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Only a hostile bid would threaten the legacy and values of Sir Ken Morrison
Written by Hit Music Radio News on 05/07/2021
Only one outcome is certain from the three-way takeover battle for Morrisons – which is that the supermarket’s days as a listed company are numbered.
Apart from that, all bets are off.
The latest entry into the battle for the UK’s fourth largest grocery chain means that three very deep-pocketed players – Clayton, Dubilier & Rice (CD&R), Fortress and its partners and Apollo Global Management – are now contending to buy Morrisons.
Big money is at stake here.
The Morrisons board has agreed to an offer from Fortress and its partners which values the company at £6.3billion, but the buyer would also be taking on some £3.2bn worth of net debt, which would give Morrisons a total enterprise value of £9.5bn.
The Morrisons share price, which at one point this morning hit 269p, implies the market is expecting a higher offer.
The deal agreed with the Fortress consortium is effectively worth 254p-a-share, which trumps the earlier 230p-a-share offered by CD&R, previously dismissed by the board as far too low. One leading Morrisons shareholder, JO Hambro Capital, is on record as saying it wants 270p-a-share.
Yet the terms agreed with Fortress do not only set a floor in terms of the Morrisons share price. They also set a standard for other conditions that will have to be met by any buyer.
The statement issued on Saturday stressed how both the Morrisons board and Fortress “place very significant emphasis on the wider responsibilities of ownership of Morrisons”.
It added: “These responsibilities include recognising the legacy of Sir Ken Morrison, Morrisons’ history and culture, and the important role that Morrisons plays for all stakeholders, including colleagues, customers, members of the Morrisons Pension Schemes, local communities, partner suppliers, British farming and the wider British public.”
In practice, that means guaranteeing that Morrisons will continue to have a standalone head office in Bradford, that there will be no changes to the Morrisons pension scheme, continuing to pay Morrisons shop workers a minimum wage of £10 an hour, making no “material” changes to how suppliers are paid and sticking to an existing commitment from the company to a target to be the first supermarket that is completely supplied by net zero British farms by 2030.
These are important commitments that every buyer for Morrisons will now probably have to make as well.
There is one more commitment which, from a financial point of view, is probably the most crucial of all.
Morrisons owns the freehold of 85% of its assets – the very reason why it has attracted such interest from buyers.
It makes buying Morrisons with borrowed money and quickly paying down some of that debt by doing a sale and leaseback deal involving its property assets a very tempting way to proceed.
It is precisely how the brothers Mohsin and Zuber Issa and the private equity firm TDR Capital are going about their £6.8bn takeover of Asda. Analysts believe, though, that this approach will hamstring Asda’s ability to hold its own in a ferociously competitive grocery market in future.
Accordingly, Fortress and its partners have promised that, if successful, it “does not anticipate engaging in any material store sale and leaseback transactions”. It has been keen to stress that, since its £95m takeover of Majestic Wine at the end of 2019, it has retained ownership of a significant freehold store estate and has not sold any of Majestic’s freehold or long leasehold properties.
It has also stressed that, not only has it reversed planned job cuts at Majestic Wine, it has also opened new stores both last year and this year – Majestic’s first store openings since 2015.
It is an important commitment since, without the financial engineering of a big sale and leaseback deal, Fortress will have to retain ownership of Morrisons for longer than a private equity owner might typically do with a retail asset.
Alternatively, were Fortress to own Morrisons in line with what is typical for private equity ownership, it would probably have to settle for a lower financial return than would otherwise be the case.
This is a critical issue because, again, it is a commitment that any other would-be buyer of Morrisons will probably now have to make.
As Sreedhar Mahamkali, analyst at broker UBS, put it in a note to clients this morning: “CD&R will need to articulate a vision that is at least as supportive as [that of Fortress] to succeed in our view.”
That is not to say that a Morrisons under the ownership of Fortress or any of the other buyers will not be under a degree of financial constraint.
Mr Mahamkali said he expected Morrisons to be carrying net debt of £6.4bn under Fortress, roughly double the current level, which would have implications for the wider supermarket sector.
He went on: “Should the transaction be completed, with Asda and Morrisons in private equity ownership, the competitive landscape is likely to be more constructive for Tesco and Sainsbury and especially if the former two are constrained to invest for the future.”
Replicating the conditions for a Morrisons takeover set by the terms agreed with Fortress ought not to be a problem for Apollo. It is flush with cash.
During the first three months of the year alone, it attracted $13.4bn in new client money, meaning that, at the end of March this year, it was sitting on $49.7bn worth of so-called ‘dry powder’ to put to work.
Apollo came close to buying Asda last year and hired Rob Templeman, who famously oversaw a private equity-backed takeover bid for Debenhams in 2003, as an adviser. It is not known whether he is involved in the potential offer for Morrisons.
Three key players in any takeover, from whom the market is yet to hear, are the fund managers Silchester, BlackRock and Colombia Threadneedle. They respectively own 15.2%, 9.6% and 9.4% of Morrisons and so any would-be buyer will be looking to obtain their blessing.
Silchester, which was founded in 1994 by the former Morgan Stanley banker Stephen Butt, is a long-standing investor in the supermarket. It has owned a meaningful stake in Morrisons for at least seven years and, over that period, it has taken advantage of falls in the share price whenever other investors have tried to ‘short’ (betting on a fall in the share price) the stock. It doubled its shareholding in Morrisons in the autumn of 2019.
One player yet to put a foot wrong, to date, is the Morrisons board.
Andy Higginson, the chairman and David Potts, the chief executive, both worked at Tesco when Sir Terry Leahy, who is advising CD&R, was its chief executive – respectively as finance director and head of Tesco’s international operations.
It will undoubtedly have been difficult to put to one side their personal loyalty to and friendship with Sir Terry. Yet both men, as shown by the agreement reached with Fortress, have so far put the greatest emphasis on respecting the legacy and values of Sir Ken.
Both from the other side of the Pennines from Yorkshireman Sir Ken – Mr Higginson hails from Bury and Mr Potts from nearby Ashton-under-Lyne – have made clear their admiration for him on numerous occasions. The legendary grocer, for his part, was supportive of them both when they joined the business in 2014 and 2015 respectively.
Those values might yet be threatened, though, by a would-be buyer going hostile, in other words, making an appeal to Morrisons shareholders over the heads of the board.
That might free any bidder from the need to make the same commitments Fortress has made to the Morrisons board.
It would also challenge leading Morrisons investors to ask themselves whether they put a well-run business that cares about looking after its employees, suppliers, customers and pensioners above the lure of cold, hard cash.
Institutional shareholders talk increasingly about sustainability. A hostile bid for Morrisons would be an acid test of that.
© Sky News 2020


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There are many tourism projects currently in progress and various international hotel chains that are set to open in the next couple of years. In addition, with the opening of the new Muscat International Airport, the Sultanate will have the capacity to welcome a lot more travellers, says Garry Friend, General Manager, Grand Hyatt.
Ahmed Amor Al-Esry, Managing Partner, Ernst & Young Oman shares his insights on oil prices and its ramifications for Oman’s economy. An OER report.
Expansion of retail spaces and the preference of the populace for different types of retail experiment will fuel the growth momentum, says P Chandrasekhr, Group General Manager, Jawad Sultan Group. The year 2014 will end as per our expectation, given the fact that there have been changes globally and in the region, on political and […]
The Gulf region has had 10 years of abundance. But that decade of plenty is done. The drop in oil prices will hurt performance in the near term, even if the Gulf’s buffers are powerful enough to ensure there is no crisis, says Simon Williams, chief economist, Central and Eastern Europe, Middle East and Africa, at HSBC.

domain: news


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Last week brought the somewhat disappointing listing of Chinese mobile phone maker Xiaomi, minus its proposed offering of China depositary receipts. This week amounted to a knock on top of a bruise for the CDR program. The Hong Kong stock exchange was somewhat surprised that the mainland exchanges had ruled out Xiaomi and potentially other companies issuing shares with weighted voting rights from being eligible for the Stock Connect scheme, the trading link between Hong Kong and mainland Chinese equity markets. It had been assumed that they would be included and the Hong Kong exchange had suggested so at the time of the Xiaomi IPO.
After a rushed trip to the mainland, Charles Li, the chief executive of the Hong Kong exchange, claimed victory, saying there had been a misunderstanding and that an agreement had been reached. His exchange announced as much on its website, stating that companies with weighted voting rights would be eligible for inclusion after a "Special Stability Trading Period." But such an assurance was missing from the Chinese versions. This was not a translation issue, but a deliberate omission.


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theIRapp™ Launches Its Mobile Investor Relations Application For Toronto Stock Exchange Listed Companies
NEW YORK, May 9, 2012 /CNW/ - theIRapp™, the only turnkey mobile investor relations app available to public companies via Apple's App Store and the Android Market, announced today that it has extended its investor relations mobile application to all companies listed on the Toronto Stock Exchange. Previously, theIRapp™ was only available to U.S. listed public companies.
theIRapp™, launched in February 2012, is a turnkey IR solution that optimizes a company's IR content so that it is easily viewable on mobile devices. By simply providing its ticker symbol and corporate logo, any public company can have its own highly-customized mobile app at considerably reduced time, cost and effort than developing an app themselves via their own IT or web development initiatives.
Most existing financial apps only provide shareholders with basic data. theIRapp™ gives investors access to extensive, valuable corporate information in a tailored configuration which companies themselves can directly control through a secure content management system (CMS). Importantly, it allows publicly traded companies to take advantage of the phenomenal growth in mobile data usage by institutional and individual investors, analysts, and brokers.
"Following the successful launch of theIRapp™ in the U.S., our Canadian launch is a natural expansion of this market-leading technology and makes it the leading tool for IR mobility in North America," said Jeffrey Corbin, co-founder of theIRapp™. "With millions of investment professionals connected via a mobile device, theIRapp™ is transforming the landscape of investor relations. The ability and ease of theIRapp™ to instantaneously relay vital corporate data to shareholders and potential investors drives engagement, increases brand awareness and fundamentally enhances companies' relationships with their investors."
Any company listed on the TSX or on a U.S. stock exchange, can have their own IR App available for download on iPhone™, iPad™ and Android™ devices within a matter of weeks. Companies including Unilife, MagneGas, BiolineRx, Pharming Group and Synthetic Biologics have already launched their own investor relations app with theIRapp™ – these can be found by searching the company names in Apple's App Store.
For more information on theIRapp™, including pricing, visit http://www.theIRapp.com/.
theIRapp™ (www.theIRapp.com) is a turnkey mobile application available to all publicly traded companies that enables their investor relations information to be downloaded via Apple's App Store on the iPhone and iPad as well as The Android Market for Android devices. theIRapp™ is a simple way for investors to keep abreast of critical company and stock information. Given the viral nature of apps and the ease of sharing them with colleagues and friends, theIRapp™ is the next generation IR solution for establishing transparency, building shareholder loyalty and expanding an investor following.
By simply providing its ticker symbol and company's logo, in less than three weeks, a public company can have its own customized app available for download by millions of investors. Through theIRapp™, retail and institutional investors have access to automated, real-time stock price information (via live data feeds), press releases, SEC filings, analyst coverage, corporate documents (fact sheets, presentations, etc.), videos, audiocast conference calls, upcoming events and company contact information.
KCSA Strategic Communications
For further information:


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The Air Jordan 6 Rings has already dropped in a number of colorways over the past year, but this may be the best one yet.
The 6 Rings “Carbon Fiber” sports a carbon fiber and black nylon upper. The kicks are rounded out with a white midsole and hits of grey on the outsole and around the heel.
The Air Jordan 6 Rings “Carbon Fiber” drops at Midnight ET tonight and will be available tomorrow, September 17, through your local Nike retailer.
Images via Jumpman23.


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Nigeria: PMI slides to nine-month low in March
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) slipped from 55.0 in February to 53.8 in March, the lowest reading since May 2019. Despite the dip, the PMI remained above the 50-threshold that separates improvement from deterioration in business conditions, still pointing to healthy growth in the private sector.
March’s slide largely reflected softer growth in output and new orders, with the latter already showing early signs of cooling demand. Moreover, new export orders plunged, falling at the sharpest pace since the survey began in January 2014, as the Covid-19 pandemic started to take its toll. On the price front, input cost inflation picked up markedly amid currency weakness and material shortages due to Covid-19, prompting companies to raise selling prices sharply as a result.


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Holiday e-cards are everywhere this time of year, but digital agency Rosetta is putting a spin on its version through a mix of Flash animation, facial-recognition technology and motion detection.
Its “Snowday” card is a snowflake-catching game, and if you have a webcam attached to your computer, you can play by simply sticking your tongue out and grabbing ‘em.
The game starts by asking you to grant the cam access, then you center your tongue in the screen’s image (in mid-air — you don’t actually need to lick your monitor), and start catching falling snowflakes.
Players get points for each one and can advance through levels such as “Tongue-Tied,” “Sir Licks a Lot,” “Dr. Strangetongue” and the ultimate, “Baron von Tonguemeister.” The game ends by taking a photo of you in tongue-extended play, which you can then post to Facebook or Twitter. There’s also a “tongueless” version for players without webcams, in which you drag an on-screen tongue from snowflake to snowflake.
For Princeton, N.J.-based Rosetta, it’s a way for the agency to show off its creative and technology capabilities. “I really wanted to marry those two things,” said Gary Scheiner, managing partner and chief creative officer. Its tech team developed the site in about two weeks, said Shai Reichert, manager of Rosetta’s user-interface group.
As a way to get people to share the card with their friends, Rosetta plans to hold a February “snow day” in New Orleans — complete with snow machines and Frosty the Snowman, at a local park in the city — if players catch a total of at least 1 million snowflakes.
The company is sending the card to some 7,000 clients, staffers and friends on Tuesday, and Mr. Scheiner said it needs about 10,000 players, with an average score of 100 snowflakes, to hit its target.
While digital firms often send interactive holiday cards to clients, “none of them use on-tongue recognition technology, as far as we know,” said Toni Hess, a group creative director and partner.


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44% of Americans say they share or like online content that others have posted on social media and other online sites, according to survey results from Ipsos. While that’s right about the global average of 45%, certain segments of the population show a heightened tendency to share content. For example, within the US, women are about 56% more likely than men to say they share or like what others have posted (53% vs. 34%), while 18-34-year-olds are roughly 30% more likely than the average respondent to do so.
There doesn’t seem to be a clear pattern when sorting by household income level (HHI), although propensity to like or share others’ content is stronger among those with medium (48%) and high (43%) household incomes when compared with those with low incomes (35%). Read the rest at MarketingCharts.


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Kenny G wakes up every morning to obsessively check the company’s stock price.
The Japanese carmaker will demonstrate its personalisation potential by introducing six all-new 2015 Honda Fit (Honda Jazz in the Indian market), at the 2014 SEMA Show in Las Vegas
For many young people in the audience, Bradley Cooper's production may be the first time they come to Broadway. Now they'll come back.
The gathering brings together Amazon and Google but also hundreds of smaller players looking at what the country has to offer in the digital domain.
Malls, stores in India are getting rid of muzak and sprucing up their playlists as they look to entice younger shoppers and keep them from shifting wholesale to online retail.
"We will come to all your large airports except Frankfurt," Ryanair marketing head Kenny Jacobs told Wirtschaftswoche magazine in an article.
A teaser trailer for the new "Star Wars" movie will be released Friday, according to the director of the upcoming seventh film in the iconic franchise.
UCWeb today said it has partnered with leading e-commerce firms including Amazon, Flipkart, Snapdeal for a 15-day Diwali shopping festival.


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Americans’ need for convenience isn’t slowing down, but it is getting healthier. GasBuddy, a crowdsourcing platform for fuel prices and c-store data in the US, Canada and Australia, released a new report on drink shopping habits.
More than 165 million Americans shop at c-stores every day, netting $242bn of in-store sales in 2018. GasBuddy surveyed over 1,000 people in July, and 51% reported that they purchase a beverage at a gas station c-store at least once a week, with 20% doing so daily.
When asked if they have “moved more towards healthier options like sparkling water, drinks with vitamins and electrolytes, over traditional soft drinks compared to five years ago,” 44% of respondents agreed with the statement.
People ages 18-29 said they prefer c-stores over drug stores and grocery stores, and are 56% more inclined to get beverages at the former. The same was true for 53% of the 30-44 age group.
The younger demographic was also revealed to be the least trustworthy of big brands, as 25% of 18-29 year olds said they are ‘brand loyal’ compared with 39% of baby boomers.
This group is the most easily influenced by coupons and sales, 85% saying they influence their decision to purchase; and 67% of all consumers saying they will try new items based on discounts or interesting packaging.
Healthy efficiency is key
Carbonated soft drinks, energy drinks, water, sports drinks, juices and teas are lumped together as packaged beverages, and they come in third for largest in-store convenience category with 15.3% of sales.
“Water is the number one beverage product purchased at a gas station c-store by 18-29 year-olds, while carbonated soft drinks topped the list for the 30-44 and 45-60 age group,” GasBuddy said.
The top five types of packaged beverages purchased at a gas station, according to GasBuddy, are carbonated soft drinks, water, coffee, energy drinks and sports drinks.
Packaged beverages are also the most popular ‘impulse buys’ in c-stores, with 65% of survey participants saying their drink purchases are typically unplanned before visiting the store.
Frank Beard, convenience retail analyst at GasBuddy, said “Today's consumers—especially millennials—are buying more food on-the-go, including snacks, drinks, and prepared meals.”
“Efficiency is paramount in today's society, and convenience stores are providing the desired ease and choice of options for an evolving customer. C-stores are also responding to a growing desire for healthier options."


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Tim Hortons has launched a promo offering free delivery on orders of $9 or more excluding taxes. If you like Tim Hortons, this might be for you.
The free delivery applies at participating Tim Hortons locations on orders placed within the mobile app or online. “Get your Tims favourites delivered right to your door!”, reads an email to customers.
“Offer valid from 9/16/2020 to 9/30/2020 at participating Tim Hortons restaurants in Canada only. Orders placed via the Tim Hortons app or website are eligible for $0 Delivery Fee. Minimum order of $9 (excluding taxes) required. Limit one per single qualifying purchase per person,” explains the fine print.
Tim Hortons offers delivery through SkipTheDishes, DoorDash and Uber Eats.
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Guitar Hero Live developer FreeStyleGames lays off 500 Comments
It's time for every game industry reporter's least favorite game: "Who's Laid Off Now?" This time Activision is the bringer of bad news, serving papers to staffers at Guitar Hero Live developer FreeStyleGames.
The layoffs came as a cruel non-April Fools joke on Friday, with reports swirling that around 50 FreeStyle employees have been shown the door. The official number has not been confirmed by either the development studio — which will remain open despite the mass exodus — nor Activision.
The publisher did release a statement, which can be read below:
"Activision and FreeStyleGames leadership have been considering a range of future options for the studio, and have been consulting with staff to explore all alternatives. The collective team have now reached the end of a consultation exercise and the decision has been made to restructure FreeStyleGames to better align the studio resources with future business needs. We are working with the studio teams to explore options to rebalance staff within Activision Blizzard and its related organisations. The UK remains a key market for Activision Blizzard and FreeStyleGames continues to be a great partner. We thank all of the team for their continued passion, creativity and commitment."
Layoffs are the worst. I know they're a part of the industry, but that doesn't mean I have to like them. I hope everyone affected by this lands on their feet swiftly, as Guitar Hero Live was one of my favorite games of last year and certainly made by a team of talented minds. Godspeed to all affected.


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MILWAUKEE (WITI) -- For drivers in southeast Wisconsin, it's been a long time coming -- gas prices lower than $2/gallon.
"People come in and talk about the price there everyday," said Diane Peschek, owner of The Corner Pub. "They didn't think they would ever see it under $2 again."
That's right -- gas under $2/gallon can now be found at the corner of 76th and Lisbon in Milwaukee -- if you're paying with cash. Nomies might have the cheapest gas in Milwaukee right now. Could it get lower? That's anyone's guess.
"We've actually got a little game started where you have to guess the price of gas -- where it's going to be in a week," said Peschek.
So what do you get from Peschek if you guess right on the price?
"Nothing, Recognition," said Peschek.
The gas price website GasBuddy.com says average retail gasoline prices in Milwaukee have fallen 10.4 cents per gallon in the past week, averaging $2.20/gallon Sunday, according to GasBuddy’s daily survey of 615 gas outlets in Milwaukee. This compares with the national average that has fallen 9.6 cents per gallon in the last week to $2.28/gallon.
Gas prices have fallen $1.85/gal in Michigan since June 28, the largest drop in the nation. Following close behind: Kentucky, down $1.66/gal, Indiana, down $1.62/gal, Ohio, down $1.61/gal, and Illinois, down $1.60/gal over the same time frame.


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On Monday 12th of April further restrictions will be lifted and the opening of non essential shops will take place. Pubs will open allowing them to serve drinks outside only. The Havering Daily had the opportunity to speak with pub Manager Russell from The Deers Rest in Harold Hill, about the impact all the lockdowns have had on his pub and the hospitality industry at large.
“We have been in a stop start situation for a year and every time we stop, we’ve lost products which has had a knock on effect for the brewery and everyone as we have thrown thousands of pounds worth of beer and food away. This has been absorbed by the brewery which if you multiple that up, it’s millions of pounds. Then when we restarted we had to get all new stock in and then we stopped again and we lost a lot more and sadly its been a cycle we have had to get used to.Unfortunately, coming out of this last lockdown all this cannot be done by the brewery so we will see a price increase.
“On a personal scale I fell through all the cracks the Government put in place, however we have managed to claim furlough so all the staff have been paid throughout. Any money I had prior to Covid has now gone, in order to get ready for every opening we have had to invest money and the brewery have invested a lot and I have invested a lot as it is a partnership. We want customers to come back and be safe and in order to do that it has meant investing in things. We currently have a marquee, which we can’t have as a marquee as it has to be 50% open, but it give us about 70 seats. But if the weather is really cold and horrible, who is going to want to come and sit outside and enjoy a beer? I still have to staff and put measures into place to get ready for the opening.
“I have pretty much lost all my savings, I have had to borrow money. The ‘Help Out to Eat Out’ scheme last year was a good injection but all it allowed me to do was to build a buffer up for what came next and the buffer then went. To protect my staff and business I had to borrow money, we need the reopening to be good for us to get the money back, but the first five weeks is going to be really hard with outside service only.
“Some people might not feel comfortable coming back yet and some people might not want to come back until they can sit and enjoy their drinks properly. We have put a lot of things in place to make sure people can enjoy their drinks. We have extra tables, umbrellas and everything we can do, we are doing.
“I have had to invest in warm clothing for my staff to work outside, may only be a few hundred pounds but it is still more money. Last year we had great plans and we lost them all. There’s no point putting on entertainment when people have to sit in restricted conditions. Until we are fully out, pubs cannot be what they need to be for people.
“The Government have not understood how the pubs and hospitality industry run their business. The only voice they have listened to is trade bodies or big companies and that is not reflective of small business owners like me. My needs and wishes are very different and we don’t have a voice and we’ve not been heard. I honestly believe the plans we have put in place for a Covid secure environment, were stronger than any other supermarket or shop and the transmission rate we now know has been extremely low, yet we are the ones still under restrictions.”


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Launched the Public-Private Council for the Promotion of Exports
It is composed of more than 180 business chambers and aims to articulate the dialogue between the government and business to formulate a national export policy.
With the participation of more than 180 business chambers of active intervention in foreign trade, Foreign Minister Felipe Solá yesterday led the launch of the Public-Private Council for the Promotion of Exports, the institutional space that will permanently articulate the dialogue between the government and business to formulate a national export policy.
Solá highlighted the need for a partnership between companies and “a State that helps, that is in good times and in bad, that understands the problems, of the sector, of the region, of the product or of the market”. “We do not decide what is exported or how it is exported, but we know where the possibilities are and what they need, and promote an export from the bottom up. We have to identify key markets with you. Let the world know what the definition of Argentina’s exportable supply is,” he said.
“We have exports that are very concentrated in products and markets and we want to expand the number of exporting firms,” Solá said, presiding over the launch of this organization, created by Resolution 136/2020 of the Ministry of Foreign Affairs, International Trade and Worship, together with the Secretary of International Economic Relations, Jorge Neme.
“We are aware of the know-how you have, your export history and the export eagerness of many who do not, and we consider Argentina’s capacity to react very important,” the Minister told the representatives of the sectorial chambers.
During the meeting, which was moderated by the Undersecretary of Trade and Investment Promotion, Pablo Sívori, the President of the CIARA-CEC Board of Directors, Gustavo Idígoras; the President of the Industrial Union of Salta and member of the Board of Directors of the UIA, Paula Bibini and the General Manager of INVAP S.E., Vicente Campeni, also spoke.
“We welcome the decision of the Ministry of Foreign Affairs to constitute the National Council, dedicated to promoting all export policies. We are committed every day to generate more work, more production and more exports. This is the path in which we will continue to work together with the Government with this public-private articulation, to open more markets, increase volumes and counteract the para-tariff and tariff barriers that exist against Argentina’s added value worldwide,” said Gustavo Idígoras after the meeting.
Likewise, the head of CIARA-CEC, considered that “the reason of being is the access to international markets” and pondered the Council as “the institutional place” and the “natural environment” to deal with problems such as “sanitary barriers, veterinary products issues, new measures, environmental and social issues”.
For his part, Neme welcomed the presence of “nearly 189 people representing thousands of companies” at the launch of the Council and praised “the institutional frameworks, which make public policies last”.
“We believe that this public-private articulation is key to improve the competitiveness of the Argentine export sector, to seek new markets, to organize the export offer and to give international relevance to the Argentine brand,” he said.
The head of international economic negotiations at the Foreign Ministry also said that “Argentina is the only country in the world that has reduced the number of companies that export and it is the responsibility of the private and public sectors to turn this situation around. He also explained the need to “find an operational mechanism to work with the set of associations and chambers that are present.
Neme proposed an initial sectorization of fourteen sectors (regional economies, fisheries, cereals and oilseeds, processing industry, meat, capital goods, fruit, chemical industry, mining and oil, cultural industries, food industries, new technologies and services, automotive sector, clothing) and announced that the Secretariat will appoint specialized officials to operate as liaisons for each of the tables along with a representative of the private sector.


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Ford has really been pushing the fuel economy thing lately with the F-150, rolling out a new EcoBoost engine and even turning to aluminum pieces to help lower the curb weight. You can’t really blame them since the United States government is pushing aggressive fuel consumption goals. Now the Detroit Free Press is reporting that Raj Nair, who is Ford’s chief of product development, says the company is most definitely working on creating an F-150 hybrid.
The whole hybrid powertrain is very much still in development, so details aren’t available. Anyone who is too shocked by this revelation hasn’t been reading the writing on the wall. Ford knows that the F-150 is an incredibly popular model that sells in droves, so reducing its fuel consumption will have a dramatic effect on the brand’s overall fuel economy. Advocates for improved vehicle efficiency have even claimed that making “green” versions of vehicles like the F-150 is more beneficial than the benefits posed by all of the Toyota Priuses on the roads today.
There’s a strong possibility that Ford will offer a plug-in version of the F-150 pickup. That would mean that driving around town for short errands might not even require the driver to activate the internal combustion engine as the truck would just run off electricity.
Nair also addressed rumors that Ford is working on a diesel-powered F-150 that would go up against the Ram EcoDiesel. He said that the steep cost of such a powertrain, coupled with the current premium price of diesel means such a powertrain will likely never be introduced to the truck’s lineup. Still, he did admit during the interview that if demand for such a vehicle was shown by consumers, Ford has the ability to address such a need.


text: Amazon introduced AmazonSmile in 2013 as it sought to expand its Prime membership business, enabling customers to designate 0.5 percent of the price of eligible purchases to the charity of their choice. There was no additional cost for customers to donate. The open policy inspired more than a million charities to sign up, including BVA. Many of the Association’s loyal supporters made regular donations to BVA through AmazonSmile. However, Amazon this week announced that the AmazonSmile program will be discontinued, effective February 20. As a result, BVA seeks a similar arrangement with other revenue sources to generate at least the same or greater support than that generated by AmazonSmile. For additional information about the program’s discontinuance, click here.


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The Browns Group yesterday entered into a joint venture (JV) agreement with a Hong Kong-based investment company to construct a US$ 70 million shopping mall and leisure centre at the current Excel World entertainment park premises.
In a stock market disclosure, Browns Investments PLC said that it entered into a JV with Zhong Tian Ding Hui (Pvt) Ltd, for investment in Browns Group’s currently fully owned subsidiary Excel Global Holdings (Pvt) Ltd.
Brown’s shareholding in Excel Global Holdings is currently valued at US$ 20 million. This will be supported by a further US$ 15 million in capital infusion from Browns, which will own 51 percent of the shareholdings in the JV, after Zhong Tian Ding Hui invests US$ 35 million to acquire 49 percent of the shares.
Browns will also arrange for a US$ 20 million loan for Excel Global Holdings.
Following the completion of the US$ 70 million shopping mall and the leisure centre, the JV will begin the second phase, which will include be a mixed development project.
Lease hold rights for the property are held by Millenium Development (Pvt) Ltd.


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Digital Printing-Wide Format - Hybrid
Fujifilm, Graphic Systems Division, proudly announces its entry into the high-end wide format hybrid market with the unveiling of the new Acuity Ultra Hybrid LED printer. The Acuity Ultra Hybrid LED expertly handles both rigid and flexible media, all in one platform.
As demand for rigid and flexible wide-format applications grows, hybrid printing equipment allows users to swiftly meet the needs of their customers. By implementing this technology, commercial printers, in-plants, and sign and display specialists can maximize the growing opportunities in wide-format printing.
For the second year, the Wide-format Summit is slated to be an exciting networking and learning opportunity for printers from across the country. The agenda is packed with educational sessions and inspiring keynote speakers.
The new MUTOH ValueJet 1628MH hybrid printer combines upgraded features and new technologies designed to produce vibrant output with smoother gradations and a wide color gamut using MUTOH’s own VerteLith RIP software.
Roland DGA, a provider of large-format inkjet printers and printer/cutters, has launched its redesigned online store. The e-commerce portal has received a total makeover, resulting in a new look, more intuitive navigation, and a faster, simpler purchasing and check-out process.
With new categories such as social distancing signage, the wide-format sector has evolved throughout the pandemic and is expected to grow with even more applications. At drupa 2024, the key manufacturers will showcase a multitude of applications.
In a new video, IPI Editor Bob Neubauer chats with two university in-plant managers about how wide-format printing became a “lifesaver” during the pandemic. They talk about the benefits of latex and UV-curable systems, the challenges of finding space for the equipment, and the huge profit margins of wide-format printing.


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Voice-over-IP service Skype has announced a number of new features and improvements for its first update to Skype for Xbox One.
Firstly, improvements have been made to keep conversations via Xbox One in sync, with push notifications added to alert users when a new message arrives. The chat history has also been lengthened to 1000 messages, rather than just displaying messages from the past week.
There's now a feature to filter contacts by whether they're currently online, and a tutorial has been added for those new to the whole chat-through-your-Xbox thing.
The most thrilling new feature, above all, is the addition of Captain America-themed "Winter Soldier" emoticons, which come to regular Skype as well as Skype for Xbox One. Skype tell us that these limited-edition emoticons will allow us all to "convey even more action-packed emotion with your Skype friends." Now that's the kind of new feature we were all looking forward to.
Skype of Xbox One is available to players with an Xbox Live Gold membership. For a run-through of how to use Skype while gaming on the Xbox One, check out our wiki page.
Katie Williams is a freelance writer and games journalist. She tweets at @desensitisation and hopes that one day, a bird will tweet back.


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Next week is gonna be a busy week. Shortly after Apple’s upcoming Unleashed event, Samsung is having its Galaxy Unpacked Part 2 that’s taking place on 20th October. They have posted a teaser video that shows off colourful cubes with random icons of its One UI interface.
The invite reads “Join Galaxy Unpacked Part 2 on October 20 to see how Samsung is opening up new experiences for self-expression through technology. The event will be streamed on Samsung’s YouTube channel beginning at 10 a.m. ET.”
It isn’t clear if Samsung is launching a new Galaxy product or if it is just an event to release One UI 4.0 based on Android 12. Last month, the Korean smartphone maker had opened up its Beta programme for Galaxy S21 users.
Based on the colourful theme, Samsung could be launching its new Galaxy S21 Fan Edition (FE) but there were reports that Samsung had cancelled the device due to the chip shortage issue. Another speculation claimed that the Galaxy S21 FE is still in the works but the launch would take place only in January 2022.
The folks at Sammobile believes that Samsung could also announce the Galaxy Tab S8. This is also possible since the Galaxy Tab S7 and S7+ were launched in August 2020 alongside the Galaxy Note 20 series. The new Tab S8 is expected to run on a Snapdragon 888 chip and feature a 120Hz OLED display.
All shall be revealed next week and you can tune in at 10pm Malaysian time on Wednesday 20th October. You can follow the live stream on the official Samsung YouTube channel.
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Coventry and Godiva have given brokers a total five working days notice for its latest product refresh.
The firm already pledges to give brokers two working days prior to any product withdrawal, but it’s aiming to go one step better.
It’s giving tweo days working days notice of product withdrawal and accept pipeline business for three days until close of business on Tuesday April 1 – giving a total five working days to notice before products become unavailable.
Julie Jones, head of broker sales at Coventry, says: “We understand entirely that brokers need a reasonable and sensible timescale for withdrawal of products and that’s why we have shown an ongoing commitment to this by having this pledge.
“I think this clearly demonstrates the Coventry’s fairness and commitment to our intermediary supporters, while also keeping sight of the commercial realities that necessitate product rotations in the current climate.”


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Largest Canadian-owned tire distributor doubling their presence at Manitoba’s inland port with $19 million investment in new facility.
January 24, 2024 – Groupe Touchette, the largest Canadian-owned tire distributor, has acquired 6.62 acres of land to construct an additional 112,000 square feet of distribution space at CentrePort Canada (“CentrePort”). The new facility will bring the Montreal-based company’s total space to 212,000 square feet on 12.6 acres in Brookside Industrial Park West in the Rural Municipality of Rosser (“R.M. of Rosser”).
“CentrePort is a critical transportation hub in our province and across North America, and we’re pleased to see the continued growth shown though Groupe Touchette’s expansion,” said Manitoba Minister of Transportation and Infrastructure Lisa Naylor. “I want to thank Groupe Touchette for choosing to invest in Manitoba, and congratulate CentrePort for this exciting announcement today.”
Groupe Touchette currently operates out of a 100,000 square foot facility that opened in early 2020. Initially occupying 70,000 square feet of space, the company rapidly expanded their operations to occupy the full facility in 2023. In September of 2022, Groupe Touchette acquired National Tire Distributors, expanding their business resulting in the need for additional space in Manitoba.
“We are thrilled to announce our flourishing partnership and the remarkable progress we’ve witnessed in the past three years at CentrePort,” said Nicolas Touchette, co-owner and chief executive officer at Groupe Touchette Inc. “This newfound space is a testament to our shared commitment, propelling us towards a future of unparalleled collaboration. This expansion not only signifies a significant milestone in our journey but also represents a strategic move towards fostering our presence and growth in this vibrant part of Canada.”
Construction is expected to begin in spring 2024 and it is anticipated the facility will be operational in late 2024 or early 2025. The company will occupy a total of 150,000 square feet across both facilities, with the remaining 60,000 square feet available for lease, brought to market by Cushman & Wakefield Stevenson.
“Groupe Touchette’s growth is impressive and we are thrilled that they are already expanding their presence in Rosser,” said Reeve Ken Mulligan, RM of Rosser. “Companies choosing CentrePort North for their operations are seeing unbelievable success, with plenty of opportunity for growth. We congratulate them and wish them continued prosperity.”
“From infrastructure to service providers and partners, to public-sector programs and support, each piece of the CentrePort ecosystem works together to support companies like Groupe Touchette to ensure they grow and prosper here in Manitoba,” said Carly Edmundson, president and chief executive officer, CentrePort Canada Inc. “It is exciting to see the success of national leaders like Groupe Touchette locating at CentrePort, then investing in further expansion. This speaks not only to the vision and commitment of Groupe Touchette, but to the effectiveness of the inland port platform that was intentionally created to generate new growth and economic development.”
CentrePort Canada is a 20,000-acre inland port and Foreign Trade Zone. Located in the heart of North America, CentrePort connects to major national and international trade gateways and corridors, and is the only inland port in the country with direct access to tri-modal transportation – extensive truck, rail and air cargo operations. www.centreportcanada.ca
Groupe Touchette Inc. is the largest Canadian-owned tire distributor, recognized for over 40 years for its expertise and superior level of service to automobile manufacturers, dealerships and independent customers. Managed today by Nicolas Touchette and Frédéric Bouthillier, the company whose head office is located in Montreal specializes in value-added tire distribution services. Groupe Touchette is present across Canada, with more than 50 distribution centers. Through its TireLink and DT Tire banners, Groupe Touchette meets the needs of automobile manufacturers, dealerships and independent tire retailers. The company also meets the needs of Canadian consumers through the retail banners Tirecraft, Integra Tire, Signature Tire, Tireland/Ici Pneu, Tire Partners/Pneu Solutions, Pneu Select, MécaniPneu, Pneus Chartrand Mécanique, Pneus Express Mécanique and Touchette Motorsport. www.grtouchette.com


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Dallas main reason NFL ticket prices take $75 average jump
Published 1:24 am Thursday, September 10, 2009
NEW YORK — NFL ticket prices climbed 3.9 percent to an average of $74.99 for the 2009 season.
According to Team Marketing Report’s survey released Wednesday, 21 teams either kept prices the same or lowered them. The main reason for the percentage increase was the new Dallas Cowboys’ stadium that cost $1.2 billion to build.
The average ticket to a Cowboys game costs $159.65, a record for the Fan Cost Index survey, which dates to 1991. The New England Patriots previously had the priciest ticket in pro sports and that cost remained the same at $117.84.
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But the Patriots still have the highest-priced premium ticket average, $566.67.
Not every Cowboys ticket is so pricey. The team offers season tickets as low as $59 per game — the same price as the cheapest Cincinnati Bengals season ticket — and they sold out quickly. The Cowboys also offer a $29 ‘‘party pass,’’ a standing-room ticket.
Eighteen teams maintained ticket prices, and the Lions, who were 0-16 in 2008, dropped prices 1 percent. The Dolphins’ average went down .8 percent.
NFL commissioner Roger Goodell has said recently that local blackouts of games will be an issue this season, citing the weak economy as a major reason.
The Fan Cost Index takes a representative look at what a family of four could expect to spend at a football game this year. It takes into account the prices of four average-price general tickets, two small draft beers, four small soft drinks, four regular-size hot dogs, parking for one car, two game programs and two least-expensive, adult-size adjustable caps. Season ticket prices are used, and premium (or club) seats are placed into their own category.
The Cowboys’ FCI is $758.58, far outpacing the Patriots’ $597.25 and the Chicago Bears’ $501.33.
Average FCI for the league is $412.64, a 4.1 increase from last season. But only 10 teams are above the average.
Here is a list of the average ticket prices charged for 2009 NFL games at the 32 home sites:
New England $117.84
N.Y. Giants $88.63
N.Y. Jets $86.99
San Diego $81.39
Kansas City $80.69
NFL Average $74.99
Tampa Bay $74.25
San Francisco $70.55
St. Louis $70.20
Green Bay $63.39
New Orleans $62.22
Source: Team Marketing Report


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Local restaurant chains Taco Bell Corp. and The Habit Restaurants Inc. did well for parent Yum Brands Inc. (NYSE: YUM), helping drive restaurant and same-store sales growth.
Irvine-based Taco Bell, with 7,567 restaurants, generated $532 million in total revenue in the quarter, which was up 19% from the year-ago period.
Taco Bell same-store sales grew 21% in the quarter with 91 restaurants opened in 18 countries. The chain said this year it’s set to grow to 10,000 restaurants in this decade.
Habit Restaurants, also of Irvine, had total revenue of $139 million, an increase of 32% from the same time last year. The burger chain, which counts more than 275 restaurants, had four restaurants open in the quarter in the U.S. and Cambodia, with same-store sales up 31%.
The two chains are sister concepts to KFC and Pizza Hut, all of which are owned by Louisville, Ky.-based Yum.
Yum, which counts more than 51,000 restaurants across its brands, reported total second-quarter revenue of $1.6 billion, up 34% from a year ago. Net income totaled $391 million, an 89% increase from the year-ago period.
Yum’s stock rose 5.2% in midday trading Thursday to $129 after reporting its quarterly results and beating consensus estimates. The restaurant operator had a recent market cap of $38.4 billion.


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Ferrari's hypercar gets the open-top treatment.
Ferrari recently confirmed what we've known for months: that it's hard at work on an open-top version of the LaFerrari. The so-called LaFerrari Aperta will be the brand's first open-top flagship model since the Ferrari F50 many years ago. As such, enthusiasts and buyers are equally excited to catch any glimpse of the car they can before it's officially unveiled to the public. While Ferrari has yet to confirm the name of the open-top LaFerrari, rumors are suggesting that it will adopt the Aperta moniker in one form or another.
Using the Aperta moniker makes sense considering Ferrari has already revived the name for use on models such as the 458 Speciale Aperta. The spy photo was posted on Facebook by car photographer Inavas Fotografias, who spotted the car as it was undergoing testing in and around Maranello, Italy. Considering Ferrari appears to have made no effort to hide the vehicle's appearance, we are assuming they wanted the car to get photographed. Why else would you drive such a highly anticipated model through the streets of Maranello without camouflage?
While Ferrari has yet to release official details regarding the Aperta, we can infer a few things from the spy photos already released.The Aperta will feature a removable roof panel that will likely be stored at home instead of in the trunk of the car. As with other boutique convertible supercars, the Aperta will also come with an emergency fabric roof that can be used if weather were to turn inclement. The open-top LaFerrari will be unveiled, new name and all, at the upcoming Paris Auto Show on September 29.


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A mother of an eleven-month-old girl has revealed that her little daughter is so obsessed with Amazon Echo that her first word was “Alexa”.
Watch the baby who is obsessed with Amazon Echo
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26-year-old Catherine Gates is a police worker from Blandford Forum, Dorset. The mother revealed that her eleven-month-old daughter Annabelle has become obsessed with Amazon Echo after watching her three-year-old brother Lucas playing with the gadget for hours.
She said that her first word was “Alexa”.
The mother told SWNS: “We started using it with the kids to play nursery rhymes and Baby Shark, which Annabelle loves. Lucas worked out how to use it himself and Annabelle always copies him.”
“But it’s definitely not what we expected her first word to be — she’s such a modern baby.”
“We’ve been battling for her to say ‘mummy’ or ‘daddy’ but she just went in a completely different direction. She’s the definition of a modern-day baby. We were just in shock.”
The mother says Annabelle even said “Alexa” when she was getting baptized.
The 29-year-old father, Liam said that he was left shocked as she didn’t say “mama” or “dada” as he expected her to say.
A family member gifted the device to the couple as a Christmas gift and they used it for playing nursery rhymes.
The mother says her daughter can’t activate the device by herself and she is hoping she’ll learn another word soon.
But for now, she keeps blurting the word out.
She said: “Now when we take her out she just belts it out. She’s become completely obsessed with the word.”
“It’s got to the point now that when she wakes up from sleep or a nap she’ll start shouting ‘Alexa’ from her cot. It helps us to know she has woken up.”
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Ads24 announces the launch of its 'Sunday Sundaes' activation
Ads24 is running a 'Sunday Sundaes' activation across national agencies to illustrate how brands can effectively run their campaigns for a maximum return on investment. By using Paul’s Homemade Ice Cream to illustrate the concept, Ads24 is inviting brands to experience the 'full flavour' of their offerings.
Sunday Sundaes activation
brand campaign South Africa


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It’s no surprise that top performers in sales and recruiting tend to utilize and see the value in referrals. The fact of the matter is that prospective clients and customers are more inclined to buy what you’re selling if a friend or colleague can vouch for you. Referrals can be a powerful tool regardless of your industry or what it is you are selling. From selling products and services to filling orders and selling jobs, referrals should be an integral part of any sales strategy.
As Artificial Intelligence (AI) and Machine Learning (ML) continue to be the topic of discussion in 2019, what does this mean for the recruiting process and human resources applications? The hope is simple; that if recruiters and human resources professionals can free up their time from performing the tedious, time consuming activities associated with narrowing down and locating talent, they can focus on building and strengthening the relationships with their potential hires.
As we have officially entered the Fall season that can only mean one thing, the holidays are just around the corner. With the holiday season comes a whole new opportunity for those of you looking to make a little extra cash! Retailers, wholesalers, distributors, etc. are all looking to increase their workforce during this time of year to help with the influx of demand. But, is a seasonal position right for you?
Let’s keep the good news rolling! René Poch founder and CEO of Trillium Staffing, just announced that Trillium has been ranked by Staffing Industry Analysts as the 26th Largest Industrial US Staffing Firm for 2018!
For many of us, having a job during the summer while in high school or college seemed like a necessary evil at the time, but in fact, these short-term positions helped to introduce many of us to our first taste of employment and independence. With that came unexpected benefits, not to mention the obvious monetary bonus!
The idea of dealing with a depleted skilled workforce is nothing new. However, over the past year or so, the sting of struggling to find qualified workers is becoming more and more prevalent across all industries.This isn’t your imagination and frankly what is occurring with the United States’ job market this year is literally making history. For the first time ever (for multiple months in a row) the number of available positions in the US has exceeded the number of people currently available for work. What exactly are we talking about here? According to cnbc.com, as of April 2018, there were roughly 6.7 million job openings across the country and only 6.4 million available workers to fill them, with that gap only continuing to widen.
Walking through the grocery aisle, we may take for granted the easily accessible and seemingly endless supply of non perishable items available to us on grocery shelves. However, these items do not magical appear there, just waiting for us to purchase them. A nationwide team of Logistics Professionals and Drivers are there to ensure we have the products we want/need in a timely manner. However, what happens when the number of Drivers available to deliver said goods, starts to dwindle?
We all can remember sitting down with the high school counselor going over what jobs may be the best route for our future and thinking to ourselves “yea I know, 4 year college degree, I get it.” But don’t fret, there are other options. In today’s job market, the skilled trades opportunities are out there and to say they are hiring is an understatement!
If the past week has proven anything it is that high temperatures and blistering heat can seemingly come out of nowhere. The important thing is to know how to recognize the signs of heat illness and how to prevent it from happening all together.


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Within 72 hours of warning Wall Street that it plans to spend $1 billion more than expected this quarter on supply chain costs, Ford Motor Co. announced the reorganization of part of its team executive that oversees supply chain management and product development – all while adding even more silicon. Valley Tech Talent.
Parts shortages delay production and delivery, frustrate customers and disappoint investors. Pickup trucks awaiting parts are stored in lots around Dearborn and other cities.
Ford, which saw its stock price plummet on the disappointing news, said in a press release on Monday that these latest leadership changes will “strengthen product creation and transform global supply chain management.”
The company noted in the statement that the situation is fluid as it seeks a leader to handle the situation.
Ford continues to poach top Silicon Valley corporate executives as the 119-year-old automaker delves into electric vehicle (EV) production and digital connection.
Latest management changes include:
- Doug Field is expanding his position as director of advanced product development and technology as Ford Model e ramps up its all-electric operations. He will continue to oversee electric vehicles, software and digital systems development, and driver assistance, while now taking on vehicle hardware design and engineering.
- Jim Baumbick assumes the role of Vice President, Product Development Operations, Cycle Planning and Internal Combustion Engine Programs to lead all product development for Ford Blue.
- John Lawler, Ford’s chief financial officer, stepping in as acting global supply chain director to ‘oversee an overhaul of Ford’s global supply chain operations’ until someone is chosen to the post.
- Roz Ho joined the company in October after working for three years as vice president and global head of software at HP in Palo Alto, Calif., and before that at companies such as Microsoft.
- Jae Park, a former vice president of Google and Amazon, joined Ford in August as vice president of digital product design, according to his LinkedIn company profile. He spent more than 11 years at Microsoft as creative director and design manager.
- Sammy Omari joins Ford as executive director of advanced driver assistance technologies. His LinkedIn profile describes him as vice president of engineering, responsible for autonomy and mapping at Motional, the driverless vehicle joint venture between Hyundai and Aptiv. Previously, Omari oversaw motion planning, motion software controls, and prediction at Lyft. He also worked as director of engineering, in charge of robotics, computer vision and machine learning, at GoPro.
- Rob Bedichek, formerly of Intel and Apple, is continuing in a role as executive director of platform architecture he started in December, according to LinkedIn. It designs computer systems and services. Ford announced its hiring with these latest developments.
- Lisa Drake, vice president of electric vehicle industrialization, now leads manufacturing engineering as Ford strives to reach a production rate of 2 million electric vehicles per year by the end of 2026.
- Chuck Gray, who served as vice president of EV technology, becomes vice president of automotive hardware engineering.
- Drake and Gray both report to Field, as does Ford design director Anthony Lo.
- Jonathan Jennings, vice president, supply chain, has additional responsibility for technical support and supplier quality and reports to Lawler.
Ford CEO Jim Farley said in a statement, “Developing and scaling the next generation of electric and software-defined vehicles requires a different approach and mix of talent from the accomplished Ford team and many exciting new colleagues joining our company.
In July, Ford hired former Tesla executive Annie Liu to secure supplies.
“Ford is transforming its global supply chain management capability to support efficient and reliable component sourcing, in-house development of key technologies and capabilities, and world-class quality and cost execution,” said Farley. in the press release.
Ford’s line of profit-driving Blue Ford gas-powered vehicles, which includes the F-Series, Mustang, Ranger and Bronco, and Maverick, remains key to the overall strategy as it has ‘driven demand and market share gains’ , Farley said.
After:Ford’s CEO says the automaker needs “totally different talent” to achieve its goals. here’s why
After:Ford rehires Apple, woos energy executive to lead DC team
After:Tesla’s top engineer hired by Ford after 12 years with electric vehicle industry leader
Earlier, Ford announced that Hau Thai-Tang, director of the industrial platform, will retire on Oct. 1, and Dave Filipe, vice president, vehicle hardware modules, will retire effective Dec. 1. Each has worked at Ford for three decades.
Thousands of vehicles are still waiting
On Monday, the automaker released the grim news about chip shortages and other issues. Ford said in a press release that it expects to have between 40,000 and 45,000 partially built vehicles stored on lots in various cities awaiting parts by the end of September. The company releases its third quarter financial statements on October 26.
After:Hau Thai-Tang bids farewell to the 2024 Ford Mustang
After:Ford’s plan to cut waste by $3 billion will channel money from gas-powered vehicles to fund electricity and technology
Contact Phoebe Wall Howard: 313-618-1034 or email@example.com. Follow her on Twitter @phoebesaid


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SOUTH AFRICA: To set up $19m sustainable textile cluster
The South African government has approved a ZAR200m (US$18.8m) grant to set up a new 'sustainable textile and apparel cluster' to supply more traceable products.
The initiative is backed by a five-year production plan to leapfrog local industry's competitiveness in sustainable textile and apparel manufacturing.
According to Dr Rob Davies, Minister of Trade and Industry, the initiative will supply local and international customers with fully traceable sustainable apparel and household textile products.
One of the main aims is to support local industry, both by developing production capacity and using local raw materials - starting with cotton and then broadening its scope to include all natural and synthetic fibres.
There are also plans to establish a National Sector Body to represent the entire value chain from fibre to end-product, with sector leaders working closely with government to map out the future development of the industry and address mutual issues of national concern.
Funding for the initiative is through the Competitiveness Improvement Programme (CIP) which, in turn, is part of the overall Clothing and Textiles Competitiveness Programme (CTCP) aimed at stabilising employment and improving overall competitiveness in clothing, textile, footwear, leather and leather goods manufacturing.
An interactive databank with intelligence on the major apparel sourcing countries
- TPP: now the real fight starts
- Why TPP implementation is far from a done deal
- Private label sourcing faces range of pressures
- Cambodia leads US apparel import growth in August
- Can Gap maintain its momentum minus Larsson?
- Update: Negotiators agree landmark TPP trade deal
- Nike debuts new fabric for adaptive breathability
- New Bangladesh labour rules draw union criticism
- Cambodia sets new minimum wage at US$140
- Vietnam releases new textile dye regulations
- Wearable technology: The future market potential for smart garments and e-textiles
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Outdoor performance apparel: peaks, valleys, and green fields
- Global market review of lingerie - forecasts to 2020


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By late November 2015 chain restaurants must comply with new federal food labeling rules that inform consumers about nutritional values of prepared food. While many states and cities already impose food labeling requirements for served food, the Food and Drug Administration regulations offer uniformity to restaurants nationwide. Restaurant chains like McDonald’s have already posted some calorie information on menu boards and eateries in California have included calorie information per dish on menus for years.
Many seemingly simple dishes can be loaded with hidden calories, so health experts hope the easy availability of calorie information will help consumers make healthy choices and combat the country’s obesity problem. The new regulations were part of the Affordable Care Act of 2010 and government officials have been drafting the rules and considering thousands of comments for more than four years. The final rules were published Nov. 24 in the Federal Register, the government journal, according to an FDA press release.
From the outset restaurants have to inform consumers that a normal daily diet contains on average 2,000 calories. Regulations dictate that calories are to be calculated on a single serving so as to be most informative. For example calorie data from a single slice of pizza – not the whole pie – is considered one serving. The sweeping regulations are intended to inform the public and cast a wide net of compliance over eating establishments where prepared food is available.
What Are The Rules?
Since Americans consume about one-third of their daily calorie intake outside the home, the FDA drafted rules to disclose the nutritional content of food and drinks. Consumers are interested in knowing how many calories are in a drink or meal, but don’t always have access to the data. Seeing that a fast-food milkshake has 750 calories might deter some purchases, but at least consumers will know how many calories they are consuming. It is expected that the disclosure of the information might help Americans to trim their waist lines.
Restaurants must disclose the following information per serving:
- Post calories of servings on menus and menu boards including for alcoholic beverages.
- Have available in written form more detailed nutritional information like calories from fat, total fat, saturated fat, cholesterol, carbohydrates, fiber, sugars and protein.
Who Has To Comply?
Small businesses are excluded from the regulations, which only apply to restaurant chains with more than 20 locations that operate under the same name and have similar menus.
The regulations apply to sit-down establishments, food purchased through a drive-thru window, take-out food including sandwiches sold at a grocery store or hot dogs and frozen drinks at a convenience store.
As well the rules affect owners of vending machines, salad bars in restaurants and grocery stores, bakery items sold at coffee shops, movie theaters, and amusement park snacks and ice cream, milk shakes and sundaes sold at ice cream stores.
Restaurant groups have complained that the regulations will be expensive and difficult to observe. Food can vary in ingredients like the myriad of pizza toppings or burgers with extra cheese that can widely vary calorie counts. The restaurant industry has said it would have to pass on costs to the consumer. Health groups argue it’s worth the expense, especially if Americans overall lose weight and become healthier.
Article provided by Buzztime.
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- Trina Solar again rated Top AAA in PV ModuleTech Bankability Ratings
CHANGZHOU, China, July 25, 2023/PRNewswire/ -- Trina Solar has been rated in the Top AAA category for the fifth consecutive quarter in PV Tech's PV ModuleTech Bankability Ratings for Q2 2023, underscoring the company's leadership status in high reliability, advanced technology, shipments and strong financial performance.
Trina has now been recognized as a "High Overall Performer" by RETC for three consecutive years and ranked as a "Best Performer" for nine consecutive years by PVEL. The company's Vertex modules have also recently been certified by TÜV Rheinland for their performance in harsh marine environments, while its 700W series modules pass the RETC thresher test.
Trina Solar invests heavily in technological innovation. By combining 210mm technology and advanced n-type i-TOPCon technology, the output power of mass-produced modules is expected to exceed 700W in the coming year.
The company's cumulative 210mm module shipments have reached 65GW, giving it the highest ranking for 210mm module shipments worldwide. Customers have continued to demonstrate their confidence in Trina Solar with their orders, including recently an agreement to supply 800 MW Vertex modules to Aquila Clean Energy EMEA.
Trina Solar spares no effort to provide worry-free delivery of n-type modules. By the end of this year, its module production capacity is expected to reach 95 GW and its cell production capacity 75 GW, with 40 GW dedicated to n-type cells.
In July, Trina Solar, along with eight other module manufacturers, reached a consensus on standardizing dimensions, delivering high customer value, and moving the industry toward adopting 210mm technology.
Trina Solar is committed to offering low carbon products to its customers. Its factory in Yiwu, in the Chinese province of Zhejiang, has become the first in the photovoltaic industry to receive official "zero carbon" certification.
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2019 Chevrolet Suburban has for many years held the status of one of the greatest vehicles available on the market, and its change can provide a sharp and modern look to cause it more desirable. But the show is worn-out, and these days it is time to redesign the others. Hopefully 2019 Chevrolet Suburban provides a nice look, powertrain, or others.
Visually, there is not any finish details presented, although there are impressive spy images. Hopefully to observe the corporation upgrade the recent fascia thicker style and provide a curve 2019 Chevrolet Suburban fascia which includes revised headlights and a shorter hood. Spying pictures also present extra screen right behind the A-pillar, that could help increase visibility going forward, will probably continue. We also calculate the taillights to take a horizontal alignment, removing the used vertical taillights.
Even if there is nothing approved from the Producers regarding 2019 Chevrolet Suburban powertrain, hopefully to experience huge improvements. The significant modify will remove the old powerplant that supports a 1 liter turbocharged engine. In its old form, this engine generates considerable power, however this can shift before the 2019 Chevrolet Suburban debut.
While this auto in an exact category sometimes competes in accident tests. At present, this automobile has done well in some testing IIHS has done four collision tests and front impact elimination tests, and this automobile is actually accepting the greatest scores for all. We never predict 2019 Chevrolet Suburban to take a step back in safety components and also rankings.
The corporation has not reported information about 2019 Chevrolet Suburban, so there is not any the facts about when it is going to introduction. With the upcoming year’s model coming instantly, we do not wait around long for official news concerning this.
Regardless that we hope that everything will probably be new for up coming year, we do not expect a huge price change from the used price range including destination fees.


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Wall Street analysts expect MSC Industrial Direct Co Inc (NYSE:MSM) to post $844.10 million in sales for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have made estimates for MSC Industrial Direct’s earnings. The highest sales estimate is $849.60 million and the lowest is $839.80 million. MSC Industrial Direct reported sales of $837.99 million during the same quarter last year, which indicates a positive year over year growth rate of 0.7%. The company is scheduled to announce its next quarterly earnings results on Tuesday, October 29th.
On average, analysts expect that MSC Industrial Direct will report full year sales of $3.36 billion for the current financial year, with estimates ranging from $3.36 billion to $3.37 billion. For the next fiscal year, analysts forecast that the company will post sales of $3.47 billion, with estimates ranging from $3.43 billion to $3.54 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover MSC Industrial Direct.
MSC Industrial Direct (NYSE:MSM) last posted its quarterly earnings results on Wednesday, July 10th. The industrial products company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.50 by ($0.05). The company had revenue of $866.50 million during the quarter, compared to analyst estimates of $881.62 million. MSC Industrial Direct had a return on equity of 21.08% and a net margin of 8.79%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.39 earnings per share.
Several institutional investors have recently modified their holdings of MSM. Hamlin Capital Management LLC bought a new position in MSC Industrial Direct during the 2nd quarter valued at about $52,364,000. Norges Bank bought a new position in MSC Industrial Direct during the 4th quarter valued at about $48,204,000. QV Investors Inc. bought a new position in MSC Industrial Direct during the 1st quarter valued at about $35,596,000. Los Angeles Capital Management & Equity Research Inc. lifted its holdings in MSC Industrial Direct by 1,146.7% during the 1st quarter. Los Angeles Capital Management & Equity Research Inc. now owns 344,619 shares of the industrial products company’s stock valued at $28,503,000 after purchasing an additional 316,976 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in MSC Industrial Direct during the 1st quarter valued at about $11,422,000. Institutional investors and hedge funds own 76.34% of the company’s stock.
NYSE MSM traded down $0.34 during midday trading on Friday, hitting $68.08. The company had a trading volume of 567,437 shares, compared to its average volume of 560,275. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.35 and a current ratio of 2.50. The firm has a market cap of $3.92 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 1.08 and a beta of 0.91. The stock has a fifty day moving average of $72.17. MSC Industrial Direct has a fifty-two week low of $67.25 and a fifty-two week high of $90.25.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 6th. Stockholders of record on Tuesday, July 23rd will be given a dividend of $0.75 per share. This is a positive change from MSC Industrial Direct’s previous quarterly dividend of $0.63. This represents a $3.00 annualized dividend and a dividend yield of 4.41%. The ex-dividend date of this dividend is Monday, July 22nd. MSC Industrial Direct’s payout ratio is 59.06%.
MSC Industrial Direct Company Profile
MSC Industrial Direct Co, Inc, together with its subsidiaries, distributes metalworking and maintenance, repair, and operations (MRO) products in the United States, Canada, and the United Kingdom. The company's MRO products comprise cutting tools, measuring instruments, tooling components, metalworking products, fasteners, flat stock products, raw materials, abrasives, machinery hand and power tools, safety and janitorial supplies, plumbing supplies, materials handling products, power transmission components, and electrical supplies.
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The USDA’s Aug. 22 Cold Storage report held bearish demand implications for the hog and pork sector. It stated ending-July pork stockpiles held in U.S. freezers at 529.3 million pounds. That was only 14.4 million pounds less than the year-ago total and just 8.1 million less than the June 30 result. That compares to a 10-year average July drawdown of over 24.8 million pounds.
Given the big cutbacks in hog slaughter and pork production experienced last month, this implies a stunning lack of interest in supplemental supplies, which in turn has negative implications for pork demand.
As discussed previously, we believe soaring hog and pork prices in the February-April period and again from early June through mid-July stifled underlying pork demand at critical points in the marketing year. The pork belly market offers an excellent example on this point.
The Cold Storage report stated July 31 U.S. belly stocks at 64.7 million pounds, which is the highest late-July figure since 1999. In fact, it more than doubled the mid-summer totals posted in each of past four years. It suggests the late-summer market will be well supplied with bacon, which in turn implies little upward price pressure in the near future.
The hog and pork industry is now anticipating a September bounce. Indeed, as pointed out last week, one might reasonably argue that the market could post an early second-half low in the near future, then work sideways to higher during autumn. Much depends upon demand strength in the wake of the recent breakdown.
A quick resurgence would certainly favor the bullish view. However, given the damage to demand implied by the Cold Storage data, we’re inclined to think the anticipated September rally will be relatively subdued and will be followed by a more normal drop to fresh lows later in the November-December period.
Editor’s Note: Dan Vaught is a livestock economist for Doane Advisory Services, St. Louis, Mo. Doane distributes a number of timely, relevant newsletters to farmers that contain expert commentaries and market advice. For more information, call 314.569.2700 or go to: www.Doane.com.


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Fairfax Limited has bought Occupancy Pty Limited, operators of two leading Australian holiday accommodation booking web sites- rentahome.com.au and takeabreak.com.au for $29million.
Occupancy’s web-sites will become part of Fairfax’ Stayz.com.au holiday and accommodation booking business.
Fairfax claims that Stayz already handles 10% of all holiday rental bookings in Australia, and industry analyst – Tim Hughes – is reported as calculating the deal with Occupancy will see Stayz holding more than 60% of the market.
(Yahoo 7’s Totaltravel.com.au service and the Realestate.com.au owned realholidays.com.au service are thought to rank number 2 and 3.)
Occupancy’s Sydney based co-owners, Justin Butterworth, Craig Davis, Michelle Davis and Penny Parsons are to get $17.9 million in cash from Fairfax and $11.2million worth of shares in the Stayz business.
A Fairfax statement on the deal released earlier this month said that Occupancy’s co-owners will have around 10% of the shares in Stayz.
This suggests that Fairfax values Stayz at some $110million, which is a considerable jump on the $14.3million it paid for the business back in 2005.
Nevertheless, with a claimed 27,000 property listings and some 800,000 accommodation nights booked ever year, Stayz is a real success story for Fairfax.
Jack Matthews, CEO of Fairfax Metropolitan Media division, said that the acquisition continues the company’s strategy of building strong businesses in so-called ‘niche’ or specialist market segments.
“Stayz has been a great success story for Fairfax. We know the holiday rentals sector well and Occupancy will bring new areas of growth to our business.”
Occupancy two web-sites are said to have nearly as many property listings as Stayz, and only around 20% less unique users every month (more than 800,000).
However the company’s owners have nowhere as near deep pockets as Fairfax.
Nor do they have the same opportunities for cross-promotion and marketing as does Fairfax with its various newspapers, magazines and online services.
Indeed the logic of industry rationalization is believed to have been at least part of the reason why, last year, Butterworth and his rentahome business joined forces with Davis’ and Parsons and their takeabreak.com.au business.
The businesses earn their main revenues from an 8% commission paid by property owners on every booking .
Many property owners also pay for upgrades to their free, basic listing.
The businesses also earn advertising revenues, and rentahome, in particular has won a string of awards since it was founded in 1999.
Fairfax Digital Executive, Nic Cola, said that there was surprisingly little overlap between the listings of Occupany’s sites and those of Stayz.
“Rentahome has more metropolitan listings and accommodation bookings from corporate, including quite a surprising level of international bookings.”
“Takeabreak has traditionally been more of a holiday accommodation service.
He said that the lack of overlap was part of the reason why Occupancy is such a good fit with the Stayz business.
Cola sai that Fairfax believes that online bookings of holiday accommodation is an areas with tremendous potential growth.
“Ïts only very early days yet and we’ve only just scratched the surface.”
Justin Butterworth and Craig Davis share that view.
“We’re excited to join Fairfax and we strongly believe this partnership will take holiday rentals to the next level. It’s a win for accommodation owners, managers and travellers” they said.
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10 things we can expect from the new Apple iPhone
Apple is expected to unveil its latest iPhone in San Francisco on Monday. Here are 10 things we can expect to see from the new device
When Steve Jobs takes to the stage at the Worldwide Developers Conference in San Francisco on Monday, he is expected to take the wraps off Apple's latest iPhone.
There are likely to be few surprises in store for Apple fans – after all, a prototype of the so-called iPhone 4G was famously left in a bar and picked apart by gadget blogs – but Jobs usually keeps one or two tricks up his sleeve.
Here's a run-down of some of the features the iPhone 4G is expected to offer:
1) New design: Gone is the smooth, curved plastic back of the iPhone 3G and 3GS – the iPhone 4G appears to have flat back, most likely made from glass, with an aluminium border around the outside.
Edges appear to be squarer than on previous models, while the device itself is said to be about 3g heavier than its predecessors.
2) Smaller screen but better resolution: According to Gizmodo, the screen is slightly smaller than on the iPhone 3GS, but the display itself appears to be higher resolution.
The current iPhone 3GS boasts a 480x320 pixel resolution, while the iPhone 4G is rumoured to offer a 960x640 resolution – four times the quality of the current display.
3) Better battery: Battery life has long been a bone of contention with the iPhone – many users complain bitterly about having to give the device a booster charge during the day.
This problem could be resolved with the iPhone 4G which apparently features a battery 16pc larger than the one found in the iPhone 3GS.
That should mean the iPhone lasts a lot longer on a single charge, which will be crucial for one of the most talked-about new features – multitasking.
4) Multitasking: The iPhone 4G will run the new iPhone operating system, iPhone OS 4 (which will also be available to iPhone 3G and 3GS users, and owners of the most recent models of the iPod touch).
One of the key features of the new software is multitasking – the ability to run multiple apps simultaneously and switch easily between them.
It's a feature that Apple fans have been desperate for since the iPhone was first launched, and other devices, such as those running Google's Android operating system, have already got this function.
Now, you'll be able to listen to your Spotify playlists while instant-messaging a friend.
5) More storage: Apple is expected to bring the storage capacity of its iPhones in to line with the iPod touch range, which means we could see a 64GB iPhone 4G make its debut.
Enabling users to store more films and TV shows, in particular, makes sense if rumours of that super high-res screen prove correct.
Another feature of iPhone OS 4 is the ability to collapse apps in to folders, which means users will be able to store up to 2,160 apps on their iPhone – significantly more than the current limit of 180.
6) Better camera: The iPhone 4G will feature a better camera, according to Gizmodo. The rear-facing lens is said to be much bigger than on previous models, with some speculating that the iPhone 4G could boast a five-megapixel camera (compared to the three-megapixel camera on the iPhone 3GS) with a flash for capturing pictures in low light.
There is some evidence within the iPhone's software development kit that the iPhone 4G could support high-definition video recording, of a quality similar to that of the Flip HD.
Further probing of the SDK also reveals the possibility for video conferencing on the iPhone, possibly using Apple's iChat program and a front-facing camera.
7) Ebooks: The iPad, Apple's touch-screen, tablet-style computer, is already being touted as the ultimate ebook reading device – so much so that Apple has lunched a literary equivalent of iTunes, the iBookstore.
Now iPhone users will be able to buy and download novels from the Apple bookshop on to their iPhone.
Amazon already offers a Kindle app for the iPhone and iPod touch, a long with a far wider selection of titles, but the roll-out of Apple's own ebook store to the iPhone underlines Apple's commitment to making digitised content more widely available across all of its platforms.
8) A new processor: According to gadget websites, the iPhone uses one of Apple's own processors, similar to the one found in the iPad.
That could give the iPhone an additional speed bump, which could be crucial if it is to handle its new multitasking responsibilities with aplomb.
9) A different kind of SIM: Rumours suggest that the iPhone, like the iPad, will feature a microSIM, rather than the standard-sized SIM card used by other mobile phones.
The prototype device that Gizmodo saw used a microSIM, but it's unclear whether Apple will roll this out across the iPhone range, too – after all, it means that millions of existing iPhone users who want to upgrade to the latest model will need to be issued with new SIM cards for their phone number, which seems an unnecessary logistical burden to place on network operators, and a potentially off-putting hoop for some users to jump through.
10) Wireless synching: This is probably the least likely new feature, but Apple fans would jump for joy if the new iPhone could synchronise wirelessly with their computer.
It means that data could be backed up across the home Wi-Fi network, while new songs, photos and movies could be transferred to and from the device without the need for a USB cable.
Microsoft already offers wireless synching on its Zune music player, and will be integrating the feature in to mobile phones running the Windows Phone operating system – it would be something of a spoiler if Apple added the capability to its iPhone range ahead of the Windows Phone launch later this year.


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AT&T said to consider stopping all Samsung’s Galaxy Note 7 sales
New York: AT&T Inc. is considering stopping all sales and replacements of Samsung Electronics Co.’s Galaxy Note 7 over concerns about the smartphone’s safety, according to a person familiar with the situation.
The US wireless carrier will likely offer alternative smartphones to people who return Note 7 devices. A final decision on this will likely come as soon as Friday, said the person, who asked not to be identified because the deliberations are private.
Samsung started replacing the Note 7 last month because of a flaw in its lithium battery which can lead to overheating and pose a burn hazard to customers. Airlines have banned customers from using the smartphones on flights, and the evacuation of a Southwest Airlines Co. plane earlier this week was blamed on smoke caused by a replacement device.
AT&T spokesman Fletcher Cook declined to comment. Bloomberg


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Michael Burry shorts Tesla and advises which stocks to buy. Do you have them too?Published by: 22.06.2021 18:10:58
Famous investor Michael Burry is known for his market foresight, which he bet against before the 2008 crisis, for example. Now he has his sights set on another investment that he expects to make a significant return. This time it is the American electric car manufacturer Tesla (TSLA), which now has a market capitalisation of over 600 billion (22.6.2021). Michale Burry and his firm Scion Asset Management purchased over 800,000 put options* worth over $534 million yesterday.
Unfortunately, nowhere did we read why Burry thinks the stock will lose value. Burry bet on the pre-2008 U.S. housing bubble and profited from the 2008 demise of the specialty "subprime" loan market and many large financial firms. His prescient predictions were detailed in Michael Lewis's book and subsequent film "The Big Short," in which Burry was played by Academy Award winner Christian Bale.
On the other hand, Tesla posted record profits in the first quarter of this year, avoided an industrial chip shortage, improved its manufacturing and even made a profit on bitcoin. Still, the stock has fallen on the sign of the lofty expectations the company now faces. But some analysts argue Tesla hasn't offered a concrete estimate of the number of vehicles it will produce in 2021!
*Put options give investors the right to sell shares at a pre-specified price and are a sign that an investor is predicting a decline in the value of a company's stock.
Which stocks does famous investor Michael Burry recommend?
1. SunCoke Energy, Inc. (NYSE: SXC)
SunCoke Energy, Inc (NYSE: SXC) is an Illinois-based commodities processing and handling company founded in 1960. Scion Asset Management, a private investment firm led by Burry, owns more than 1 million shares of SunCoke stock worth more than $7.7 million. The investment represents 0.56% of Scion's total portfolio. SunCoke shares have returned more than 130% to investors over the past 12 months.
On April 28, SunCoke Energy, Inc (NYSE:SXC) released its quarterly results, reporting revenue of more than $359 million and earnings per share of $0.20. Revenue for the first quarter of 2021 beat market estimates by more than $51 million.
2. NOW Inc. (NYSE: DNOW)
NOW Inc. (NYSE: DNOW) is a Texas-based industrial equipment company that focuses on the distribution of oilfield equipment worldwide. It was founded in 2013. The stock has returned more than 52% to investors over the past year. Michael Burry, through his asset management firm, owns 700,000 shares of the company worth more than $7 million. The investments make up 0.52% of the asset management firm's portfolio.
NOW Inc (NYSE:DNOW) reported quarterly earnings for the first three months of 2021 on May 5, reporting revenue of $361 million, down more than 40% compared to revenue in the same period last year, but beating market estimates by more than $22 million.
3. The Kraft Heinz Company (NASDAQ: KHC) CALL
The Kraft Heinz Company (NASDAQ: KHC) is an Illinois-based food and beverage company that was founded in 1969. More than 1.1 million shares of Kraft Heinz stock worth over $46 million are owned by Burry's Scion Asset Management, representing nearly 3.5% of their investment portfolio. Kraft stock has returned more than 43% to investors over the past year, despite pandemic-related setbacks that have hit the company's sales.
4. Facebook, Inc. (NASDAQ: FB) CALL
Burry's investment firm, Scion Asset Management, owns 550,000 shares in the social media giant worth more than $161 million, representing nearly 12% of Burry's investment portfolio. Facebook, Inc (NASDAQ:FB) has had a good year, offering investors returns in excess of 33% despite the pandemic, and despite the loss of ad sales, which will now fall away.
Facebook, Inc (NASDAQ:FB) now has over 45 analysts covering its stock among investment recommendations and has a consensus buy rating with a high target price and a low target price between $460 and $220.
Distillate Capital mentioned Facebook, Inc (NASDAQ:FB) in its Q1 2021 investor letter. Here's what Distillate Capital said about Facebook, Inc. in its letter:
"Facebook, Inc. has come in and out of the portfolio previously and did so this quarter based on a material improvement in projected free cash flow, so its valuation now meets the criteria for inclusion."
A California-based technology company founded in 1998. Scion Asset Management owns 80,000 shares of Alphabet stock worth over $165 million. Alphabet shares have appreciated in value to investors over the past twelve months with over 62% growth. The tech giant expects record revenue this year as ad revenue grows thanks to a reopening economy. The company has seen its stock rise sharply in recent weeks as business has resumed and companies have invested in their digital presence.
Want more tips? We'll be posting more tips on promising stocks shortly, following MB's guide.
K&L Rock also declares that it is not liable for any direct or indirect damage resulting from trading on the capital markets in general, and posts in discussions expressing the views of readers may not be in line with the operator's position and therefore cannot be regarded as its views.