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2017 KVAL Can Do! food drive benefiting FOOD for Lane County | Wednesday, April 12
EUGENE, Ore. - Join KVAL for the Can Do! food drive to help FOOD for Lane County meet the demand for food in our community.
We'll be broadcasting live, so stick around to meet the KVAL News crew - or wave at the cameras!
You can also donate from your mobile phone: Text "KVAL" to 41444 to make a donation.
Or make a donation online as part of the Can Do! food drive.
Most Wanted Foods
You know you want to help FOOD for Lane County on Wednesday, April 12, as part of the KVAL Can Do! Food Drive.
But which foods will do the most good? | MOST WANTED FOODS LIST
The need is great; so is your generosity
The 2016 Can Do! food drive gathered enough food and cash to provide 33,571 meals.
How prevalent is the problem of hunger?
Oregon's hunger rate remains unacceptably high. 16.1 percent of households in Oregon lack consistent access to adequate amounts of nutritious food (food insecurity). Chronic and persistent hunger remains an issue that we need to address. (USDA Household Food Security in the U.S., 2014)
More than one in three Lane County residents (41%) is eligible for emergency food assistance. (living at or below 185% of the Federal Poverty Level)
Oregon has a high childhood hunger rate (26%) (Feeding America). In Lane County, 53% of the children qualify for free/reduced school meals (Oregon Department of Education).
Lane County's unemployment rate is improving (5.0% in February 2016). Despite the improving job picture, the level of need is not decreasing. The unemployment rate only reflects people getting benefits and does not count people whose benefits have expired and are still looking for work. Most people don't access emergency food services until other resources have run out. The unemployment rate also doesn't include people who are no longer able to work.
What effect does hunger have on people?
66% of food boxes recipients worry about where their next meal is coming from. They live with the constant stress of trying to make ends meet.
14% of recipients cut the size of their children's meals or skipped meals because there was not enough money for food.
36% have watered down food or drink to make them last longer.
60% of recipients also get SNAP (Supplemental Nutrition Assistance Program).
Who in our community experiences hunger?
57% of recipients are working, retired, or have a disability that prevents them from working
60% have someone in their household that has been unemployed during the last two years
21% of recipients have someone in their household with diabetes.
What are the impacts of FOOD for Lane County's programs?
The emergency food box program fills the gap. Through the work of 30 non-profits and churches that run an emergency food box program, people can access a three to five day supply of food. Seventy-three percent (73%) of people receiving food say that when they add the food they get from the pantry to their other food supplies, they are able to meet their food needs for the month. Not only that, food boxes made it possible for them to prepare healthier meals (56%), pay utility bills (33%), or pay their rent or mortgage (28%).
50% of those who are eligible for food assistance in Lane County are accessing food boxes.
Seniors eat more nutritious food and have more money left over for other necessities. With the help of a delivered box of grocery staples through our Senior Grocery Program, 42% of program participants report that they consume more fruits, vegetables, lean protein, and calcium. There are fewer times that they run out of money to buy food by the end of the month.
Youth eat more fruits and vegetables. After participating in our Youth Farm program, 97% of participants report that they and their families eat more fresh fruits and vegetables since learning at the gardens.
Produce Plus gets fresh produce to the community. With the produce available through nine Produce Plus program sites, people have access to fruits and vegetables they wouldn't otherwise: 94% of participants eat more fruits and vegetables as a result of participating in the program, and 85% have more food at each meal.
Diverse populations have access to food. Due to the efforts of our Multicultural Outreach Program, the percentage of food box recipients who self-declare as Hispanic/Latino has risen to 11% (up from 6% in 2010).
The Mobile Pantry reaches two new communities. The mobile pantry program provides food to households that lack emergency food assistance. Local communities engaged with the mobile pantry through becoming a host site and volunteering, then applied to partner with FFLC and take over the site as a permanent pantry or supplemental program. Access of food to clients became permanent in these communities.
Food helps build community. Conversations with Extra Helping participants at thirty-six housing sites reveal that the food is vital to their monthly budget and that they also appreciate the connection with their neighbors. Some sites have gardens, Summer Food Programs, kids' clubs, and other activities.
Adults learn to cook and shop on a budget. After participating in a Cooking Matters class, participants increase knowledge and gain practical skills to stretch limited food budgets and prepare nutritious food for themselves and for others. Fourty-four percent of class participants increased their homemade meals using basic whole ingredients. Fifty-three percent of participants on grocery store tours learned to find the best deals through comparing prices.


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Pinchos Bar will open with a special invite only night on November 11 before an official unveiling.
The bar, on the corner of Scot Lane and High Street, has taken shape over the last year in premises formerly used as by jewellery store HL Brown.
The business will serve a wide variety of gins as well as cocktails and is run by the same people behind Doncaster Wool Market Asian food stall Indian Street Hawker.
The venue is currently hiring for a number of roles, with jobs advertised on its Facebook page, which can be found HERE
A spokesman said in a post: “We are looking for some talented people to join our team.
"Fancy showing the magic behind the counter and bringing a smile to our customers? Message us.”

domain: news


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Revenue in the three months ended in April rose 5%, year over year, to $12.1 billion, yielding EPS of 54 cents, excluding some costs.
Analysts had been modeling $12.06 billion and 53 cents per share.
Cash and equivalents at quarter’s end rose to $54.4 billion from $53 billion, after the company paid out $1.1 billion in dividends and bought back $1 billion of its stock, it said.
CEO John Chambers, who announced last week he will pass the reins to Chuck Robbins after 20 years running Cisco, remarked that “I am extremely honored and proud to have led Cisco for the last 20 years and to get us to this positive inflection point.”
Added Chambers, “We have a tremendous opportunity to extend our lead in the industry, and with Chuck Robbins as the CEO for Cisco’s next chapter, we have exactly the right leader to capture that opportunity. I could not be more confident in our future.”
Chambers reflected on the state of the business:
Cisco is in a very strong position and we delivered another solid quarter. Our vision and strategy are working and we are executing very well in a tough environment, as evidenced in our revenue growth, profitability, strong gross margins and cash generation. Our customers feel the pace of change and disruption in every industry and market, and know their success depends on digitizing their business. Whether they are the disruptor or the incumbent, they are coming to Cisco as their strategic partner. We believe we are pulling away from our competition using the same formula we’ve always used: integrating our industry-leading products in every category into architectures and solutions that deliver real outcomes. We’ve created this opportunity and it is ours to execute.
Cisco management will host a conference call with analysts at 4:30 pm, Eastern time, this evening, and you can catch a webcast of it on the company’s investor relations home page.
Cisco stock is down 18 cents, or 0.6%, at $29.17, in late trading.
Update: On the call, Cisco forecast revenue this quarter to rise by 1% to 2%, year over year, and forecast EPS of 55 cents to 57 cents. That is right in line with consensus of 2% growth and 56 cents a year.
Cisco stock is now down 20 cents, or 0.7%, at $29.15
Nvidia (NVDA) shares closed down $1.66, or 7.4%, at $20.83, after the chip maker yesterday afternoon missed fiscal Q1 expectations, and forecast this quarter’s revenue lower as well, but expanded its capital returns program, including raising its dividend.
The company was upbeat about its success in high-end gaming and other GPU uses, and in the emerging market for various smart car applications, including display graphics for in-vehicle information appliances.
However, the generally weak PC market weighed on the results and outlook, with CFO Colette Kress noting “What we see going into Q2 is a very soft market with the PC OEMs, and we do see probably a seasonal decline.”
The company also detailed some exceptional items, including the cost of two lawsuits for patent infringement, against Samsung Electronics (005930KS) and Qualcomm (QCOM), which are expected to cost Nvidia $70 million to $90 million this fiscal year, it said; and the details of the expected cost savings from shuttering its Icera modem unit, announced earlier this week.
The company indicated to analysts it expects that the large spend on litigation will bring a worthwhile return on investment.
Asked about a possible sale of the unit, which Nvidia said its open to, CEO Jen-Hsun Huang said the companyh had “just started that business” and “so we don’t have much to report at this time.”
The sell side seems fairly positive on the return of capital, and bulls are upbeat about progress in automotive and gaming markets; the bears, as you can imagine, are fixed on the company’s continued exposure to the PC market.
Estimates and price targets are coming down here and there.
Hans Mosesmann, Raymond James: Reiterates a Strong Buy, and a $27 price target. “business. Management was unambiguous regarding continued strength in Gaming, Tesla (datacenter acceleration seeing >50% y/y growth), and Auto. It sounded to us that with channel inventories lean today, expectations for normal seasonality in 2H (per management) seems reasonable off a low base, helped not only by Win10 but also 4K displays and VR (virtual reality) hitting the market. The Street will applaud the exit from the Icera modem business, with positive operating expense implications for 2H16 [...] We are cutting our FY16 GAAP EPS estimate to $0.84 from $1.14, reflecting the near-term PC and FX headwinds outlined above, as well as higher operating expense assumptions including litigation expenses (~$80 million in FY16). For FY17, our GAAP EPS estimate moves to $1.20 from $1.30 as we model high-single digit top-line growth off a lower base.”
Sanjay Chaurasia, Nomura: Reiterates a Buy rating, but cuts his target to $23 from $25. “European currency weakness and an air-pocket ahead of Windows 10 launch are impacting the Q2 guide. We are modeling GPU to decline 15% qoq and Tegra to grow 1% in FQ2. Post-FQ2, PC OEM revenue would be reduced to 10-13% of sales from high-teens [...] Seasonal decline (down 6-8% qoq) in gaming in FQ1 indicates that PC gaming remains decoupled from PCs, which declined 15-16% in Q1. We expect gaming and auto to grow in the near-term and see margin accretive upside from HPC and GRID in the coming periods.”
Rajvindra Gill, Needham & Co.: Reiterates a Buy rating, and a $27 price target. “As we previewed, NVDA’s lower sales outlook was affected by the depreciating Euro and ongoing softness in the PC market. NVDA was not alone in citing FX issues: virtually every semi company this earnings season noted FX issues leading to demand destruction across several end verticals. The good news is the Euro is starting to appreciate and we see several growth drivers for NVDA in the C2H — gaming, auto and cloud-computing ramps. In addition, the exit of the Icera modem business has led to OPEX savings and NVDA is expecting OPEX to remain flat Y/Y, exlitigation.
Moreover, NVDA increased its dividend by 15% and capital return program by
$200MM to $800MM, thus providing downside protection. We see $1.60 of long-term earnings power for NVDA, ex INTC royalty.”
Ian Ing, MKM Partners: Reiterates a Neutral rating, and a $24 price target. “While we predicted the strength in NVDA’s gaming and automotive Tegra segments correctly in our preview, we underappreciated the company’s exposure to PC OEM weakness [...] It turned out that it is very much exposed to weakness at PC OEMs. NVDA’s OEM & IP segment fell by 38% y/y to $218mn (~19% of total revs). Management attributes PC weakness to demand destruction from a strong dollar, as well as a delay in orders as the Windows 10 launch date approaches (anticipated to be in late July). While we correctly anticipated the strength in Gaming by looking at ASPs in the retail card market (NVDA’s Gaming segment was up 25% y/y), we note that with the anticipated launch of AMD’s (Neutral, $2.32, $3.20 FV) R9 300 GPU family in late C2Q, NVDA might have reasonable competition in the retail GPU market until it launches Pascal in 2016 (NVDA’s Maxwell currently dominates the market).”
Blayne Curtis, Barclays: Reiterates an Equal Weight rating, and a $20 price target. “No specific segment guidance was provided but we project a sharp decline in GPU (down midteens) and Tegra flattish. GM (56.0%) are guided down slightly Q/Q (mix) while Opex is projected higher than expected (non-GAAP expected flat Y/Y in FY16) even excluding anticipated Icera restructuring costs in the $100-125M range (largely in FY16). Net net, this yields implied GAAP EPS of $0.11 to $0.14, well below Street $0.26.At current levels we remain on the sidelines pending further indications of material revenue in these new markets and clarity on the LT license situation.”
Ross Seymore, Deutsche Bank: Reiterates a Hold rating, and a $19 price target. “Not immune to PC headwinds. NVDA delivered decent 1Q results but guided significantly below expectations for 2Q, as headwinds in PCs and to a lesser extent its Enterprise level products emerged. While the company has invested to diversify its business outside of the PC realm, this guidance once again reminds us that the co remains heavily PC exposed (Gaming or otherwise). Consequently we lower our ests and when combined with a full valuation, we maintain our Hold rating and $19 target.”
James Covello, Goldman Sachs: Reiterates a Sell rating, and trims his price target to $19 from $20. “Nvidia attributed weaker guidance to FX and weaker demand in Europe in particular, and we believe its core gaming market could decelerate in 2015 following a very strong 2014. In addition, Nvidia’s licensing agreement with Intel is set to expire in 1QFY18 (last cash impact in Jan. 2016, last P&L recognition in April 2017), and our case studies suggest that stock multiples compress in the 12–18 months before binary licensing events.”
Shares of chip maker Nvidia (NVDA) are higher in late trading by 64 cents, or almost 3%, at $21.85, after the company this afternoon reported fiscal Q1 revenue that missed analysts’ expectations, met expectations on the bottom line, and forecast this quarter’s revenue lower, and said it boosted its program of capital returns.
Revenue in the three months ended in April rose 4%, year over year, to $1.15 billion, yielding EPS of 33 cents.
Analysts had been modeling $1.16 billion and 33 cents a share.
Gross profit margin was 56.9%, on a non-GAAP basis, a new record, the company said.
Regarding the shutting down of the company’s Icera modem business, announced earlier this week, the company reiterated that it is open to selling the technology, and said it will have restructuring charges of $100 million to $125 million during this fiscal year.
The wind-down should benefit Nvidia’s non-GAAP operating expenses in the second half of this year, it said, “and the company will carefully invest in its growth initiatives of deep learning, self-driving cars, and gaming.”
Nvidia said its board of directors raised the company’s quarterly dividend to 9.75 cents per share per quarter from a prior 8.5 cents. It said it also increased its total capital returns expected this year to $800 million from $600 million, while extending a repurchase program through 2018 by $1.62 billion, to $2 billion in total.
CEO Jen-Hsun Huang remarked,
The importance of visual computing is evident all around us. Our expertise in this field enables us to take a leading position to advance deep learning, virtual reality and self-driving cars. Our singular focus on visual computing is aligned with some of the most exciting growth opportunities in computing today.”
Revenue this quarter is expected to be $1.01 billion, plus or minus 2%, the company said, while margins are expected to be in a range of 56%, on a non-GAAP basis.
That revenue outlook is below consensus for $1.18 billion.
In a companion document posted online, the company’s CFO, Colette Kress, noted that the company’s graphics chip, or “GPU,” revenue was up 5% from the prior-year period, and down 12% from the prior quarter, at $940 million, with gaming notebooks contributing “well above year-ago levels,” but revenue from “Quadro” products declining.
Kress said revenue in the company’s “Tegra” family of mobile processors rose 4% from a year earlier and 29% from the prior quarter, helped by sales into automotive systems and the company’s “SHIELD” gaming machine.
Rod Hall of J.P. Morgan today reiterates an Overweight rating on shares of Apple (AAPL), writing that “prudent investors” should try to get a clearer understanding of what Apple faces if a European Commission investigation of the company’s overseas tax situation goes against Apple.
Apple shares are up 75 cents, or 0.6%, at $125.26, this morning, and part of that may be because Hall concludes the impact to earnings would be a mere 10% on an ongoing basis, as a result of a higher tax rate, which he thinks is not that big a deal.
As was noted in the company’s form 10-Q for the March fiscal Q2, Apple is facing a formal inquiry that could lead to the governement of Ireland collecting back taxes from Apple.
Writes Hall, Apple’s language in its most recent conference call extolling its accomplishments in Europe — it has created lots of money for developers in Europe, it’s building big bigger data centers in Europe — suggest something may be afoot.
“We doubt that this focus on Europe is coincidence given the ongoing EC investigation of Apple’s Irish tax structure that began in June 2013,” writes Hall. “We believe recent disclosures may be leading up to a significant decision point by the EC on the case.”
Hall briefly reviews the situation of Apple’s subsidiaries in Ireland: AOI, which in turn has sub-members:
Through an Irish tax entity Apple, like other major corporates, has shielded itself from taxes for a large part of its overseas earnings. This is effectively accomplished via AOI or Apple Operations International which is an un-taxed entity. AOI has this special status because of a peculiarity in Irish tax law (some say there by design) which only taxes entities based on where management control resides. The structure is more complex than this with multiple other Irish entities involved including Apple Sales International (ASI) and Apple Operations Europe (AOE).
The AOI entity gets paid dividends, he explains: “From 2009 to 2012, AOI received $29.9bn in dividends from lower-tiered offshore affiliates, AOE and ASI. According to Apple, AOI’s net income made up 30% of Apple’s total worldwide net profits from 2009-2011.”
Here’s the infographic for the structure of offshore entities:
Then, Hall “follows the money,” as they say, explaining his “best guess” of how money flows between the different entities of the Apple European operations:
We believe that ASI contracts with Foxconn to assemble finished Apple products. According to the US PSI report, ASI is the initial purchaser of all goods intended to be sold in the EMEA, India and APAC regions. Once ASI takes initial title of the finished goods, we believe that it resells the goods to the appropriate in-region distribution entity, in most cases without taking physical possession of the goods in Ireland. For sales in Europe, for example, we believe ASI purchases the finished products from Foxconn and sells them to ADI (Apple Distribution International). ADI then resells the products to local Apple retail subsidiaries and/or third-party resellers. For sales in the APAC region, ASI sells the finished goods to Apple Singapore, which again then re- sells them to Apple retail subsidiaries or third party resellers. Only a small percentage of Apple’s manufactured products ever enter Ireland. Rather, we believe title is transferred between Foxconn and ASI while the products are directly shipped to the eventual country of sale. In the end this arrangement results in very little tax being levied against Apple’s non-Americas profits due to the specifics of the Irish structure.
Here’s the money-flow diagram:
Hall sees ASI and AOI not paying taxes to the U.S. nor to Ireland for most of the proceeds of, say, the iPhone:
When adjusted for these costs, ASI’s operating income on our illustrative iPhone sale is ~$384. Of this $384, ASI pays some portion as a dividend to AOI and we believe it retains the rest. ASI is not a recognized entity by the US tax authorities (due to a provision called ‘check-the-box’) and it ends up paying no tax to the US on its income. Also, as AOI is a non-taxable entity for the US, the dividend income it earns from ASI is also not taxed in the US. Based on available documentation, it appears that ASI pays taxes to Ireland based only on income generated in the country and that the bulk of international profits fall into limbo with little tax being assessed.
Hall deduces “only ~1% of ASI+AOE’s total revenue (as stated in Apple filings) is reported to the Irish tax authorities and only 0.4% of total ASI+AOE EBT was reported for tax in 2011 with data suggesting a similar outcome in 2012.”
Here’s the infographic:
The crux of the matter is how the ASI division’s sales rose while its operating costs didn’t rise by a comparable amount:
The reported Sales income of ASI increased by 415% from 2009-2012 to $63.9bn. For the same period, the operating costs as reflected by the taxable income (which represents around [8-18]% of operating costs of the branch according to the ruling of 2007) increased by [10-20]% [...] , the EC says that the sales increase and the operating cost increase don’t match and that this may point to an inconsistency in profit allocation to the Irish activities.
Hall concludes Apple could be up against a $19 billion bill:
Based on public filings we estimate that Apple generated ~$184bn in operating income outside of the Americas over the last 10 years (between June ’05 and March ’15) and had total cumulative unallocated expenses of ~$55bn. Assuming that these expenses are allocated in proportion to revenue generated outside the US, we estimate total EBT of ~$152bn outside of the Americas over the period. If the EC were to drive taxation of Apple’s non-Americas income at Ireland’s nominal 12.5% corporate rate this would imply a back tax bill of ~$19bn.
The “bigger issue,” writes Hall, is what the ongoing taxation would be.
He comes up with a scenario that seems, actually not that bad:
This scenario assumes that Apple would go from paying no tax on the 59% of EBT that we estimate is generated outside of the Americas to paying the nominal Irish corporate rate of 12.5%. We emphasize that we see this as an unlikely outcome given the fact that Apple has other tax optimization options globally. We also believe that, like most things in life, this will end up a negotiation between the EC, Ireland and Apple with a multitude of possible outcomes [...] This increases Apple’s effective tax rate to 33.6% from 26.3% and drives a worst case EPS impact of about 10% when compared to our F2016 forecasts.
Global Equities’s Trip Chowdhry, who has generally had a fervently positive view on Apple (AAPL) stock, today writes that the company has been squandering its cash as it boosts its capital returns to appease short-term investors, and that it needs to replace its CFO, Luca Maestri, to change course.
Chowdhry’s note comes two days after Apple announced an increase of $70 billion in its buyback program, planning to complete $200 billion over the next two years. The company will have to borrow more to pay for that, in addition to using what remains of its U.S. cash balance and utilizing cash flow from operations.
Chowdhry thinks the company’s heavy borrowing and focus on buybacks is wrong.
AMZN and GOOG miss estimates – Stocks up $55 and $19 – APPL beats estimates stock was down $2.09 after the announcement yesterday [...] Apple Beats on both the Top Line and the Bottom Line – but Stock down.
He also notes “old generation companies, with zero innovation trade at ~2x that of Apple,” citing Sherwin Williams (SHW), with an “Enterprise Value/Operating Income (2014) = 33x” and Starbucks (SBUX) with an “Enterprise Value/Operating Income (2014) = 32x.”
“Apple, the highly innovative company trades at half the above: AAPL – High-Technology – Enterprise Value/Operating Income (2014) = 11.5x.”
Chowdhry resolves this dilemma by laying it all at the feet of CFO Maestri,
Instead of addressing its discounted valuation multiple, Apple CFO, Luca Maestri, has doubled down on a “Borrow and Squander” policy of his unceremoniously replaced predecessor, Peter Oppenheimer. Ex-Apple CFO Peter Oppenheimer now on the Board of Directors of Goldman Sachs. Goldman Sachs has been managing Apple’s Debt offerings. Luca Maestri has increased debt from $0 to $35 Bil while the Enterprise Value/Operating multiple is now at close to its lowest at 11.5x. Investors are already making frequent comparisons between Apple and GM. Under CFO Fred Anderson, Apple’s EV/Operating Income multiples were in high 20s and Apple accumulated a vast Cash position.
Chowdhry concludes Apple should replace Maestri by either bringing back Anderson, who retired in June of 2004, being replaced by Peter Oppenheimer. Or else Apple should appoint Graham Smith, the retiring CFO of Salesforce.com (CRM), he thinks, “and return Luca to being the Principal Accounting Officer at Apple.”
The focus on Maestri on Chowdhry’s part as the main problem seems a bit odd; presumably, Maestri is engineering an intention laid out by both CEO Tim Cook and by Apple’s board of directors.
Shares of Apple (AAPL) are up 61 cents, or half a percent, at $129.22, following a boost from Stifel Nicolaus’s Aaron Rakers, who reiterates a Buy rating and a $150 price target, writing that iPhone numbers are rising based on China sales, the key “swing factor” for the March-ending fiscal Q2, in his view.
Apple is set to report results this coming Monday, April 27th, after market close.
Rakers raised his March-quarter number to 59.6 million from a prior estimate for 53.6 million, citing various factors including “checks” with the electronics supply chain:
We believe iPhone sales have been more robust than previously anticipated based on our supplier checks and our consistent tracking of highly correlated macro data points. On the demand side, we believe while total industry smartphone shipments in China are likely to come in lower vs. expectations for C1Q15 (with domestic shipments likely down 20-25% seq.), the iPhone 6/6s sold briskly in China; we would again highlight Kantar Worldpanel data illustrating a significant share iPhone share ramp over the past few months. While the June quarter is typically lower for iPhone shipments versus March (as consumers anticipate the release of a new phone in September/October), our checks with Apple’s suppliers indicate demand from Apple continues to be robust. While we leave our June quarter estimates at 42.3M units, we believe there is likely to be upside to our estimate. We believe investors will be particularly interested in the progression of Apple’s comment that the iPhone 6/6+ penetration was barely in the teens exiting F1Q15.
Rakers offers the following infographic of how Apple’s China sales have scaled since 2010, and sees more room ahead (click on the image to see it larger):
Rakers raises his estimates for Apple for the fiscal year ending September to $231.2 billion in revenue and $8.81 per share in earnings from a prior $227.2 billion and $8.61.
Rakers also notes his expected increase in Apple’s capital returns program:
With expected completion of its current capital return strategy exiting C2015, and given an anticipated continued strong FCF story ($59.96 billion on TTM basis ending F1Q15; +$40B for thirteen consecutive quarters), we believe Apple can support a 3-year capital allocation target into the +$150B range – including $110-$120B in share repo. We estimate the company to increase its quarterly dividend significantly to the $13.5-$14.0B/annum (~$2.30-$2.40/sh.; ~1.8% yield) vs. trailing 12-month payments at $11.2 billion. We believe investors could look at Apple’s potential dividend increase as a proxy for the company’s forward FCF expectations when considering Apple has averaged a dividend payout of ~23% of TTM FCF over the past few years. As a reminder, the company issued an additional $6.5 billion in debt in early February 2015 and exited the December quarter with $177.9 billion in cash and investments (~$20B held domestically).
Apple’s (AAPL) fiscal Q2 report is due a week from today, April 27th, after market close, which means it’s time for analysts to raise the curtain on expectations.
The Street will be looking both to an update on the capital allocation plan, and also some commentary about initial Apple Watch sales.
Two individuals weighing in this morning are Wells Fargo’s Maynard Um and Pacific Crest’s Andy Hargreaves.
The Street is modeling Apple to turn in $55.66 billion in revenue and $2.14 per share in earnings in the quarter, and perhaps to forecast $46.75 billion and $1.69 for this quarter, Q3.
Um, reiterating a Market Perform rating on the shares, and a $120 to $130 “valuation range,” expects a beat last quarter, with perhaps $56.2 billion and $2.21 per share, which will be “driven by strength in iPhone sales plus channel inventory fill to build in roughly an extra 2 weeks.” Gross margin might exceed Apple’s own forecast for 38.5% to 39.5%, perhaps coming in at 40.2%, though that could be high, he writes, depending on mix of iPhone configurations.
He expects an in-line outlook for this quarter, and is anticipating sales of Watch of 2 million units in the June quarter.
Um is modeling iPhone sales of 56.7 million, noting that he’s above the Street. FactSet consensus for iPhone units is 55 million. While Apple raised some prices in some regions, perhaps offsetting foreign exchange issues, he’ll be watching to see if that hurt sales at all.
Regarding capital allocations, Um writes, “We also expect Apple to announce a higher three-year capital allocation plan to the current expiring $130b plan, including an 8.5% dividend increase to $0.51.”
Pac Crest’s Hargreaves, reiterating a Sector Weight rating on the shares, raised his estimates this morning for the iPhone given what he sees as “solid demand and the likelihood for building inventory.” He now models 58.1 million, up from a prior 56.8 million
Expecting Apple to gain share from phones running Google’s (GOOGL) Android, Hargreaves raises his estimates for this year and next, to 226.2 million and 206.9 million units, respectively, from a prior 221.7 million and 201.2 million.
Hargreaves also raised his estimates for Watch, given the almost immediate jump in lead times after pre-orders on April 10th. He now expects Apple to sell 5.5 million units in Q3, up from a prior forecast of 4 million.
Hargreaves thinks Apple can make more than that, but there are a number of questions about actual production:
Based on our supply checks, we believe Apple may have cumulative production capacity of over 8 million units by the end of June. We are not raising our estimates to this level because the product is new, which creates risk that our supply checks are not capturing yield issues, over-ordering to secure capacity, or delays in production or shipment that would affect reported results. In our model, each 1 million Apple Watch units adds approximately $0.03 to EPS. So, if demand continues to outstrip supply and our supply checks prove accurate, Apple Watch could drive nearly $0.10 of upside to our F2015 EPS estimate.
Mind you, Hargreaves writes it’s not certain Watch will become mass-market, writing “it remains unclear whether the product can generate sustained success at a level that will be meaningful at Apple’s growth profile, which we believe would require adoption by a large portion of rich mass-market consumers.”
Another person weighing in today regarding Watch is Cowen & Co.’s Tim Arcuri, who writes that his digging suggests Apple is boosting production:
Recent field work in Asia indicates AAPL has built enough supply to ship ~5-6MM Watch units in CQ2 with channel inventory build of ~7-10MM units. This suggests that our 4MM shipment number for June is likely conservative, but we continue to feel good about our 22MM number for the full CY2015.
Also out today is Citigroup‘s Jim Suva, who was on CNBC this morning talking with Carl Quintanilla and company. Said Suva, “we think they’re going to beat consensus on the iPhone by 5 million units, with 59 million units” in Q2.
Suva launched into a laudatory disquisition, saying “They’re rolling out with new products, and we believe there’s more new products to come.”
For Apple Watch, he’s modeling 20 million units in the first year of availability, and pointed out “That’s 5% of the company’s iPhone installed base [buying the device]; If you say there will be 10% to 20% [attach rate], that makes it much richer.” Suva’s modeling 3 million units in Q3. He thinks Watch will “allow the company to show they are not just a phone company.”
Suva thinks over time, Apple will get credit for services such as Apple Pay and its “Passbook” application, “and things like that.”
Asked whether Apple can deliver his 3 million-unit-target for Watch, Suva replied, “If demand is outstripping supply, that’s a good problem to have!”
For the capital returns boost, Suva expects Apple to increase its dividend by 10% “at least,” and to boost its buyback plan from $90 billion to $120 billion.” Suva said he thinks that his own numbers are about in line with what most investors expect.
Apple shares are up $2.25, or 1.8%, at $127.
Shares of storage giant EMC (EMC) are higher by 4 cents, or $26.22, but were earlier up as much as 44 cents, apparently fueled by rumors that yet another activist investment shop, Starboard Value, may join the throng already trying to tell the company what to do with itself.
As RBC Capital Markets‘s Amit Daryanani, who has an Outperform rating on the shares, and a $30 price target, notes this afternoon, there are already three activists with their hands in EMC, Elliott Management, which holds 33 million shares of stock; GreenLight Capital, which holds 8 million shares, and Third Point, with 7 million.
Daryanani notes that Elliott has called in past for a spin-out of EMC’s 80% stake in VMware (VMW), while the other two have been mum on their designs/intentions.
But Daryanani sees a continued press by such types:
We wouldn’t be surprised if there are more activist and regular investors that could push EMC to be more shareholder friendly and “pay” investors either via a large and consistent buyback or material uptick in dividend to wait for the 2018 timeframe, when the long-term model of – Mid single digit sales, double digit EPS growth should start to show up.
Daryanani notes investor frustration he’s observed:
Since the Analyst day on 3/10 we have sensed increased frustration among investors regarding EMC stock. The concerns are largely around 1) organic revenue and margin degradation assumed within EMC’s long-term road-map, 2) Discussion of large cost take-out centric deals, 3) The extent of EPS headwind from investments in the growth initiatives and 4) lack of desire by EMC to improve their FCF allocation to shareholders given they are asking investors to be patient through 2018 for the long-term model to transform.
Note that others on the Street have occupied themselves building a case for EMC making acquisitions of various tech peers.
Shares of Google (GOOGL) are up $11.22, or 2%, at $576.59, after the company this morning announced it has hired Ruth Porat, the chief financial officer of Morgan Stanley to be its new CFO, replacing Patrick Pichette.
Porat, 58, has been CFO at Morgan since 2010, and was vice chairman of investment banking from September 2003 to December 2009, and head of the firm’s Financial Institutions Group from 2006 through 2009.
Google CEO Larry Page remarked that “We’re tremendously fortunate to have found such a creative, experienced and operationally strong executive,” adding “I look forward to learning from Ruth as we continue to innovate in our core—from search and ads, to Android, Chrome and YouTube—as well as invest in a thoughtful, disciplined way in our next generation of big bets.”
He also thank Pichette for “his seven super successful years as CFO.”
An interesting question with this naming of a financial industry-CFO is whether it hints at something brewing for the capital returns program. My colleague Andrew Bary wrote three weeks ago in Barron’s print magazine that it’s time for the company to start paying a dividend and repurchasing stock. Could this be a sign something is imminent?
Shares of analog and mixed-signal chip maker Maxim Integrated Products (MXIM) closed down 14 cents, or 0.4%, at $36.05, despite an initiation of coverage today by Srini Sundararajan of Summit Research at Buy, with a $42 price target, based on its acquisition potential, financial improvement, and a “stellar” dividend yield of 3.1%.
Sundararajan’s focus is more on the fundamentals than on M&A, but he writes, In the current M&A season, MXIM makes for an attractive acquisition target given its financial heft plus its penetration into growing segments.”
Writes Sundararajan, the company has outlined a plan for cutting both product and operating costs:
1) Closure of San Jose fab: annual ~$40M/yr. savings to be realized in 1.5 years;
2) Streamlining of Opex to cut $10M/quarter to be realized by C2Q15; and
3) No R&D spending on consumer MEMS and touch businesses, $3M-$4M/Q.
He also sees a path to improving gross profit margin:
Rising utilization rates as well as lower capex levels to 3%-5% (from 8%-10%) of sales should also help in improving GM (as the depreciation component of COGS should be less). Net-net, GM could improve by 3%-4% closer to its long-term target of 61%-64% due to: a) improved utilization; and b) closure of its San Jose fab. On OM, the target is for 30%, by growing revenues while keeping costs at current levels. With restructuring initiatives, expenses will likely go down 7%-10%.
The result of all that is “we see a way for Maxim to have gross and operating leverage over the next 1.5 years, for a margin expansion story followed we think by a multiple expansion story.”
In past, the company was too reliant on Samsung Electronics‘s (005930KS) mobile business, but that’s changed, he writes, with a more balanced mix of business, including inclusion in Apple‘s (AAPL) forthcoming Apple Watch:
MXIM had a high dependence on Samsung, plus a too-high expectation on Samsung’s Galaxy Series. However, Samsung’s share of revenues has fallen from 28% to 13%-15%. Relatively, expectations are low for Samsung’s GS6 and Apple’s iWatch (for 2015, GS6: 55M to 60M units; Apple watch 20M units content $3 to $5 per watch), and any upside will help. In addition, MXIM likely has ~$2 of content per iPad, and an iPad Pro release in 2H15 will be a tailwind. In the future, as smartphones become interfaces for health metrics, a potential iPhone entry could be an upside. Furthermore, Internet of Things (IoT) proliferation will create additional opportunities.
Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: email@example.com.


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Tiger Woods’ main sponsor Nike say they are looking forward to the player’s return to golf after he announced he was taking an indefinite break to repair his troubled marriage.
Woods admitted he had been unfaithful to wife Elin and would now take time off to spend time with her and their two children in a bid to keep the family together.
Woods’ wholesome image has taken a huge battering in the two weeks following a car crash outside his home, with a string of women coming forward claiming to have had affairs with the world’s number one golfer.
It was feared it may have an impact on his marketability but sportswear firm Nike, who signed a multi-year contract with Woods in 2006, are standing by their athlete.
“He is the best golfer in the world and one of the greatest athletes of his era,” Nike spokeswoman Beth Gast said in a statement.
“We look forward to his return to golf. He and his family have Nike’s full support.”


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Yesterday, Apple treated the world to a trio of shiny new iPhones, and while it’s nice to see Apple lean into the big screen trend with the iPhone Xs Max and provide an (almost) bezel-less phone with Face ID that’s actually kind of affordable in the iPhone XR, something big things were happening behind the scenes.
In the midst of all those announcements, Apple quietly removed three of the most important iPhones in recent history from its online store, including the iPhone SE.
When the iPhone SE came out in the autumn of 2016 it was a big deal because, even though the phone wasn’t particularly innovative, the idea of a new, purpose-built midrange device from Apple that started at just $679 was more than a welcome idea.
And in today’s world of $1000 phones, the SE — whose price had fallen to $549 in recent times — served as the lone bright spot for people who only wanted to buy a cheap iPhone.
Now the only way to get a less expensive iPhone is to wait for newly-announced devices to get old. That’s a potentially worrying trend, because it implies that if someone doesn’t want to drop $1000 or $1300 on device, they don’t deserve to own brand new stuff.
Yes, technically you can still buy a “new” iPhone 7 from Apple, and with a new starting price of $749, it isn’t all that expensive. But if you think a phone that first debuted back in September 2016 is new, there’s a bunch of car makers that would probably love to talk to you.
But more than that, the iPhone SE was also a solid pick for people who just wanted a truly small device, and with a case that was based on the iPhone 5s, the SE was the last of Apple’s handsets with a sharp-edged, less pebble-like design.
However, in recent years, the iPhone SE, along with the Mac Mini, the iPad Mini and the MacBook Air, had become one of Apple’s most neglected products, with it essentially not getting a single update or refresh since 2016.
And that’s really a shame, because with the addition of a Face ID up top and a slight reduction in its bezel size, Apple had the opportunity to turn the iPhone SE into the iPhone XE as a sort of one-two combo alongside the iPhone XR.
OK, maybe that’s just a bit of conjecture from someone who has long thought the iPhone SE could have been something so much better. In fact, there was never any evidence that Apple had bigger ambitions for the iPhone SE. For all we know, the SE was just a quick fix to help turn excess iPhone 5s bodies and A9 chips into extra revenue.
But now we may never know, because the SE is dead, gone from Apple’s online store, not even available as a refurbished unit. And alongside the iPhone SE, the iPhone 6s and the iPhone X have gotten the axe as well. As the last iPhone to sport a headphone jack, whether you like it or not, the passing of the iPhone 6s firmly cements Apple’s commitment to a wireless audio future. There’s simply no way back now.
Meanwhile, the death of the iPhone X isn’t quite as big of a deal, as its legacy of Apple’s first phone with FaceID, a slim bezel design, and of course, that notch clearly continues on in the iPhone XR, Xs and Xs Max. And as the phone that was built in part to celebrate the 10th anniversary of the original iPhone, I suppose it makes sense that the iPhone X’s one-year run means it will be end up as the shortest-lived iPhone ever.
So there you have it. Just as three new iPhones have arrived to join Apple’s lineup, three more iPhones have been rotated out. RIP to the iPhone X, the iPhone 6s and the iPhone SE.
The Cheapest NBN 50 Plans
It’s the most popular NBN speed in Australia for a reason. Here are the cheapest plans available.


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Local business owner Judy Capertina will serve as a guest panelist for American Business Women’s Day.
“There are some incredible women out there that have awesome business minds and business skills,” she said. “This particular meeting is going to be really good because it brings out a lot of issues that we as women come across when trying to start up a business or continue on with it and how we learn to deal with different things.”
Capertina is founder and owner of Haole Girl Island Sweets, offering farm-to-table products.
“You kinda have to create your own niche, you can’t just go and do the same product like everybody else,” Capertina said. “So I basically created my own brand, using all natural local ingredients.”
Capertina, along with other Hawaii business owners, will be participating in American Business Women’s Day on Sept. 22 on Maui.
To mark the occasion, the Maui Business Brainstormers is bringing together a panel of eight successful women from Hawaii, Oahu, Maui and Kauai to share lessons they have learned about the business.
“We reached out to many Kauai organizations and ended up choosing Judy Capertina for the panel because she has been doing a lot worldwide,” said event organizer Grace Fung. “We picked her because of her accomplishments as a woman who chose Kauai as home. She is also a very humble person.”
Capertina has created culinary confections for nearly four decades. She was executive pastry chef at the St. Regis Princeville Resort and worked with five-star resorts across the nation. She has also been televised on the Food Network and featured in multiple publications.
“I decided to totally get out of the corporate end and do farm-to-table, and it’s been amazing. There’s been a big transition on the island in the last several years,” she said.
The female brainstorming panel will include Melanie Marrero, CEO at Maui Brewing Company, and Diane Haynes Woodburn, publisher of Maui No Ka ‘Oi Magazine, among others.
“It’s an excellent opportunity for us to share a lot of insights,” Capertina said.“Like revenues and cash flow, how to approach your marketing, your sources on materials, labor, all that.”
The meeting is scheduled on American Business Women’s Day nationally recognized celebrates the 1949 founding date of the American Business Women’s Association and commemorates the accomplishments of more than 68 million working women across the country.
“I just got called out of the blue; I was a little surprised,” Capertina said. “But I’m honored to be included on the panel. I think it’s an excellent idea.”


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American fish farmers claim there's no such thing as a vietnamese catfish the rest of the world would disagree.
The extent and consequences of renaming and mislabeling seafood, the state of current legislation, and to the chagrin of us fish farmers, vietnamese catfish. Vietnamese pangasius processors gearing up for usda inspection pangasius is now more popular than channel catfish and, if renamed “catfish,” the industry.
Alarm bells ring over vietnam catfish exports quality than american catfishes if vietnamese pangasius catfishes are renamed into catfishes,. The catfish dispute started in 2001, as a trade war between vietnam and the united states' catfish producers the main argument concerns the import volume .
The us department of agriculture issued new rules for catfish suppliers on mostly from vietnam, to ensure they meet the same standards.
In essence, the dispute is simple: cheap imports of vietnamese catfish threaten to put united states' producers with higher costs out of. When the popularity of catfish moved from the south across the us in the but vietnam has flooded the us market with cheaper catfish,.


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A major deal between two well-known wearable companies may be in the works.
Fitbit is reportedly close to buying Pebble. The deal is currently in the closing stages, says Financial Times, with Fitbit paying a “low price” for Pebble. Sources speaking to The Information echo this report.
It’s unclear when the deal might be completed, but when it is, it’s expected that many Pebble employees will make the jump to Fitbit. However, production of future Pebble smartwatches “is in doubt.”
Pebble made a name for itself in 2012 when the Kickstarter for its first smartwatch earned $10.2 million. Since then, we’ve seen Pebble smartwatches hit major retailers and Pebble has released several new devices, but the company never seemed to gain a ton of traction with the general public. Plus, Pebble has been facing stiff competition from the likes of the Apple Watch and Google’s Android Wear platform, both of which come from much larger companies.
Stay tuned for more on this news as we get it.


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Climate Advisers Managing Director Glenn Hurowitz appeared on Bloomberg TV to discuss the role of major traders like Singapore-based Wilmar International in creating a market for palm oil produced through deforestation and peatland burning.
Following the appearance, Wilmar CEO Kuok Khoon Hong wrote Hurowitz to announce that the company would not source palm oil from companies tied to illegal burning.
“In response to the recent haze, we further reinforce our stand by openly declaring that we will terminate our business relationship with any suppliers found to be flouting the law against forest burning. This is a strong demonstration of our effort to influence the industry.”
“Wilmar’s announcement today should help remove the economic incentive for forest burning, and they should be commended,” said Hurowitz. “The ready market for burn-based palm oil helped make this crisis possible. Wilmar’s announcement sends a message to the entire industry that the days of anything-goes sourcing are ending.”
You can watch Glenn’s interview here:
The announcement follows coverage early last week of Climate Advisers’ position that Wilmar did not do enough to discourage sourcing from burned forest land. Though Wilmar had frequently referred to a pledge not to burn forests for the palm oil it grows on its own plantations, that’s a drop in the bucket: worldwide, the company produces 1.8 million tons, but trades and processes 23 million tons. Their sourcing guidelines stated that suppliers should follow existing laws, but had little transparency or enforcement.
“Given Wilmar’s dominance of the palm oil industry, the company is uniquely positioned to lead the world toward a historic revolution that breaks the link between commodity production and deforestation,” Hurowitz said.
Wilmar’s announcement comes in the midst of an ongoing discussion about palm oil production. Forest advocates argue that significant concerns remain about sourcing palm oil from ultra-carbon rich peatlands and deforestation.
“Wilmar must continue this leadership by making their supply chain transparent, and allowing independent observers to verify their progress. Major consumer-facing companies like Kellogg’s that have bought from Wilmar want to know that their purchases aren’t driving destruction of the world’s forests and extinction of endangered species like orangutans. Wilmar shouldn’t just replace deforestation by fire with deforestation by bulldozer.”
Wilmar’s policy change was covered in an update by Businessweek, quoting The Forest Trust.


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The Czech government has approved the first phase of a canal that will connect the Danube and the North Sea, Czech Industry and Trade Minister Karel Havlícek announced on Monday, as Radio Prague International reported.
The total cost would be about 15 billion CZK and construction work could begin in 2030. Unlike the original plan, which aimed to connect the Danube, Oder and Elbe rivers, a study by the Czech Ministry of Industry and Trade relies solely on connecting the Danube with the Oder.
The first phase of the project involves improving the infrastructure between the Czech city of Ostrava and the border with Poland, where the future canal would connect the Polish section to Kozle, at the intersection of the Oder and Klodnica rivers.
Subsequently, this first section of the canal would be connected to the Danube. The original plan to connect the canal to the Elbe River appears to have been abandoned by the Czech Ministry of Industry and Trade because it was considered less economically viable.
Karel Havlícek stressed that the results of the studies show that the project is both realistic and beneficial for the surrounding region.
For example, it will provide easier access for local industry to European and global markets as well as opportunities for the tourism sector.


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Xybernaut Corp. (Nasdaq: XYBR) revived from an 11 percent dip Monday morning after it issued a statement saying that the drop in its stock price Friday was unmerited.
Shares in the maker of wearable computing and communications solutions were up 3/8 to 16 15/16. The stock got some positive attention recently after it posted strong sales growth in its fourth quarter.
Xybernaut blamed the drop in stock price on Friday to overblown concerns about the company's financial position.
In a Bloomberg article Friday entitled "Xybernaut Shares Decline 25 percent After Auditor's Warning," the news service said an outside auditor warned of "substantial doubt" about the wearable computer maker's ability to continue because of "continuing losses and need for more capital."
The company's stock had already fallen 5 7/16 to 16 9/16 in trading of 7.5 million shares, almost three times its three-month average daily trading volume before the article was released.
Auditor Grant Thornton LLP warned about Xybernaut's future in a letter dated Feb. 25. The letter was filed by the company Friday in its Securities and Exchange Commission annual report. Grant Thornton cited Xybernaut's "recurring losses from operations" and said the company, which has accumulated losses of $48 million, will need more cash to fund its operations.
In its annual report, Xybernaut said the company "has incurred significant recurring losses from operations since inception and will require additional capital to fund its operations and meet its ongoing obligations for 2000 and potentially beyond. Management believes they will be successful in their efforts to obtain such financing."
CEO Edward G. Newman insisted in Friday's statement that the loss warning was common in companies' filings, and has been in Xybernaut's reports since inception of the company.
A scan of Xybernaut's filings backs up Newman. In a November filing, Xybernaut cited the need for additional funding.
Xybernaut tried to reassure investors by saying the company has never been in a stronger position from a product, sales or cash position with a current $8 million cash on hand.
"We are not a company at risk, and we have a number of financing alternatives available to us to ensure that the company remains adequately capitalized. In fact, during the first couple of months of 2000 we have raised an additional $13 million," Newman said.
According to the Bloomberg article, funding arrangements for the $13 million Xybernaut raised so far this year was made partly through shares sold for well below market price. Xybernaut sold 647,500 unregistered shares in January for $2.46 million, for an average price of $3.80 a share -- less than half the $11.20 average weighted price for the 60.1 million shares traded in January, according to Bloomberg analytics.
Xybernaut's competitors include Palm (Nasdaq: PALM), Teltronics (Nasdaq: TELT) and Toshiba, according to Hoover's.


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Next year, August 1 will mark the 15thanniversary of Food Day Canada. Momentum for this event grows by leaps and bounds, some behind the scenes, and some very much in the face of Canadians.
They can see it celebrated coast to coast, when BC Place is lit in honour of food day, as well as the CN Tower and Niagara Falls. This year even Toronto Mayor John Tory proclaimed food day in our country’s biggest city.
Just when you think it can’t get much bigger, it does.
As well this year, there was an angle seen by few. In the late spring, a federal private member’s bill to declare a national local food recognition day tied to Thanksgiving failed to get past the Senate. The bill stalled with unusually little attention, and with no cheering one way or another from the agriculture sector.
It was in a tough spot. On one hand, it could hardly be faulted for getting behind anything from Ottawa that drew more attention to farming and food production.
But on the other hand, Thanksgiving was already being looked after by…well, by Thanksgiving. Agriculture realized the growing seasonis what needed to be celebrated across the country -- the way producers usher it in, the way chefs and restaurants present it, and the way consumers celebrate it. We’re collectively immersed in the growing season in August, when Food Day Canada is recognized, and so many fruits and vegetables are ready.
If there’s going to be a National Food Day officially declared by Ottawa – and there should be -- it should be in August.
This year, the August civic holiday weekend weather couldn’t have been better in southwestern Ontario for eating outdoors. We started breakfast on our back porch with peach and blueberry pancakes drizzled with maple syrup, and finished with a pork BBQ at my daughter and son-in-law’s farm near Thamesville.
It reminded me that summer is about access to food. And the take-home lesson is that food is about more than nutrition. Food has a huge feel-good factor that provides comfort and some measure of social unification during turbulent times – like the ones we’re in now. Municipalities need all the help they can get from initiatives that bring people together under a common theme, and food can do it.
But now that Food Day Canada has passed for this year, agriculture must keep its foot on the gas. Agriculture touches society daily, in a way other sectors don’t. That means it has multiple opportunities to remind consumers of the value it provides.
Unfortunately, it doesn’t have nearly enough financial or human resources available to do so. So it needs help from the likes of Toronto Mayor Tory, and federal agriculture and food minister Marie-Claude Bibeau, who used the August event to speak about instituting a national food policy.
That’s fine. Her perspective raises the profile of Canadian producers, who need all the help they can get. This year, besides late planting woes, there’s the unanticipated trade wars with the U.S., as well as sanctions that farmers face from China.
These sanctions have primarily hit canola and pork producers. But their ramifications are everywhere. Case in point: Marcel Rheault, co-proprietor of Rheault Distillery in Hearst, had lined up buyers in China last fall for his award-winning Loon vodka – at about the same time Canada detained Chinese business executive Meng Wanzhou at the request of the U.S. where she is wanted.
“After that,” he told me, “the business connections we’d made in China stopped sending us emails, and stopped answering ours.”
Canadians can be made to understand why agriculture and food in this country constantly needs their support and help, and why it’s in their best interest to buy Canadian. Says Food Day Canada funder Anita Stewart, food laureate for the University of Guelph: “For those who truly believe in our nation, shopping is a political act.”
Thank goodness for Food Day Canada’s role in reminding the country about agriculture’s many contributions – and the challenges it faces -- every day.


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What to make of the connection between soft drinks and cancer February 10, 2010Posted by Jolie McCullough in diseases, study.
Tags: cancer, pancreas, soda, soft drinks, sugar
Well, I took a long break over the winter, but I am back to provide you with thoughts on the most recent health research news! Today’s topic: How worried should you be about pancreatic cancer if you drink soft drinks regularly?
A recent study from medical journal Cancer Epidemiology, Biomarkers & Prevention says that having more than two sodas a week may double your risk to develop pancreatic cancer, one of the most deadly cancers in our society.
Mark Pereira, senior author of the study and associate professor in the School of Public Health at the University of Minnesota, said this could be because high sugar levels in soft drinks may increase the body’s insulin level; however, fruit juices had no effect in this study, which often contain a plethora of sugar.
It is fairly common knowledge that many juices contain just as much sugar as a Coca-Cola if not more. For example, one chart shows that 12 ounces of a Coca-Cola contains as much sugar as apple juice (10 tsp), and less sugar than grape juice (15 tsp).
So, if sugar is the reason, why don’t fruit juices increase the risk of cancer as well? It seems as if there are some variables that may have affected this study besides soft drinks.
Susan Mayne, associate director of the Yale Cancer Center and professor of epidemiology at the Yale School of Public Health, agrees that research on this issue may not be over yet.
“Although this study found a risk, it remains unclear whether it is a causal association or not. Soft drink consumption in Singapore was associated with several other adverse health behaviors such as smoking and red meat intake, which we can’t accurately control for,” she said.
Still, we all know sodas aren’t good for us, and it wouldn’t kill any of us to try to cut back a bit. Whether smoking or anything else affected the results, the truth remains that those who drank two or more soft drinks per week (averaging 5 per week) during the study had an 87 percent increased risk compared with those who did not.
And with pancreatic cancer, the risks are even greater. Although cancer of the pancreas is barely within the top 10 most common cancers in the U.S., it is the fourth deadliest since it has the ability to spread quietly. Most are not diagnosed until the cancer has already spread, making it nearly impossible to fully treat, according to WebMD.
So whether you’re convinced or not, it may be a good idea to keep this study in mind next time you pop open a Coke.


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Sunshine Cures COVID Blues
Gear Up for Adventure at SD Outdoor Shop
Most people would shy away from opening a business during a global pandemic, but Bobbi and Jeremy Schmidt barely hesitated before signing on the dotted line. The owners of South Dakota Outdoor Shop in Custer took the plunge in May 2020 amidst turmoil and uncertainty.
Their gamble paid off: business has been going so well, they’re expanding into a new building next spring. It’s quite the feat for a couple whose own outdoor experiences were limited.
Inching Their Way West
Growing up, neither Bobbi nor Jeremy were avid outdoor enthusiasts. Their first camping trips as a couple were basic.
“The little bit of camping we’d both done, we’d always just hung around the campfire all day — so that’s what we did,” Jeremy recalls. “In 20 years, we’ve learned a lot and fallen in love with it all.”
The Black Hills are sort of new to them, too. They have been Custer residents since 2015, though Bobbi, who grew up on a farm near Gettysburg, always dreamed of living there.
“The Black Hills were a family vacation spot,” she says. “I remember driving the Needles Highway with my parents, in the back seat, nose pressed against the window.
I told myself ‘don’t blink; you need to remember this so when you get back to the farm you can picture the whole thing.’ I was so enamored with the area!”
So much so that, when she first met Jeremy in 2000, she told him she planned to end up in the Black Hills and hoped he wanted to be there, too.
It took them a while to get there; they bounced around between Arizona; Jeremy’s hometown in Appleton, Minnesota; and both Redfield and Gettysburg before finally landing in the Black Hills for good.
“We slowly kept making moves further west,” Bobbi says. “This was always the eventual end game.”
March Madness Leads to May Opportunity
Bobbi was hired to manage South Dakota Outdoor Shop in January 2020 and quickly developed plans for the store.
“We came up with all these fun ideas and events,” Bobbi says. “Then March hit and we realized none of those things were going to happen.”
March, of course, is when COVID-19 was declared a pandemic. By the end of April, the store’s owners — both of whom had other businesses that needed tending — made the Schmidts a proposition.
“They said, if you ever wanted to buy a business in the middle of a pandemic, now’s your opportunity!” Jeremy says. “That happened on Friday. On Sunday, we said, okay … why not?”
Though owning an outdoor shop was never on their radar, the Schmidts had previously owned a fitness center in Redfield and missed the interaction with customers.
“I’ve always loved owning my own business and being part of a small community,” Bobbi says. “We loved all the fun festivities you get to be involved with in a small town and having roots within the community.”
The sale was finalized on May 15, 2020, and the store reopened six days later.
Too Busy to Dwell on Negatives
Opening the business then was challenging, but the couple never dwelled on the negatives. They just didn’t have time.
“It happened too fast to think about,” Jeremy says. “We were trying to get things ready to go and didn’t sit down long enough to really let what was going on sink in. Next thing we knew we were open, so we just dove in and went with it.”
South Dakota Outdoor Shop offers apparel and gear for outdoor enthusiasts, as well as bike rentals, trail passes, and kayak/paddleboard rentals. For visitors coping with the constraints of the pandemic, it filled a void.
“People would come in anxious and stressed out,” Bobbi says. “They’d come back after a couple of hours on a bike as a different person. Moving, being in nature, is good for your mental health. Being there for them filled me with gratitude. You realize that everybody is connected and we’re all in this together.”
The Schmidts rely on Golden West to help run their business, from phone service to internet for credit card processing. They even offer free Wi-Fi to customers who enjoy beer and wine on their patio.
“It’s nice knowing those things are consistent and allow us to communicate and do the business we do,” Bobbi says.
Bigger Building, Extended Season
Now that things are returning to normal, Bobbi and Jeremy are once again looking to the future. They’ll move into their new downtown Custer location in spring 2022 and have a
“We are hoping to grow our business in a way that helps the Custer community,” Bobbi says. “We need to figure outwhat Custer needs from us year-round so we can extend our season. We want to be in this for the long haul!


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Sheffield broker warns firms of the threat of cyber crime as one in ten small businesses fall victim
22nd October 2012
Sheffield broker IFM insurance is warning local businesses of the growing threat of cyber crime.
This follows research by insurer Hiscoxwhich revealed that 10% of small businesses had been the victim of a data hack. What's more the same research found that 90% of firms don't have a cyber crime insurance policy in place to protect them against the financial, business interruption and legal costs they would incur should they be struck by cyber crime. Last year a report by the government indicated that the cost of Cyber crime on UK business was £21bn. E-risks that businesses now face included theft of data, online identity fraud, loss of confidential information and hacker damage. Earlier this year in Sheffield, the Association of Chief Police Offices announced the creation of three regional policing e-crime hubs to tackle the growing threat of cyber crime. David Biggs, Managing Director of IFM Insurance Brokers said, -Cyber crime is a growing threat to all businesses and the tactics employed by hackers are becoming more sophisticated. So firms should evaluate their IT security and protection requirements to ensure they remain secure. Insurance is available to provide peace of mind and companies should contact their local broker for advice.


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San Jose, Calif. Five years ago Monday, Apple Computer CEO Steve Jobs unveiled the iPod, the company's most important product since the original Macintosh and one of the most successful consumer electronics products ever.
Only no one knew it at the time.
"I don't think Apple believed it would have an incredibly phenomenal hit on its hands," said Tim Bajarin, principal analyst at Creative Strategies, a Campbell, Calif.-based technology industry consulting firm.
But it did. And along the way, the tiny, cleverly designed gadget has revitalized Apple, helped usher in a revolution in the music and media industries, and become a powerful cultural icon.
Not bad for a device that when it was introduced cost $399, was about the size of a deck of cards, and was thought by many to be at best a niche product.
When Jobs unveiled the iPod on Oct. 23, 2001, at the company's headquarters in Cupertino, Calif., Apple was struggling. The company had just reported that its annual sales had fallen by one-third in its most recent fiscal year and its bottom line had dipped into the red.
What's more, Apple had almost no experience in the consumer electronics business, a notoriously competitive and often low-margin industry. And Apple was facing a slew of rivals who had already entered the digital media player market, not to mention consumer electronics giants such as Sony that were threatening to do so.
Yet not only did Apple succeed, it has come to dominate the market. The company sold 39.4 million iPods in its most recent fiscal year and accounts for about 75 percent of the U.S. market for such devices.
Thanks to its success with the iPod, Apple has gone from a struggling also-ran in the PC business to one of the most dynamic companies in technology. Its annual sales have more than tripled in five years to nearly $14 billion, and last fiscal year it posted a nearly $2 billion profit.
But the iPod phenomenon is about more than just Apple's recovery. It's also been an instrumental part of the move toward digital distribution of music, movies and other entertainment content.
Digital music files were already popular and the illicit trading of them was rampant by the time Apple introduced the iPod. But the device - especially after Apple paired it with its iTunes Music Store and made iTunes available for Windows - made it easy for mainstream consumers to finally take digital music files off their computers and listen to them on the go. What's more, with the iTunes Store, Apple created the first legitimate site to purchase and download music files that caught on with consumers.
With Apple's colorful ads and association with musicians such as Madonna and U2, the iPod phenomenon has become entrenched in popular culture. It's also changing the way that culture is consumed, analysts say.
Instead of listening to the radio, consumers increasingly tune in to their iPods, making it tougher for advertisers to reach their target audiences. Record companies had been able to get consumers to buy a CD by offering one hit song, but with the popularity of single-song downloads, the record labels are having to work much harder to sell whole albums.
"You are now your own program director. You can listen to whatever you want, whenever you want," notes Brad Adgate, a media analyst with the advertising-buying firm Horizon Media.


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Launched: 2006/re-launched 2019
Executive: Jason St. Clair
Location: Scottsdale, AZ
This month, SSN interviewed Jason St. Clair, part owner and CEO of Xendurance, a performance supplement company.
SSN: Will you share your background and how you got involved with Xendurance?
Launched: May 1,2020
Executive: Lori Bush
This month, SSN interviewed Lori Bush, who recently emerged from retirement as the CEO of Solvasa, a new beauty company taking an integrative approach to skincare and well being through mindfulness.
Location: Farmers Branch, Texas
This month, SSN interviewed Amber Rourke, chief marketing officer at Neora.
Location: Dallas, Texas
Consultants: 3.5 million
2019 Revenue: Estimated $3 billion
This month, SSN interviewed Sheryl Adkins-Green, chief marketing officer at Mary Kay Corp.
SSN: With a company history of over 55 years, how do you keep Mary Kay’s legacy alive for new consultants?
Executive: Jeff Stroud
Location: La Canada Flintridge, California
This month, SSN interviewed new company Somnvie founder and CEO Jeff Stroud, who has spent the past 40 years engaged in the home textiles business. His family founded the specialty home textiles chain Stroud’s in 1979, which culminated in a successful IPO for the brand in 1994. The family ultimately exited the business. Jeff Stroud’s newest venture focuses on what he calls the “sleep economy” by providing high-end bedding through direct selling company Somnvie.
Executive: Co-CEOs Deborah Heisz and Jeff Olson
Location: Farmer’s Branch, TX
This month, SSN interviewed co-CEO of Neora, Deborah Heisz. On Friday, Nov. 1, Neora took the unprecedented action of filing against the Federal Trade Commission (FTC), essentially alleging the agency is overreaching its authority and attempting to create law without going through Congress. Only hours later, the FTC filed suit against Neora, alleging the company to be a pyramid scheme. SSN spoke at length with Heisz about both suits and the ultimate impact they may have on the entire direct selling channel.
Executive: Stuart MacMillan
Location: Miami, FL
2018 Revenue: $435 million
2018 Salespeople: 200,000
This month, SSN interviewed Stuart MacMillan, president of personal-care company MONAT Global. MacMillan began his career in telecommunications and entered the direct selling arena in 1998 as president of Excel Canada after its acquisition by Teleglobe. MacMillan went on to serve as president of Arbonne International Canada and president of Immunotec. MacMillan helped co-found MONAT Global in September 2014 and has served as president of the company as it entered the multibillion-dollar haircare market with proprietary anti-aging products.
This month, SSN interviewed Melissa Thompson, founder and CEO of luxury beauty company Bellame. For over 20 years, she held executive positions with top companies in beauty and social selling, including Avon and Stella & Dot, before launching Bellame in 2018. She lives in the San Francisco Bay Area with her husband.
This month, SSN interviewed Blake Schroeder who has served as CEO of Medical Marijuana Inc.’s direct selling division, Kannaway, since March 2016. After completing his law degree at Syracuse University and working briefly in a private firm, Schroeder entered direct selling as associate general counsel at MonaVie. He quickly rose to the executive ranks, holding top positions in MonaVie and ForeverGreen International before joining Kannaway.
2018 Revenue: $60 million
Stock Symbol: MJNA (OTCMKTS)
SSN: What initially attracted you to a cannabis company?
I started talking to some of my friends who have been a lot more successful than me, and I told them I was thinking about going to work for a company called Medical Marijuana Inc., leading their direct selling division. Almost unanimously, they pointed out it was a growing space where a difference could be made. Those opportunities don’t come around every day.
At the time I was living in Utah, which is one of the more conservative states in the nation, and I honestly didn’t know what reactions would be like if I told people I was going to go work for a cannabis company. I remember one guy said: “Blake, look at the wrist watch that you’re wearing. Look at the pens that are sitting in front of you. Look at the furniture around you. Are all of those industries going to be bigger five years from now than they are today?” Then he asked, “Is the cannabis industry going to be bigger than it is today?” And there was just no question about that.


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Disney announced recently that a new interactive show, titled The SpectacuLAB, will be added to the Innoventions attraction at Epcot in November. Here are the details.Read More
Disney has been rolling out mobile food ordering across Disney World throughout 2017. Here are the details.
Word came out today that one of Epcot’s hidden gems will be closing for a week. The Disney & PIXAR Short Film Festival show is closing for refurbishment on June 12th and reopening June 19th.
Epcot’s Coral Reef restaurant is a hidden gem that recently overhauled their offerings. Here is a rundown of the new additions to their menu.
It has been long-rumored that Disney has been looking for a way to bring more rides and large attractions to Epcot. This may be happening sooner than we thought and here is what it might be replacing…
Disney has announced the official dates of next year’s Epcot Food and Wine Festival. The event will run from August 31 through November 13, 2017 and will encompass most of the Epcot grounds.
Disney announced they are bringing a new international arts festival to Epcot in 2017. Here is everything we currently know…
Disney has announced a special ticket package that makes visiting Walt Disney World parks a bit cheaper for a limited time. The new 4-Park Magic Ticket Package offers visitors to Disney World 4 park day passes for just $70 per day plus tax. A pretty sweet deal….but there is a catch….
A Disney World vacation is amazing anytime of year, but none more so than Christmas Time. Disney really goes all-out to celebrate the holidays at their flagship resort.
In advance of the incoming monster Hurricane Matthew, Disney has made the somewhat rare decision to close all Disney World Parks and many of its other Florida properties. Here is what you need to know.
Disney’s popular Epcot Food and Wine Festival will be returning this week for the 21st time. Here are all the details:
Everything you need to know about Disney’s 2017 Epcot Flower and Garden Festival including dates, photos and more.


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Retailers are getting savvy about e-mail sign ups, according to the third annual Retail Email Subscription Benchmark Study, put out by The Email Experience Council (EEC), the e-mail marketing arm of the Direct Marketing Association.
The new study found that retailers are putting more focus on list hygiene with 38% of retailers surveyed asking subscribers to confirm their e-mail address by re-entering it when opting in. This is up from 27% last year. In addition, 5% of retailers are now using a confirmed (double) opt-in process, up from 3% last year, which improves list quality and assures that consumers know for what they are opting in.
“I think it’s a very good sign that retailers are paying more attention to list hygiene,” said Chad White, director of retail insights/editor-at-large at the EEC.
The new study examined the opt-in practices of 120 of the top online retailers tracked via the Retail Email Blog also found that using incentives to entice consumers is more popular again. While 27% of retailers used this tactic in 2006, only 8% did last year when the idea that these consumers may not be as loyal was more accepted. Perhaps this is not true, as 13% of retailers are back to using this kind of tactic.
“Incentives are not known to attract the highest quality of names, but I think that with this new rise retailers are being more careful about their offers,” White added.
Interestingly, despite quicker subscription fulfillments across the board, 29% of retailers took 15 days or longer to honor opt-ins or failed to honor them all together, which is the same percentage as last year.
“Retailers often have a lot of channels to sign up and I’m wondering if they are not auditing their subscription process via all of these channels,” said White.


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Mecom, the pan-European newspaper group run by David Montgomery, has reported an 8% fall in ad revenues in November and December and expects "modest declines'' in print advertising in the first half of this year.
The year-on-year decline in the last two months of 2009 is a marked improvement on an 18% fall overall in ad revenue last year – and a massive 22% in the first six months.
"The decline in advertising in all of our markets has slowed," said Mecom in a trading update for the year ended 31 December. "Although the short-term prospects for advertising in the group's markets remain uncertain, our current expectation is that there will be a continuing, but more modest, decline in print advertising revenues in the first half of 2010, which should be offset over the full year by significant growth in digital revenues."
The company said that underlying circulation revenues increased slightly over the year and earnings before interest, tax, depreciation and amortisation are expected to be €123m (£109m).
Mecom said that it had reduced costs by €140m (£124m), well ahead of an original target of €75m (£67m), which offset nearly 80% of the decline in overall group revenues in 2009.
Net debt at 31 December was €380m (£339m).
Mecom said that it anticipated revenues for 2010 will be broadly similar to 2009, barring "any material change in momentum in our print advertising markets".
"The group is weathering the storm of a major recession well and enters 2010 in good shape with both robust and enduring historic brands and a widening portfolio of new products," said Montgomery.
"The group is now entering the second full year of a three-year programme which will see it move from being a publisher of, primarily, printed newspapers to a provider of an increasingly wide range of content to consumers through many different media channels. The board acknowledges that this will mean further major upheaval for our staff and is grateful for their increasingly enthusiastic implementation of a new operating model."
Analysts Cazenove today said that "given the better than expected results for the year, the improving advertising trends and the material discount to the peer group we upgrade our recommendation from 'in line' to 'outperform'" for the Mecom group.
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COVID-19: Major disruption expected at Kent ports after France bans all UK arrivals
Hauliers warn the border closure could be a "hammer blow" to an industry already impacted by the Christmas rush and Brexit.
Monday 21 December 2020 03:31, UK
Freight hauliers and passengers have been urged by the government to avoid Kent ports after France imposed a blanket ban on arrivals from the UK.
The Port of Dover has halted all exports to France for at least 48 hours, after Emmanuel Macron's government joined Ireland and a growing list of European countries to impose travel restrictions on the UK over a new, faster-spreading strain of coronavirus.
Transport Secretary Grant Shapps warned of "significant disruption" in Kent, adding: "We're asking the public & particularly hauliers not to travel to Kent ports or other routes to France."
French transport minister Jean-Baptiste Djebbari also tweeted on Sunday, saying that the country was suspending all traffic from the UK from midnight for at least 48 hours.
The ban also includes all incoming accompanied freight by road, air, sea or rail - which means any movement of goods that requires a person to move it.
Scotland's First Minister Nicola Sturgeon has said the prime minister must seek an extension to the Brexit transition period because of the potential chaos at the ports.
It's now imperative that PM seeks an agreement to extend the Brexit transition period," she tweeted.
"The new Covid strain - & the various implications of it - means we face a profoundly serious situation, & it demands our 100% attention. It would be unconscionable to compound it with Brexit."
Rod McKenzie, from the Road Haulage Association, told Sky News that 10,000 lorries a day crossed between Dover and Calais in France.
He added: "Brexit stockpiling is one thing, the Christmas rush is another thing, but the absolute hammer blow now is to close the borders for 48 hours.
"That is a serious disruption of the all important supply chain."
The British Retail Consortium (BRC) warned the closure of France to UK traffic - including lorries - would create "difficulties for UK imports and exports in the busy Christmas period".
Andrew Opie, the BRC's director of food and sustainability, said any "prolonged" disruption would be a problem in the run-up to the end of the Brexit transition period on 31 December.
"While goods can enter from France, few haulage firms will be willing to send trucks and drivers across to the UK without a guarantee they can return to the EU in a timely manner," he said.
Logistics UK, formerly the Freight Transport Association, which is based in Tunbridge Wells, tweeted: "Logistics UK is aware of news that accompanied freight to France is being not allowed for 48 hours; we are concerned about the welfare of drivers and we are urgently seeking more information for our members."
Tory Kent MP Sir Roger Gale urged Number 10 and Michael Gove, the Chancellor of the Duchy of Lancaster, to "get a grip" on the developing situation with the Britain-France border.
He tweeted: "Cross Channel travel chaos. Don't try to blame the Transport Department. Time for Number Ten and 'CDL' to get a grip."
A government spokesperson echoed Mr Shapps' statement, saying: "We are expecting significant disruption in Kent following the announcement by the French Government that, from 23.00 on Sunday 20 December, it will not accept any passengers from the UK for the next 48 hours.
"As a result we are urging everybody - including all hauliers - to avoid travelling to Kent ports until further notice.
"We are working closely with Kent Resilience Forum, Kent Council and Highways England to ensure contingency measures are urgently put in place to manage disruption, and the Prime Minister will chair a COBR meeting tomorrow to discuss the situation."
Sky News understands that "contingency measures" are in place should the disruption last more than 48 hours, therefore potentially impacting the import of the Pfizer-BioNTech COVID vaccine from Belgium.
Germany, which holds the rotating EU presidency, announced that it was calling emergency talks later to co-ordinate the response of the bloc's 27 member states.
Boris Johnson will hold an emergency COBRA meeting on Monday "to discuss the situation regarding international travel, in particular the steady flow of freight into and out of the UK".