.


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A real estate company confirmed Thursday Amazon has signed a 17-year lease on a huge site in midtown Manhattan. The premises, located close to the Empire State Building, could become the e-commerce firm's first brick-and-mortar store.
Good news, Twitterers; you can now search through each and every public tweet sent since 2006.
Google's Chrome, the second most used desktop browser in the world, has just received a major update, with 64-bit support for Mac OS X added in the mix.
Verizon has agreed to a settlement worth $1.38 million in Maryland. The investigation stemmed from thousands of customer complaints about Verizon's advertising when it first launched FiOS.
Google is adding a mobile-friendly label to its mobile search results to help you avoid sites where the text is too small to read, the links too small to tap tiny, and the content unreadable unless you scroll sideways.
Looks like you'll have to start taking a closer look at the booking conditions next time you stay at a hotel, especially if you like to post reviews on Trip Advisor. One couple in the UK was recently hit with a fine for leaving a negative review on the site.
Netflix is all set to take its streaming service Down Under, announcing plans this week for a March 2015 launch in both Australia and New Zealand. The roll out marks a continuation of the California-based company's rapid global expansion.
In an attempt to measure how many episodes of House of Card that you just binge watched, Nielsen will start using audio-monitoring in December to track what digital content is being watched in Nielsen homes.
New York City finally looks set to breathe some new life into its aging payphone kiosks, this week unveiling plans to convert them into high-tech 'connection points' featuring, among other things, free 24/7 gigabit Wi-Fi.
The U.S. State Department was reportedly one of the high-profile targets of recent hacking attempts, which forced the agency to shut down its email system.
Google is continuing to make progress with its bold plan to use high-altitude balloon to deliver Internet connectivity to remote areas of the planet, with a new round of test flights scheduled to take place in Australia next month.
The NFL season is well under way. Here's our guide on how to stream live football games online.
In the wake of the recent unveiling of YouTube Music Key, some of the details weren't clear — now Google has confirmed it will work with rather than compete against its existing music service.
You might not know it, but that sound you hear every time you get a message in Google Hangouts can be turned off. Here's how.
Don’t drown in the vast, virtual sea of free podcasts. Check out our roundup of some of the best podcasts available at your fingertips. We've got 100 awesome ones for you to check out!
CEO Yishan Wong didn't just disagree with Reddit's board of directors over a proposed new office location. There's a bit more to the story than that.
Despite the festive-sound name, holiday travel is one of the more stressful times of the year. Learn how to breeze through using the latest tech, apps, and services.
As revealed by Hachette CEO Michael Pietsch in a letter to the publisher's authors, Amazon and Hachette have reached a new, multi-year agreement that gives the publisher more leeway with its ebook pricing.
In a bid to attract local talent in a city that's been steadily making a name for itself in the tech world, Amazon will reportedly open a huge R&D center in Cambridge, UK, geared toward developing its Prime Air delivery drones.
Apparently concerned that news items on its latest sustainability report focused too heavily on the negative content, Samsung decided to go out of its way to highlight the positive parts. Using a rapper.
YouTube finally made its paid subscription service official. Music Key will cost $8 a month and offers offline playback, ad-free music videos, and full albums for streaming from Google Play Music.
Over the past few weeks (or years), you’ve probably heard a lot about Net neutrality. If you want to know what it's all about, we’ve constructed a timeline to show the relevant events that led us to this point.
The service will only cost small businesses $100 a month for gigabit Internet speeds, assuming you live in the small area that can take advantage of it.
For more than a year we've been hearing that YouTube's working on a music subscription service to rival the likes of Spotify. The latest news is that the expected ad-free service is set to launch "within weeks."
Barnes & Noble already offers an ebook service for authors to get their work on mobile devices, and from this week it's also giving publishers the chance to put their work on paper with a new print-on-demand option.
Seeking a killer price on new high definition television sets, two women in California will end up spending just over three weeks camped out in front of a Best Buy before Black Friday deals kick off.
Part social commentary, part humor, and part "kids say the darndest things," the "Kids React to Technology" Web series takes a look at film cameras. We learn that youngsters do love selfies, and they hate waiting.
Mozilla's Firefox desktop Web browser turns 10, and a slew of new features aim to make the anniversary special. Learn more here.


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Washington - U.S. consumers cut back on spending in April for the first time in a year, taking an unexpected pause after a big jump during the previous month. The results, however, are unlikely to derail an expected spring rebound in the economy.
Consumer spending, which accounts for 70 percent of overall economic activity, fell 0.1 percent in April, the Commerce Department said Friday. The drop was the first in 12 months. But it followed a 1 percent surge in spending in March, which marked the biggest increase in more than four years.
The latest figure reflects reductions in durable goods purchases such as autos and in services such as heating bills.
Income rose 0.3 percent in April after a 0.5 percent March gain.
With spending down while Americans were earning more, the saving rate increased in April to 4 percent of after-tax income, up from a saving rate of 3.6 percent in March.
Inflation, as measured by a gauge tied to spending, showed prices rising 1.6 percent from a year ago, up from a 1.1 percent year-over-year price gain in March. However, even with the increase, inflation is still below the Federal Reserve's 2 percent target.
In April, consumers reduced spending on durable goods such as autos by 0.5 percent, but this drop followed a big 3.6 percent jump in durable good spending in March. Consumers boosted spending on nondurable goods a slight 0.1 percent while trimming spending on services by 0.1 percent. Spending on services, which includes utility bills, had been rising rapidly during the winter, reflecting higher heating costs due to the severe cold in many parts of the country.
The rise in income was the fourth consecutive gain. The economy has been generating jobs at a solid pace in recent months including a gain of 288,000 jobs in April, the strongest uptick in hiring in two years.
Through the first quarter, consumer spending remained strong, rising at an annual rate of 3.1 percent, but much of that strength came from increased health care spending reflecting the fact that implementation of the Affordable Care Act opened up new access.


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Fronde returns to profit on pretax basis
Fronde Systems Group, which provides IT services to businesses, returned to profit on a pretax basis after overhauling the business to cut costs in the face of falling revenue.
The Wellington-based company reported a pretax profit of $1.4 million in the 12 months ended March 31, turning around a pretax loss of $3.4 million a year earlier, it said in a statement. Revenue fell 3.6% to $57.4 million as the IT company changed its mix of services to chase profitability, which it said helped lift sales in Australia by 19 percent. It didn't provide details.
"Fronde has turned its financial performance around following a challenging period," chief executive Anthony Belsham said. "Our continued focus on aligning costs with revenue is now yielding results."
The company experienced a slowdown in Wellington sales in the 2015 financial year, pushing it into the red and triggering a restructure where jobs were cut and Fronde's Christchurch office closed. Former Fisher & Paykel Appliances executive Mr Belsham was hired as the new CEO in December, replacing Ian Clarke and following the departure of former chairman Wayne Norrie.
Fronde intends to retain the earnings from the 2016 financial year and will release its annual report in early July.
Chairman Jon Mayson said the company is focused on lifting profitability and growing revenue in New Zealand and Australia.
The company's shares are listed on the Unlisted platform and last traded at $1 in January 2015, valuing Fronde at $7.1 million.
Fronde had wanted to grow to $200 million annual revenue company by 2017 after generating rapid sales growth over three years before the Wellington slowdown hit trading.


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Poultry Processing Plant Receives Maryland’s Highest Ever Fine for Occupational Safety & Health Violations
Wow: The state of Maryland has issued its highest ever occupational safety and health fine, to a poultry plant run by Allen Family Foods: $1.03 million. I wanted to blog about it both because I think it is important that those working on food systems and public health issues keep in mind not only the environmental and nutritional health implications of our food system, but also the impacts on the nearly 1/5 of US workers whose jobs involve food. I also wanted to blog about it because it is a big deal that MOSH (Maryland Occupational Safety & Health) and OSHA (the federal Occupational Safety & Health Administration) are stepping up enforcement.
MOSH issued the million dollar fine after a worker’s hand was seriously injured from reaching under a conveyor belt that should have been guarded but wasn’t. At the post-injury inspection of the Hurlock, MD plant, OSHA identified 51 violations – including 15 “willful” and one “egregious.” In recent years, OSHA has found over 200 violations at that plant. According to the state’s MOSH director, “The biggest problem we have here is repeated warnings over the years, and a lot of times they’d repair something or take care of the problem and then go right back to the same habits.”
The case follows a $182,000 OSHA fine last year to an Allen Family Foods poultry processing plant in Delaware for “hazards with industrial trucks, falls, personal protective equipment, machine guarding, electrical hazards, process safety management, respirators and emergency response” – incurred after MOSH suggested OSHA look at Allen’s non-Maryland plant.
While fines like these may not seem that high compared to those issued by EPA and other agencies, in occupational safety and health they are major. For example, in Maryland, the average fine per “serious” violation (e.g., posing substantial probability of death or serious physical harm) was only $688. That’s 78% of the national average, which itself is only $882.
Despite Allen Family Foods’ protestations that safety is its top priority, there is further evidence that the company has not emphasized a strong safety culture. In a case decided last year, 250 poultry plant employees challenged the company under the Fair Labor Standards Act, saying that the company should pay them for their time putting on and taking off safety gear. Disturbingly, and with national implications, the judge said that personal protective equipment wasn’t clothing and that the company didn’t have to pay. Way to encourage workers to gear up properly!
Allen Family Foods is less well known than a company like Perdue, but it is quite large. According to its website, the company sells 600 million pounds of chicken annually in the US and abroad, and owns breeding and hatchery facilities, feed mills, processing plants, feed grain production, and 28 company-owned growout farms. Allen also works with over 500 independent growout farms that grow company-provided chicks. About a fourth of the company’s processing staff are non-US born, and the company has an established partnership with the Immigration and Naturalization Service. Allen Family Foods announced plans to appeal the million dollar fine, and has also announced it is actually selling the Hurlock plant. By contrast, after the Delaware fine, the company announced a 20% expansion of that plant, to enable producing 1.2 million chickens weekly.
Is Allen just a “bad actor,” and the rest of the industry is doing ok? Is MOSH making an example of Allen with this fine in order to motivate better compliance throughout the industry? I personally can’t say. Perhaps both. Read More >


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'Dreamy Trudeau' tribute sweater hot seller in Alberta, company says
Garment features Prime Minister Justin Trudeau riding a stallion in paradise
Justin Trudeau's arrival in Ottawa triggered a stream of gushing descriptions in social media, with some admirers calling him a "dreamboat" and a "babe."
And now fans of the prime minister can show their love, quite literally, on their sleeve.
A Toronto-based company is selling the 'Dreamy Trudeau' sweater online for the not-so-conservative price of $59.99.
And believe it or not, the sweater has been a hot seller in Alberta, not generally known as a Liberal stronghold, a company spokesman says.
"We did some ads and we even excluded Alberta from the whole group, because we said, 'No one in Alberta would want the Dreamy Trudeau sweater,' " said Nicholas Montgomery, CEO of Shelfies - Outrageous Clothing.
"But it turns out that was the biggest market."
The sweater features a majestic scene: A windblown Trudeau in a tuxedo rides a stallion through lush, rolling hills with twinkling stars overhead.
"Mr. Trudeau, our country welcomes you as . . . sorry, where was I? Sorry, it seems I got lost in the glow of your sparkling blue eyes and perfectly placed hair," the official website description reads.
Trudeau sweater sells out
The 'Dreamy Trudeau' sweater sold out within days of hitting the website, but buyers can still go on a wait list. However, Montgomery doesn't believe everyone rushing to buy it has sincere affection for the PM.
"I think a lot of them are buying them for their conservative friends, as a gift, as a joke, which we think is hilarious," he said.
Montgomery says the design team thought long and hard about the tribute to Trudeau. But after much deliberation the stallion scene came out the winner.
"We thought about having Trudeau drinking a bottle of maple syrup . . . maybe riding a moose or even holding a hockey stick while almost jousting it like a knife," Montgomery said.
Although Albertans are the biggest buyers, Montgomery says he was surprised to see people from all around the world ordering the kitschy garment.
"We're not sure if they think it's just a good-looking guy on a horse or if they know it's the prime minister, but either way we think it's great."


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Sequel to the recalled of Indomie Noodles by the Taiwan and Malaysian health authorities, due to the alleged detection of ethylene oxide in the chicken flavour of the product, the National Agency for Food and Drug Administration and Control (NAFDAC) has disclosed it’s readiness to begin random testing of the product in Nigeria from Tuesday, 2 May 2023.
Ethylene oxide is a colourless, odourless gas that is used to sterilise medical devices and spices and has been described as a cancer-causing chemical.
Director General, NAFDAC, Prof. Moji Adeyeye, in her response to the development through a press statement said the agency’s Food Safety and Applied Nutrition Directorate will immediately swing into action on Tuesday by sampling Indomie Noodles from the production point to market places.
“Tomorrow, 2 May, 2023 , NAFDAC’s Food Safety and Applied Nutrition Directorate will randomly sample Indomie noodles (including the seasoning) from the production facilities while Post Marketing Surveillance Directorate samples from the markets.
“ The compound of interest is ethylene oxide, so the Director, Food Lab Services Directorate has been engaged. He is working on the methodology for the analysis”, she revealed.
The NAFDAC boss also hinted on the status of the product, noting that it is one of the products on the prohibition list of the Nigerian government, as it is banned from being imported into the country for several years.
She further explained the essence of the agency’s efforts in preventing the illegal importation of Indomie Noodles into the country, saying it is also to ensure that the spices used for Indomie and other noodles are tested.
“It should be noted that Indomie noodles have been banned from being imported into the country for many years. It is one of the foods on the government prohibition list. It is not allowed in Nigeria, and therefore not registered by NAFDAC.
“What we are doing is an extra caution to ensure that the product is not smuggled in, and if so, our post marketing surveillance would detect it. We also want to be sure that the spices used for the Indomie and other noodles in Nigeria are tested.
“ That is what NAFDAC Food Safety and Applied Nutrition (FSAN) and Post Marketing Surveillance (PMS) are doing this week at the production facilities and in the market, respectively”, Adeyeye disclosed.


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MUSKEGON, MI – A prime spot in the heart of Muskegon’s downtown is being redeveloped by Pigeon Hill Brewing for a new taproom and other uses.
The building on Western Avenue next to the Hilt Building and Frauenthal Center is undergoing renovations, including removal of its stucco façade.
Plans are to move the brewing company’s tap room into the building that also will have two retail suites, Muskegon Planning Director Mike Franzak told the city commission earlier this week.
The commission agreed to revoke a previous industrial facilities tax exemption certificate awarded to PIgeon Hill for that location at 441 W. Western Ave. The building had served as the brewing company’s production facility before it opened a new facility in 2019 on Fourth Street at Shoreline Drive.
“They are planning to rehab the building and put three new commercial suites in there, and one will be for the tap room and there will be two additional retail suites,” Franzak said.
The revocation of the industrial facilities tax exemption, which provides manufacturers with property tax breaks on renovations of aging facilities, was needed so the brewers can seek a commercial facilities exemption certificate, he said. The commercial certificate is expected to come before the commission in September, he said.
The commercial exemption is like the industrial facilities exemption, except it is for commercial and not manufacturing facilities.
Pigeon Hill’s taproom currently is farther west on West Western Avenue in leased space at the Noble Building, 500 W. Western. The brewery was established there in 2014.
The brewing company also has been operating a Brewer’s Lounge at the Fourth Street location.
Workers this week have been removing the stucco façade to reveal brick beneath. Restoration of windows also is in the plans, Franzak said.
The building is the location of the former Club Envy and Spotlight nightclubs. Before that, it was a bowling alley and Brunswick testing facility.
MLive was unable to reach Pigeon Brewing owners for comment, and a representative for the brewery said they were busy with this weekend’s Burning Foot Beer Festival at Pere Marquette beach.
Also on MLive


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Google promises to do better after government pulls ads
Mar 18 2017
In a statement provided to Business Insider on Thursday, following the Guardian pulling its ads, Google said it has "strict guidelines" that define where ads should appear and in the majority of cases, those policies work as intended. Advertisers are unhappy that their ads have been placed next to extremist content and hate speech, and Google says it will improve the controls advertisers have over ad placement.
Channel 4, BBC, Boots and Smart Energy GB ads appeared on videos by preacher Wagdi Ghoneim, who allegedy called Osama Bin Laden a "martyr hero majahid, while videos from former Ku Klux Klan imperial wizard David Duke received money from Transport for London, HSBC, Armani and the Financial Conduct Authority's marketing material".
Ads by the Home Office, the Royal Navy and national news outlets, such the Guardian and BBC, appeared on Google's video hosting service YouTube on videos of USA white nationalist David Duke and homophobic pastor Steven Anderson, among others.
A United Kingdom government spokesman told the Guardian that the government had put a hold on any advertising with Google or YouTube, and that a Google representative had been "summoned for discussions" to explain the situation and its proposed remedy.
British supermarket chain J Sainsbury, whose ads appeared on videos posted by the white nationalist Polish Defence League, said it and its sister brand Argos would immediately suspend all Google advertising. It pretty much explains why you always get to see related ads on YouTube and other websites.
Google, which has been attacked by MPs for not doing more to curb online hate speech, said it would review controls.
Last month, the ministry identified 17 YouTube videos with content it said distorted historical facts, incited national hatred or was pornographic and would be illegal in Vietnam. Last year, it had removed nearly 2 billion advertisements and more than 1 lakh publishers from Google's AdSense program so that it could prevent ads from being showcased on more than 300 million videos on YouTube.
It's unclear if Google and YouTube will police content more because of these incidents, but other social media outlets, including Twitter, have banned and suspended users in the past due to hateful and extremist content. "Google has been summoned for discussions at the Cabinet Office to explain how it will deliver the high quality of service government demands on behalf of the taxpayer".
Google allocates adverts against content using its automated advertising systems, free from human judgement.
The Guardian, who noted that the problem was coming from advertising placed through Google's AdX service, was not the only organization to make that decision. Google is expected to continue these talks next week with the United Kingdom government in a follow-up meeting.


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The lawsuit argued that Uber obtained the records because it privately doubted the woman’s claims. While Uber executives publicly supported the victim, they reportedly theorized in secret that she had conspired with Uber’s Indian rival Ola to undermine their business. In other words, they were apparently willing to violate the accuser’s privacy in hopes of discrediting her.
This isn’t to say that Uber has refused to settle cases in the past. It settled the victim’s original lawsuit in 2015, and settled multiple American sexual assault cases in 2016. However, this is still somewhat reflective of the strategy under new CEO Dara Khosrowshahi. Uber wants to make amends for past abuses and improve its reputation, both to keep customers and to reassure investors who want to know that Uber’s unscrupulous days are in the past.
social experiment by Livio Acerbo #greengroundit #engadget from https://www.engadget.com/2017/12/09/uber-to-settle-lawsuit-from-india-rape-victim/


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There were no surprises yesterday from the #fomc meeting. Rates were kept constant at 5.25-5.5% despite the recent spike on #cpi. Probably the Fed wants to give the economy and consumers some time to digest the #ratehikes to date, as they have been fast and furious. Powell mentioned once again, however, that rates will be higher for longer, signaling there will be no rate cuts on the foreseeable future. However, as you can see in the chart below, both cyclical and non-cyclical factors contributing to core PCE, the inflation rate for the economy, have started to turn down. Also, Inflation breakevens that come out of #tips indicate the inflation expectations are subdued, despite the recent spike on oil prices. The rational behind it may be that oil demand will slow down as prices go up, which will force oil prices to correct. And across the pond, the #ecb hiked rates last week but indicated that it might be done for this cycle.
Want to know more? join Fund@mental here https://apps.apple.com/us/app/fund-mental/id1495036084


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Meta, the parent company of Facebook and Instagram, is gearing up for another round of layoffs that are expected to affect thousands of employees.
Bloomberg reports that the beleaguered social media company is expected to cut thousands more workers as soon as this week in a bid to become “more efficient.” After bleeding billions of dollars chasing CEO Mark Zuckerberg’s vision of the metaverse, the company culled 13% of its workforce last November in a massive round of layoffs that affected 11,000 people. Apparently, that wasn’t enough and more are scheduled to lose their jobs.
Those familiar with the matter tell Bloomberg that directors and vice presidents have been asked to make a list of employees that could be let go, and this phase of layoffs could be finalized as soon as next week.
Last year, Zuckerberg apologized to employees for the situation the company was in and took “accountability” for the problem as he admitted that the situation was far worse than he expected it to be. This personal responsibility for the problems at his company did not appear to mean he personally would face any consequences, but rather that he was wrong and others would lose their jobs because of it.
“Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that,” he said at the time.
Zuckerberg has spent billions of dollars attempting to create a new future for the company that he was sure would lie in what he called the metaverse, a poorly detailed 3D world where digital avatars didn’t have legs and everything was monetized. This plan has not paid off.
Instead, Zuckerberg is taking ideas from Twitter’s Elon Musk in a desperate attempt to make more money. Last month, Meta announced that it would be rolling out a paid verification program to both Instagram and Facebook.
The metaverse-focused Reality Labs division has consistently lost billions of dollars — last year, it logged a staggering $3.7 billion loss in just three months. While at the time Zuckerberg said he was still confident in the metaverse direction and it wouldn’t actually pay off for a decade. Except, that might not even be true less than five months later as Zuckerberg appears to be de-emphasizing the metaverse in light of the popularity of generative artificial intelligence (AI) and chatbots.
Image credits: Header photo licensed via Depositphotos.


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According to the Federal Communications Commission (FCC), and as covered in many media outlets, including the Boston Globe, mobile carriers are shutting down their 3G networks, which rely on older technology, to make room for more advanced network services, including 5G.
This also impacts certain medical devices and MHAC has learned of companies going through major processes of upgrading devices like Personal Emergency Response Systems (PERS).
Fortunately, the National Center on Law and Elder Rights recognizes the potential impact to older adults and has released some quick tips to help people prepare for the 3G network shutdown.
The FCC’s webpage on preparing people for the 3G shutdown also includes tips and FAQs along with a printable consumer guide.
Those with questions or concerns can contact the Mass. Department of Telecommunications and Cable(800) 392-6066


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Beats by Dr Dre, which boasts a music-streaming service as well as an audio equipment arm, is on the verge of being sold to Apple for $3.2 billion (£1.9bn).
Founded by music producer Jimmy Iovine and rapper Dre in 2008, Beats has already become the technology of choice for HP laptops and HTC smartphones and, if the deal goes ahead, looks likely to become part of Apple’s product line-up.
It is thought that Apple could announce the deal as early as next week – but the US rapper himself spilled the beans in a video posted on Facebook late on Thursday night.
Dr Dre appeared to reveal details of the impending agreement in a video posted online by his friend, the R&B singer-songwriter and actor Tyrese Gibson.
Gibson says to the camera: “The Forbes List just changed. They came out, like two weeks ago, but they need to update the Forbes List.”
Dr Dre, whose real name is Andre Young, appears in the background and says: “The first billionaire in hip hop…”
Although he does not mention Apple, Gibson’s caption for the video, which has now been removed from the social networking site, did name the tech giant. “How did I end up in the studio with Dr Dre ON THE night his deal went public that he did with Apple 3.2 BILLION!” he wrote.
If the deal is completed, it would be by far the largest purchase in Apple’s 38-year history.
Beats is known for its large, bright headphones, offering a bass-heavy sound – and costing between £170 and £390. Its Beats Music streaming service is subscription-only and would continue to differ from iTunes Radio, which is free.
The Apple “radio” service, which allows users to play any tune in the iTunes store, is currently available in the US and Australia, and is expected to be rolled out to the UK in the near future.
Apple has traditionally seen little need to buy technology from other companies, reflecting its confidence in its ability to turn its own ideas into revolutionary products such as the Mac computer, the iPod, the iPhone and the iPad.
However, it has not released a breakthrough product since its former chief executive and visionary, Steve Jobs, died in October 2011.
The innovative void has increased the pressure on Jobs’ hand-picked successor, Tim Cook, to prove he is capable of sustaining the success and growth that turned Apple into the world’s most valuable company and a beloved brand.


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Jeremy English, of Södra Wood Ltd, reflects on the government’s decision to restrict the use of combustible materials in the external walls of new buildings over 18m tall from last December.
In this article, chairman Heath Hindmarch explains why PSP Group made a radical decision and vast investment to overcome supply chain issues.
Newton Waterproofing has exclusively partnered with RASCOR International to bring the Switzerland-based company’s unique RASCOtank system to the UK.
Senior Architectural Systems is celebrating winning a top prize at the Construction Marketing Awards, for the launch of the company’s first ever ‘Aluminium Day’.
The MCRMA has published a new guidance document titled: Fasteners for metal roof and wall cladding: design, detailing and installation guide.
The following article outlines steps and different methods you can get stuck into to get your wooden flooring solid and secure.
Freefoam Building Products have launched a new video to illustrate how PVC roofline products work seamlessly as part of a wider home improvement offering.
Keystone Lintels have spoken with Ian Haldane, Group Managing Director, of the Haldane Shiells Group about how the Group has grown to be much more than a timber merchant.
Inadvertently contravening compliance and sustainability policies is the topic of discussion in this piece from Encasement.
Total Builders’ Merchants’ value sales to builders and contractors were down -0.8% in quarter three compared to the same period last year, BMBI stats show.


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Dave & Buster's Entertainment (PLAY) - Get Report shares traded higher Wednesday after the themed restaurant group posted stronger-than-expected fourth quarter earnings and comparable sales growth thanks in part to a new virtual reality game platform leveraging movies series such as Men in Black and Star Trek.
Dave & Busters said earnings for the three months ending on February 3, the group's fiscal fourth quarter, came in at 75 cents a share, down 11.8% from the same period last year but firmly ahead of the Street consensus forecast of 63 cents a share. Group revenues, the company said, rose 8.8% to $331.8 million while comparable store sales jumped 2.9%, one of the strongest readings for the company in six quarters and ahead of the 2.1% forecast.
Looking into 2019, Dave & Buster's said it sees operating earnings in the region of $285 million to $300 million from revenues that could rise to $1.4 billion over the fiscal year. The group plans to open between 15 and 16 new locations, with a capital spending allocation of $200 million, while forecasting comparable store sales that would be flat to around 1.5% higher than over the 2018 fiscal year.
"I want to emphasize as an organization, we remain focused on four strategic priorities, which include evolving our offering, improving our guest experience, effectively communicating our offering in value, and expanding a great brand," CEO Brian Jenkins told investors on a conference call late Tuesday. " Looking forward we are poised to deliver yet another year of record revenue and EBITDA performance, our proven business model, strong team, robust real estate pipeline and financial flexibility are competitive advantages that position us well for the future."
Dave & Busters shares were marked 3.9% higher Wednesday at $52.48 each, a move that would extend the stock's year-to-date gain to around 23.4%.
"Following its January preannouncement that was ahead of our expectations, PLAY's FY4Q18 performance exceeded even the high end of the updated guidance ranges," said BMO Capital Markets analyst Andrew Strelzik. "Against admittedly easy compares and aided by favorable weather/calendar shifts, amusement comps returned to mid-single-digit growth for the first time in six quarters and food/beverage comps surprisingly turned positive for the first time in two years."
Dave & Busters will launch its fourth virtual reality game, this time based on the Men in Black film series, later this year. Interim CFO Joe DeProspero said the ongoing shift towards simulation games had supported amusement margins, while CEO Jenkins said the platform was a "key differentiator" for the Dallas, Texas-based group.
"Looking at Q4, our new release Dragonfrost VR was an excellent addition to our VR offering and has performed well for us. At the same time, Jurassic World VR Expedition, Halo and Connect 4 Hoops also remained strong," Jenkins said.
"Our Q1 2019 slate includes several new proprietary titles available only at D&B. In mid-February, ahead of the release of the Captain Marvel movie we launched Marvel: Contest of Champions, featuring highly popular characters from the Marvel Universe," he added. "This title includes collectible cards, designed really to foster repeat play. And then just last week, we introduced Star Trek: Dark Remnant, our third VR title, further strengthening our library of VR attractions."


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A senior executive behind Macintosh computer software is leaving Apple as the culture-changing company rushes into a "post PC Era" in which iPads and iPhones supplant desktop computers.
Bertrand Serlet is ceding his position as senior vice president of Mac Software Engineering to Apple executive Craig Federighi, who will report directly to chief executive Steve Jobs, the company said in a release.
"I've worked with Steve for 22 years and have had an incredible time developing products at both NeXT and Apple," Serlet said in a statement announcing his departure.
"But at this point, I want to focus less on products and more on science."
Federighi has managed the Macintosh operating system team for two years and this summer's release of the latest version of the software, called Lion, should be "seamless," according to Serlet.
While Apple remains devoted to its Macintosh computers, it has grown into a "mobile devices" with its revenue coming increasingly from trend-setting iPad tablet computers and iPhone smartphones.
Jobs has repeatedly proclaimed the onset of a post personal computer era marked by a shift to sophisticated mobile gadgets used to do on the go computing or Internet tasks once performed sitting in front of machines.
Serlet, who holds a doctorate in computer science from the University of Orsay in France, joined Apple in 1997 and has been involved with releases of Tiger, Leopard, and Snow Leopard versions of Macintosh operating software.
For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.


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The Myrtle Beach Area Chamber of commerce will hold its Ambassador Meeting. For more information, visit the Myrtle Beach Area Chamber of commerce's website at www.myrtlebeachareachamber.com.
|Chamber Access - Maximize Your Membership sponsored by Express Employment Professionals||Tuesday, Mar 28, 2017 @ 12:00pm|
|Ribbon-Cutting Ceremony - Ultimate Pet Services||Thursday, Apr 6, 2017 @ 3:30pm|
|Ambassador Meeting||Wednesday, Apr 19, 2017 @ 7:00pm|


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- The WallStreetBets short squeeze allowed some companies to raise cash to improve their financial standing.
- Despite the rise in stock price, GameStop’s long-term position is still likely poor.
- If GameStop declared bankruptcy, shareholders would be unlikely to recoup any stock losses.
Despite its stock price peaking at $468.59 on Jan. 28, the company GameStop may still struggle long-term.
GameStop operated 5,509 stores in Feb. 2020 in the United States, Canada, Australia and Europe, according to documents filed with the SEC. The COVID-19 pandemic forced GameStop to permanently close about 500 stores, according to the Dallas Morning News. Despite making more of an effort to promote online sales during the pandemic, GameStop sales still decreased 27% in 2020 Q2 relative to the same period in 2019.
The raised stock price associated with the WallStreetBets short squeeze may allow GameStop to raise funds by selling shares, DailyFX analyst Peter Hanks told Screenrant. However, the potential increase in cash flow from the short squeeze does not change the fact that the company struggled to respond to the shift to online sales. Therefore, the underlying factors led business forecaster Kiplinger to suggest that “bankruptcy still is a longer-term possibility” for GameStop. (RELATED: ‘It’s Making Me Sick!’: Charles Payne Goes Off At Wall Street ‘Whining’ Over GameStop Stock Surge)
When companies declare bankruptcy, their actions are regulated by Title 11 of the United States Code. US bankruptcy law was last updated in 2005. The 2005 bill, which was spearheaded by Iowa Republican Senator Chuck Grassley and then-Delaware Senator and now-President Joe Biden, made it harder for individuals to declare bankruptcy in order to avoid paying back creditors, according to the Washington Post.
Bankruptcies can be declared in order to liquidate or reorganize an individual’s or company’s assets. A liquidation, or Chapter 7, bankruptcy requires that the individual or firm declaring bankruptcy sell any remaining assets that it holds to pay off creditors, according to Investopedia. Shareholders of a company declaring Chapter 7 bankruptcy may only receive assets from their stock purchases after the company pays off its creditors. In practice, shareholders almost never receive any money back from a company that declares Chapter 7 bankruptcy.
GameStop held $485.5 million in debt at the end of Q3 2020, while it held $445.9 million in cash on hand at the same time. Although we will not know the exact amount until its Q4 earnings report is released, it is likely that GameStop raised enough money from the stock price increase to avoid either Chapter 7 or Chapter 11 bankruptcy for the foreseeable future.
Chapter 11 bankruptcy, the other option for corporations, allows them to restructure their debt and pay off creditors. A corporation can stay in business after filing for Chapter 11 bankruptcy, according to Investopedia. For instance, when the NRA announced that it would move to Texas, the gun rights organization also filed for Chapter 11 bankruptcy protections.
Unfortunately for shareholders, like in Chapter 7, Chapter 11 bankruptcy often leads a company’s stock to become nearly worthless. Many companies undergoing a Chapter 11 bankruptcy issue new stock shares and give them to creditors as a way of paying off debt, according to the Motley Fool financial blog. As a result, the stock held by common shareholders becomes worthless. Out of 41 publicly traded companies that declared bankruptcy in 2009 and 2010 following the recession, only four gave money back to common shareholders, the Motley Fool noted.