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Business Digest: New Alamo Drafthouse set to open next month
New Alamo Drafthouse set to open next month
The largest Alamo Drafthouse yet is coming to the Lakeline Market Shopping Center in Northwest Austin.
The 10-screen theater that seats 944 patrons is set to open in July, the Austin-based chain said Friday.
The theater, at 14028 N. U.S. 183, will also have a Glass Half Full Taproom, a full-service bar that will serve 32 draft beers and craft cocktails to people inside and outside of the theaters.
A new kitchen design is said to limit distractions and get moviegoers their food and drink more efficiently.
Kyle to get new entertainment complex
An entertainment complex that will include movie theaters, bowling lanes, a video arcade and a restaurant has received approval from the Kyle City Council.
The facility, planned for the Villages of Kyle shopping center at FM 1626 and Interstate 35, is to be developed by Schulman Partners. The Kyle City Council approved $1.1 million in property tax and sales tax rebates over 15 years for the project, according to a news release.
Construction is scheduled to begin this year, with the project coming online as early as next summer, according to the city.
Plug pulled on West Texas clean coal project
A West Texas clean coal project six years in the planning stage has been cancelled.
Tenaska, a Nebraska-based energy company, cited low prices for natural gas and renewable energy in its announcement Friday. The company also is cancelling a clean coal project in Illinois.
The Sierra Club praised the decision.
“Coal is a bad bet for utilities everywhere, and after years of fighting the inevitable, Tenaska learned this the hard way,” said Bruce Nilles, Senior Director of the Sierra Club Beyond Coal Campaign. “Coal is the energy source of the past.”
Starbucks hiking prices despite lower bean costs
NEW YORK — Starbucks wants a few extra pennies for that latte.
The Seattle-based coffee company says it’s hiking prices on average by 1 percent nationally starting on Tuesday. But it says the price for many drinks, such as medium and large brewed coffees and Frappuccinos, won’t change in most its 11,000 U.S. cafes.
“Less than a third of beverages will see a small increase in most stores,” said Lisa Passe, a Starbucks spokeswoman.
The price hike comes despite falling coffee costs that have boosted the company’s profits. In the last quarter, Starbucks cited lower coffee costs for a stronger operating margin, which represents the money it pockets from sales after subtracting what it pays to keep stores running.
Olive Garden luring diners with cheaper prices
NEW YORK — If the free breadsticks and unlimited soup and salad aren’t enough, Olive Garden is hitting the gas on other promotions to get customers through its doors.
Darden Restaurants Inc., which has been struggling to hold onto customers in recent years, said deal offers like “2 for $25” dinner special helped drive up customer traffic at its flagship Olive Garden and Red Lobster chains in the latest quarter. The company said it will keep stressing the affordability of its food in the year ahead to attract more diners.
The strategy raises concerns among some investors, who worry that it’s a short-term fix that only hurts profit margins.


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University of Florida develops new peach tree varieties suited to South Florida’s subtropical climate
Who’da thunk it? Peaches in Palm Beach!
“There’s a real interest right now in peaches for South Florida,” says Bill Schall, Palm Beach County extension agent. “We have new introductions that don’t require much cold to set fruit.”
The University of Florida recently developed varieties of peaches and nectarines that can be grown in subtropical South Florida — a first for the region. Better yet, the low-chilling cultivars start producing fruit in just two or three years.
“Typically, fruit trees don’t really bear any significant yields till five to seven years,” explains Schall.
The UF “melting-flesh” peaches that are typically sold in stores begin with a version of the prefix “Florida,” as in Flordaglo. As peach trees are still a novelty, these varieties are not yet prevalent in local garden centers.
“You can have trouble finding them in nurseries,” notes Schall.
A couple of out-of-town growers can ship them, however.
“Floridaprince and Tropical Beauty are the two varieties that the orchardists are growing, so these are the two we recommend as our best,” says Debbie Gaw, owner of Chestnut Hill Tree Farm in Alachua, just north of Gainesville. “We ship three-, five- and seven-gallon trees.”
Mike Page, a vegetable gardener at Mounts Botanical Garden in West Palm Beach, planted Floridaprince peach trees four years ago.
“This season, we got 300 or 400 peaches in our garden,” Page says. “I just got a new one called UF Sun that’s supposed to have fruit twice as large and only needs 30 to 50 hours cooling” in temperatures of 32 degrees or lower.
One note to consider is that you will have to shape the trees. There’s a good how-to section at www.edis.ifas.ufl.edu/hs365. My grandfather showed me how to do this on my Tennessee farm in about 15 minutes, so it’s not rocket science.
And just think of the rewards: We can enjoy a juicy peach in our own backyards. Slurp, slurp!
Lifelong gardener Kaki Holt has written extensively about horticulture for a variety of local and state publications. Additionally, she has spearheaded the founding of school garden clubs throughout Palm Beach County. A certified Master Gardener, she is a member of Garden Writers of America. E-mail her at firstname.lastname@example.org.
PEACH TREE RESOURCES

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As of July 20, Foothills Animal Shelter has taken over the pet-licensing program in Jefferson County.
Since 2007, licensing funds collected by Jeffco have been used to pay down debt from construction of the new shelter next to the Jeffco Fairgrounds. The facility, which opened in 2010, has 46 staff members and 400 volunteers.
Foothills Animal Shelter has also launched a new interactive website that offers a number of features and resources for pet owners, said Jennifer Strickland, spokeswoman for the shelter.
The site has a lost-and-found page where owners can look up or post lost pets. People also can look up events such as vaccination clinics or adoption drives. And visitors to the site can find featured adoptable pets and a host of educational initiatives.
“The site is bright, contemporary and fun,” said Strickland.
On the new licensing page, someone who has found a lost pet can look up licenses to reunite the animal with its owner.
Licensing fees run $15 or $30, depending on the type of animal, and $3.90 goes to administrative costs such as overseeing the database and renewal mailings. Despite it being mandatory for pet owners in unincorporated Jeffco to license their dogs, only 26 percent of canines in the county are licensed, Strickland said.
She said there are a number of benefits to pet licenses, most importantly that pet owners can be contacted immediately if a missing pet is found.
“Oftentimes our animal control partners can bring your pet directly home if they’re wearing that tag,” she said.
Also, pet-licensing fees help support the shelter.
To bring more attention to pet licensing, the shelter has begun a new campaign that features a large mastiff sitting in the back of a taxicab. Foothills worked with Barnhart Communications in Denver to design the campaign.
“(The campaign) implies, ‘If it were only this easy for your pet to get home,’ ” she said. “We wanted a fun and creative way to draw attention to the program, and then, from there, be able to talk about the benefits of how it can help your pet get home. But also how you can support less fortunate pets that are homeless in the community.
“The ultimate goal of our program is very simple — to help get more lost pets home,” said shelter executive director Heather Cameron. “We hope this new eye-catching campaign … will remind pet owners of the important advantages of licensing.”
Chris Ferguson is a news editor with Evergreen Newspapers. E-mail him story tips to email@example.com.


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Singapore, September 9, 2023 – Singapore’s insect screen industry has long been renowned for its excellent quality and a spirit of continuous innovation. As urbanization continues to advance, the demand for home security and comfort has been on the rise, making the insect screen industry an indispensable part of it. Let’s take a look at the latest developments in this industry.
Next-Generation Insect Screen Technology
Singapore’s insect screen manufacturers are continuously investing in research and development, striving to introduce more intelligent and efficient insect screen products. Recently, some companies have launched smart insect screens that can be controlled through mobile applications or voice control systems, allowing homeowners to open or close them remotely. These smart insect screens not only enhance convenience but also improve home security by enabling residents to monitor screen status at any time.
Singapore has been actively promoting sustainable development, and the insect screen industry is no exception. More and more insect screen manufacturers are using renewable materials and energy-efficient production methods to reduce their environmental footprint. Additionally, they are offering more durable insect screens, reducing the frequency of replacements and repairs, which helps minimize resource wastage.
Insect and Dust Protection
With climate change and urban expansion, the issue of insects in Singapore has become increasingly prominent. The insect screen industry is proactively responding to this market demand by introducing advanced insect-proof screen products. These screens effectively block the intrusion of insects and other pests while also preventing dust and pollutants, thus improving indoor air quality.
Custom Insect Screen Services
To meet the diverse needs of households and businesses, Singapore’s insect screen manufacturers provide a wide range of customization options. From various colors and materials to different types of screens, customers can tailor their insect screens to perfectly fit their homes or office environments.
Industry Collaboration and Regulation
The collaborative spirit of Singapore’s insect screen industry is also noteworthy. Manufacturers, government agencies, and consumers have been working together to ensure the quality and safety of screen products. Regulatory authorities conduct regular inspections of manufacturing facilities to ensure compliance with standards and take appropriate actions against non-compliant products.
In conclusion, Singapore’s insect screen industry not only leads in terms of quality and innovation but also actively responds to calls for sustainability and environmental protection. With ongoing technological advancements and changing market demands, we can expect this industry to continue growing and providing safer and more comfortable indoor environments for Singaporean households and businesses.


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The Proton P2-30A Global Small Car, scheduled for a Malaysian launch sometime in the first half of this year, continues its cold weather testing in winter Europe.
Our European spy photographers captured this P2-30A ‘resting’ on a trailer, presumably en route or perhaps on the way back from cold climate testing. We notice that those are Gen2 facelift wheels, the first time we’ve seen them on a P2-30A.
There are a few other cars that are accompanying the P2-30A on the trailer, but they’re all cars that have been revealed. There’s a BMW 3-Series F30 Modern Line in front of it and a BMW i3 on top of it.
Check out our previous coverage: Proton P2-30A Global Small Car


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Days Gone seems like its been around for ages. First revealed at E3 in 2016 we’ve seen it at various trade shows, had a few trailers and got interviews and features in gaming magazines. Of all Sony’s upcoming first party releases it’s the one we’ve seen the most of, yet I don’t feel I know much about it.
Past its premise of biker riding around a post apocalyptic, zombie (freaker) infested world I know very little. That, however is changing. Bend Studio and Sony have been giving us a little more information over the past few weeks leading up to its April release. Whilst some of the footage and the messages are similar to what we’ve had before, it’s edited and presented in an interesting way. Exposition, environment and equipment are all given with context and paired well in (so far) three new videos. It’s starting to take shape in my mind more. These videos are building well on the previous coverage.
This begs the question, should a game be announced followed by a slow trickle of information or does an announcement and quick turn around build excitement better? I’m not sure there’s a simple answer to that. Not only would it depend on the franchise or game genre in question but also on platform exclusivity.
For Days Gone at least the slow build leading to focused videos may be turning peoples view of it for the better. For months I’ve seen social posts in gaming groups such as “anyone interested in this?” or “this looks alright, anyone know anything about it?” suddenly the sentiment is much more positive, much more informed. All from new videos and the media traction that’s given it. Of course this is all for sales and that’s the ultimate goal for coverage, but how well does the build up effect sales?
Let’s look at a few similar examples. We knew about Spider-Man for a few years before it’s release. Seen first at E3 2016, alongside Days Gone, it took around 2 years to be released. Sony started to ramp up its coverage and push the game with a major marketing campaign a month or so out from release. As of November 25th it had sold 9 million physical and digital copies (including those released as part of console bundles). As a major established franchise Spider-Man may be a bad example however. Whilst an amazing number of copies were sold people know Spider-Man, he has a ton of fans already and I would imagine that helped sales. But it is an example worth noting as Sony’s best selling game of 2018.
Perhaps looking at a similar game would be a better place to help predict what Days Gone, and the slow build approach may achieve. Horizon Zero Dawn, almost one year after its release had achieved a sales number exceeding 7.6 million worldwide. An impressive figure for a new IP. This made it the best selling new first party franchise to launch on PS4. Announced at E3 in 2015 it released just under 2 years later. Like Spider-Man and Days Gone we saw more of the game at the following E3 and then launch trailers a month out from release.
I don’t see Days Gone doing these numbers. Spider-Man had the popularity of the franchise behind it and HZD had robot dinosaurs and a strong female protagonist as their hooks. Whilst Days Gone looks good it may be too familiar for some. Zombies and open world survival have been done both successfully and not so, a lot. I hope the Sony approach to marketing the game works for it and it can reach close to a million in its first week with a lifetime of 4 million. When putting a number on success everyone has a different level so I hope Sony doesn’t take its recent successes with HZD, God of War and Spider-Man and be too hard on Bend studio of they don’t shift numbers.
Sony have, for years, announced and built up to games like this. With a few big hitters still to release it may continue working for them in the future too. Others studios and publishers take a very different approach though. At the opposite end of the spectrum Bethesda announced Doom and released it within a year, and whilst teased in 2016 Wolfenstein 2 was officially announced in 2017 and released in less than 6 months. Sales figures on these games are hard to find to make a reasonable comparison but weekly chart figures wouldn’t put either game, even as multiplatform releases, in the same sphere as the Sony games. This suggests the the slow build approach is working better.
A final example to look at is the recently released Apex Legend. This came out of nowhere. Leaked a day before the official release, Respawn and EA’s battle royale has gone under the radar during development, but performed well. Yes, it’s free to play but it’s user base was huge for day one; hitting 2.5 million unique players. Considering Battle Royale is hot right now it’ll be the end of month users which could be the measure for success. As the opposite to Sony’s approach it shows that there’s not really any knowing how well a game will do.
These examples would suggest Sony are doing it right but this isn’t a conclusive set of data. I’d need to examine every game release, their announcement to release turn around and their sales numbers but I’ve games to play instead. Of course I haven’t touched on once a year franchise releases like Fifa, Call of Duty or Assassins Creed but they’re a beast of their own.


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Capcom have issued an update on their best-selling titles and Monster Hunter continues to do rather well. Monster Hunter: Rise, the Switch & PC follow-up to World bringing Monster Hunter into the mainstream (and becoming Capcom’s best selling game in the process), has hit 9 million sales. This is only a few hundred thousand short of Iceborne, the expansion to World, which has hit 9.2 million ahead of March 31. World itself is now at 18 million units, while Stories 2: Wings of Ruin, a spin-off Monster Hunter with Pokemon-adjacent gameplay, hit 1.5 million.
Given Rise isn’t available on Xbox or Playstation consoles – which quite a few people own, in case you didn’t know – it’s a pretty big achievement. It’s still a mainline game, as the Nintendo audience has been very core to Monster Hunter for many years, but World was an aberration of unprecedented proportions, still being capcom’s best-selling game ever by a significant margin.
Other notables from the platinum games update (anything that Capcom has sold over a million copies of), via Gematsu, are Resident Evil: Village making it over 6 million and DMC5 getting to 5 million. The full list can be seen there, with even Street Fighter V getting some love.
Written by Ben Barrett on behalf of GLHF.


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LAST UPDATED : 23 Apr 2017, 12:14 IST
- March for Science events to take place around the globe
Thousands of people are expected to attend March for Science events around the world to promote the understanding of science and defend it from various attacks, including US govt budget cuts. It was dreamed up at the Women's March on Washington, a day after Donald Trump's inauguration in January.
- A event to fund startup ideas in Indore
From innovation in IT to e-commerce, budding entrepreneurs from across the state played every possible card to please potential investors. But the one that caught eyeballs was an arrangment to distribute food collected from various sources to the needy through dispensing machines.
- School rule: Parents pleased but uniformity may be hit
KOLKATA: The CBSE directive to curb sales through selected vendors as well as from within school premises may be aimed at giving relief to beleaguered parents, but schools feel the measure could affect the uniformity and quality of apparels and stationery, and in some cases, costs too. Admitting to suggesting specific vendors for stationery and uniforms, principal of B D Memorial Vijaya Choudhuri, emphasized how it was “solely in keeping with the need to enforce discipline and uniformity, that we recommended certain specific shops”. Often there are discrepancies in the colour of the uniform or the edition of a particular book and it becomes easier to ensure that such situations don’t arise by recommending selected vendors, she added. Choudhuri said, “As long as the school is not profiting from a commission, I don’t see why recommending particular registered vendors should be seen as a problem”. Parents, however, breathed a sigh of relief. “The school may have specifications on apparels and shoes. But why is there a brand specification? For example, a black shoe needn’t be only from a specific sportswear brand. Even a bag or a belt,” said a parent who wished not to be named. “For a school emblem, the school doesn’t have to sell the entire apparel at a higher cost,” argued another. Choudhuri and a cross-section of schools TOI spoke to on Friday said they will comply with the order. “We will henceforth make specifications regarding books, shoes and stationery required and also give out the details of uniform colour and combination, mentioning even the material to be used. Earlier, we just mentioned the shops and vendors,” said the principal of another school. “Being a trust school, not a private one, one can be absolutely sure of zero commercial gains by the school. In fact, during the admission season, there are few selected days where the school premises are used, in order to ensure that all requirements of books and uniforms are met under one roof. But now that needs to be stopped,” said principal of Bhartiya Vidya Bhavan Rekha Vaisya. She argued that the products are available at cheaper rateshere. For instance, a particular shirt is available at Rs 200, whereas the market price outside is Rs 250. “Even the parents sometimes prefer being told exactly where to go to get the things. It saves them a lot of time,” said another principal. Mahadevi Birla World Academy principal Anjana Saha sees going online for the sale of books as one of the possible ways of tackling the issue.
- Supermodels from 34 countries take part in women empowerment event
Rohtak: In a novel move to sensitise residents, the Jhajjar district administration on Thursday roped in supermodels from 34 countries to deliver the message of women empowerment and ‘Beti Bachao Beti Padhao’ to the elected panchayat representatives and women. The administration had organised a workshop to discuss the issues of women empowerment, where they called these models to give their inspirational messages. Models from Belgium, Japan, China, Vietnam, New Zealand, Brazil and many other countries were called for the function. The models were in Delhi from April 13 to take part in an international contest to be organised on April 22 and had earlier been a part of the same campaign at Jantar Mantar in Delhi two days ago. Besides participating in the awareness march holding banners in the scorching heat to promote the Prime Minister Narendra Modi’s pet schemes, the models tried addressing the crowd in Hindi in their foreign sophisticated accents, leaving many in splits. “Ram Ram Tau ji,” greeted Jeanine De Vries, from The Netherlands. America’s Stephen Alien said the world would be a better place only when women and environment would be respected. She said women had been a source of inspiration throughout the world and should get equal platform to make the world better, safer and happier. Japan’s Rumi greeted participants with folded hands praised India for working sufficient to empower women by giving them their rights and opportunities equal to men. America’s Stephanie greeted all by saying ‘Namaste India’ and said that earth could only become a better place when women took reins of social change in their hands. Enthused participants competed with each other to get selfies clicked with the models from different parts of the world, who did not mind obliging them.
- Event delayed by 12 minutes, Rajnath takes officials to task
Miffed at a 12 minute delay in starting the Civil Services Day function here on Thursday , Union home minister and chief guest' Rajnath Singh used the opportunity to chide bureaucrats on their lack of punctuality and even asked them to introspect whether the delay was due to a “laxity of commitment“.


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2 Jul 2013 10:31 PM EST
iOS Winning More Mobile Ad Share In 2013
Apple's iOS mobile operating system is winning even more ground in mobile advertising market share, according to mobile ad firm Velti. The firm saw Apple's share grow from 59 percent overall to 64 percent between May 2012 and May 2013, with the iPhone 5 grabbing a lot of those new impressions.
Facebook affixes stickers to messages on Web
Silly in nature, stickers could help Facebook's messaging products appeal to younger users gravitating toward other apps. In an effort to boost messaging, the social networking site announced that members can now send stickers to each other in private messages from the Web.
In worldwide surveillance age, US has big edge
The saga of Edward Snowden and the NSA makes one thing clear: The United States' central role in developing the Internet and hosting its most powerful players has made it the global leader in the surveillance game.
- by Jorge Vargas, Editor Debbie Wasserman Schultz announced today she's resigning as chairwoman of the Democratic National Committee. Her resignation is to go into effect as soon as the party's...
Olympic athletes were welcomed to Rio's athletes village on Sunday.The athletes all received condoms as a precautionary measure against the Zika Virus. The village was constructed to house 6,000...


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Usually companies outsource to save money, but at Kellwood Co., doing the unexpected and bringing the tech department in-house — plus hiring 54 new employees to staff it — saved it $3.6 million in only five months.
After a reorganization, acquisitions including Vince, new ownership and new financing transformed the company and saved it from bankruptcy, the old IT organization was no longer relevant or needed.
Kellwood severed its 13-year contract with outsourcing and technology services company EDS (now HP Enterprise Services) and updated its systems. The company installed a new network, switched from AT&T to Verizon, jettisoned its old internal e-mail system in favor of Outlook in the “cloud,” where Microsoft hosts it, and redesigned the support center to better meet employee needs.
Through EDS, the company used to offer tech support 24-7, but found employees rarely used the costly service. Now a smaller help desk is staffed from early morning to late at night, and employees who are traveling in Asia or need assistance during the wee hours can call an emergency number.
The company’s top priorities for this year are to support new acquisitions with e-commerce and retail technology, and to move the whole company to one reporting and dashboard system. The company uses Gerber for product data management, Oracle for financials and Manhattan Associates for warehouse management.
“We’re moving, wherever it makes sense, to cloud technology, and either software as service or off-the-shelf applications,” said Kellwood vice president and chief information officer Linda Kinder. A 14-year Kellwood veteran, Kinder was previously at EDS and McDonnell Douglas.
Cloud computing, which means software that is hosted out of house, and standardized software have become popular ways to save money by decreasing administrative and development costs. Before making the switch, Kellwood brought in consultants Alsbridge Inc. to advise on what would work best. Kellwood decided to end its relationship with EDS and renegotiate other contracts in the fall, and the company implemented that decision from October to February.
Kellwood is still looking to fill one open position, but overall, it devotes fewer resources to technology now (including previously outsourced staff in the calculations).
In addition, over the years, “we’ve built tighter interfaces between our wholesale, retail, e-commerce and distribution systems, so we have more streamlined operations regardless of where our inventory goes,” said Kinder.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews


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Drums are a hook to get youth interested in finding purpose
On a chilly Saturday morning in February, seven young people, accompanied by their teacher, all...
Reading garden built in memory of club supporter
A new reading garden at the Boys & Girls Club of Hilton Head Island has been designed and...
Michele Morton, a Lowcountry entrepreneur who has built and grown six businesses over the past 27 years, has joined Pay Proudly, the Bluffton-based credit card processing company. Morton will lead strategic business and people...
Revel in the joys of spring: Renewal, rebirth, rejuvenation
“As spring approaches, it’s a time of renewal and growth, a time to shed the old and embrace the new. The world comes alive again after a long, cold winter, with trees and flowers budding, birds chirping, and the sun shining...


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Google has finally unveiled its latest hardware products, including the Pixel 7, Pixel 7 Pro, and Pixel Watch. It didn’t even try to keep the basic details secret, and with the help of a few leaks, there were no major surprises. Google’s new family of devices is shaping up to be more cohesive than ever before, and most of them are available for pre-order now. The notable exception was the Pixel Tablet, and here, there were a few fun surprises.
Google’s product announcements often emulate Apple these days, so we didn’t get much in the way of speeds and feeds. The phones have an aluminum camera bar rather than the glass and plastic of last year, and it merges seamlessly into the rest of the frame. All the metal is made from recycled material, too.
While these phones have the new Tensor G2 chip, Google glossed over the architecture specifics (yes, it’s a bit more modern and capable). Instead, we heard about what it can do for Pixel. For instance, Tensor G2 powers several new camera improvements like Photo Unblur, which sharpens fuzzy photos, and it even works on images you’ve taken on old phones. When you zoom in, a new generation of Super Res Zoom will sharpen your photos, no matter which lens you use. At 5x, the new telephoto sensor takes over, letting you advance up to 30x with AI sharpening.
Google says that Night Sight is twice as fast on its new phones thanks to tensor G2 as well. Google also promises a cinematic video mode and macro images via the new ultrawide module. It can even help blind and low-vision users take a perfectly framed selfie with Smart Selfie, which uses voice prompts to help you line up the shot. Clearly, Google paid a lot of attention to the camera experience. There are new phone call enhancements under the Call Assist banner, too, like “Clear Calling,” which uses machine learning to filter out background noise.
A Pixel Watch has been rumored for years, but we’re finally getting it this year. The design looks stunning, but that’s not new — the hardware was already previewed. What we didn’t see before the event was how much Fitbit functionality is baked in. It plugs into the full Fitbit app, tracks your sleep, and does constant heart rate monitoring throughout the day.
All the promo images of the Pixel Watch show the band merging smoothly into the body, and the full reveal confirms the device has a custom band connector, not unlike the Apple Watch. It showed off some nice band options, but it only offers a few styles — hopefully, this works better than the short-lived MODE watch bands Google announced back in 2016. The custom connector means third-party options will be scarce. A strength of the Apple Watch is the expansive ecosystem of officially licensed straps, but we don’t know if Google will do anything similar for the Pixel Watch.
The last piece of hardware Google showed off was the previously teased Pixel Tablet. No, it’s not launching yet — that’s still not happening until an undisclosed date in 2023, but the other shoe dropped. As some previous leaks claimed, the Pixel Tablet is essentially a detachable Nest Hub. There will be a speaker dock that charges the tablet, making it useful around the house even when you’re not actively using it. The UI changes to look more like the Nest Hub, but it appears to be more powerful and information-dense than a dedicated smart display.
The Pixel phones and the Pixel Watch are available for pre-order today and will ship in about a week. The Pixel 7 retails for $599 for the 128GB variant, and the Pixel 7 Pro is $899 for 128GB. Unlike many smartwatches, the Pixel Watch only comes in one size (41mm), but there are several different color options. It’s $349 for the Wi-Fi/Bluetooth model or $399 for the LTE version. While the phones are priced very competitively, the Pixel Watch feels a bit overpriced when the Apple Watch SE is $100 less. Google’s got a lot to prove here after years of neglecting wearables.


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Bumper £13m bonus for Beeson staff
BONUSES of £12.7m have been shared among the 135 staff of stockbroker-cum-technology investor Beeson Gregory - a rise of 240% on 1999. But that will be little comfort to shareholders who backed last year's flotation at 300p and have seen the shares sink by more than a third.
New chief executive David Norwood said: 'We had been hit by rumours that the £20m we had invested in technology companies had sunk to just £5m. Today we have showed that it is still worth more than £20m, and I firmly believe in what we are doing.'
Pre-tax profits in the year to end-December came entirely from corporate broking and investment banking, and rose by 144% to £16.4m on turnover up by 114% at £41.3m. Earnings grew by 33% to 14p and the maiden dividend is 3.75p a share.
Beeson advised on 21 initial public offerings which raised £417m. These included EuroTelecom, which went into administration two weeks ago.
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Many high profile celebrities endorse CBD and Cannabis:
Here is what some of them have said and done….
Rihanna is a long time advocate for the broader legalisation of Cannabis throughout the world. She has stated she uses it along with CBD to cope with the pressures of living in the public eye…
A hero to Stoners everywhere. Tommy Chong accredits using CBD as helping him beat Prostate Cancer back in 2012. He was quoted in saying: ‘I Kicked Cancers Ass!’
Fellow Stoner hero Seth Rogen uses CBD and he is extremely interested in how it could be used to treat Alzheimers Disease. He has founded a non profit charity which is raising awareness of its potential use to fight the disease.
To celebrate the birth of her fourth child, Kim Kardashian threw a CBD themed baby shower. This helped greatly in spreading the word about CBD.
Jennifer Aniston claims that CBD helps with pain stress and anxiety. She loves the benefits of CBD without the need to get high.
Whoopi Goldberg has launched a series of products aimed at tackling menstrual pain and menopause symptoms. She has stated that studies are paving the way as it being a way to deal with the pain of these conditions.
When fans were concerned about Ozzy possibly having an addiction to painkillers. His wife Sharon stated on ITV’s Loose Women that: “He has that CBD Oil now. He’s dealing with pain that way now”
BABas Rutten had to retire from MMA due to injuries, fatigue and general wear and tear. But he claims that CBD ‘has restored my energy, my strength and my endurance’. Pretty cool huh?
CBD Pure Life does not claim to treat or prevent medical conditions. Although research suggests CBD has many properties that help with health. Always advise your GP before taking and importantly mostly listen to your own body! Do what works for YOU!


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- Dinner concepts may be complementary
- Could partner with PE to accelerate global expansion
The Wendy’s Company could consider M&A opportunities in Europe if a deal were to bolster its upcoming expansion throughout the continent, CEO Todd Penegor told this news service.
The US-based company is entering the UK marketplace in 2020 with an eventual 20 corporate-owned units and an eye to then enter Spain, Portugal, France and Germany, said Penegor on the sidelines of the recent Restaurant Finance & Development Conference in Las Vegas.
In a 6 November earnings call, the CEO counted expansion into Europe as one of its three major growth goals for 2020, noting that it aims to open 1,500 international units by 2024.
Launching a breakfast menu in 1Q20 as well as increasing digital sales are its other two organic growth goals, he said on that call.
At the conference, Penegor stressed that Wendy’s is currently focused on its organic growth strategy and not M&A.
But in response to the possibility of making acquisitions abroad, Penegor told Mergermarket that Wendy’s could consider acquiring a franchised restaurant brand in Europe if the deal accelerated its expansion on that continent.
An ideal acquisition target must complement and not compete with its lunch menu or real estate, Penegor told Mergermarket, noting dinner concepts could be of interest. It is flexible with its parameters, though, due to the untapped territory that needs to be covered in Europe, he said.
“I’d be hard-pressed to think about a brand that works for us internationally,” he said, “but if it helped us create scale to take along the Wendy’s brand, that is something that would be worth looking at.”
Competitors that already have a strong presence in Europe include Burger King, owned by Restaurant Brands International; McDonald’s; and KFC, owned by YUM Brands, Penegor said at the conference.
When asked about the possibility of making a US acquisition, Penegor said its non-compete criteria would be more stringent to avoid cannibalizing existing franchisees. Dinner concepts could again be of interest, he noted.
Last year, Wendy’s reportedly engaged in brief preliminary talks to acquire the Papa John’s pizza franchise, according to a July 2018 Wall Street Journal report.
In August that year, in a bid to monetize an investment and focus on future growth of the Wendy’s brand, Wendy’s sold its 12.3% stake in Arby’s parent company, Inspire Brands, to Roark Capital for USD 450m.
Tapping private equity for help
Now as it looks to scale across Europe, Wendy’s is interested in tapping private equity and family offices to help with the effort, Penegor told Mergermarket.
“I think there are a lot of opportunities where PE can support growth because you are going to have to fight a big battle in Spain or Portugal or France or Germany,” he said, noting existing competition from McDonald’s and Burger King. “So you’re going to need some capital to really make a difference in that market.”
It is interested in forging equity-based joint ventures with institutional firms that have existing restaurant franchise operations, he said. Ideally, the JV could grow franchised stores via a master franchise agreement alongside the brand’s corporate build-out, he said.
The CEO noted that private equity firms recently helped the brand expand into Brazil and the Philippines.
The US burger giant has a market cap of USD 4.83bn and its shares closed on Tuesday at USD 21.39, against a 52-week range of USD 14.96-USD 22.84.
Deals are structured on a case-by-case basis depending on the needs of the region, the CEO said. “We’ll structure what works for both of us,” he said. “You can’t blanket.”
Wendy’s recently closed a JV deal in Brazil in which a local partner holds 40%, a US Wendy’s franchisee owns 40% and Wendy’s owns 20% equity, said Penegor, who noted Wendy’s does not typically prefer a minority stake.
Last month, Phillippines-based Udenna Corporation, a holding company founded by businessman Dennis Uy, acquired and is now master franchise holder of Wendy’s Philippines, which has 51 restaurants and is planning to expand, according to a press release.
In 2016, North Asia-based private equity firm The Longreach Group acquired a majority stake in Wendy’s Japan, which acquired local chain First Kitchen and converted its 136 restaurants into a Wendy’s hybrid concept, according to a press release, which noted plans to build out new units and grow.
“In the old days, we didn’t let private equity (firms) come anywhere near Wendy’s. But as you think about what it takes to grow internationally, we’ve now opened up,” he said.


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CiCi's Pizza will partner with Revention Inc. to optimize its point-of-sale technology and improve its competitive advantage.
The Ingenico On-Guard solution encrypts cardholder data utilizing industry security algorithms and methodologies without any change to the merchant's transaction processor's system.
HT's editorial staff combed through 2008's articles to bring you our picks for the top ten headlines that are too important to be missed. You might not have read them the first time around, so here's your chance to catch up. From tops interviews with Dunkin' Donuts, InterContinental Hotels Group, and Fuddruckers executives, to insights into property management and point of sale execution strategies, these are the articles that are too important to miss in 2008.
Biometric fingerprint readers are beginning to find their way into restaurant security measures. Learn how one Southern-based Chili's franchisee is reinforcing employee accountability at its POS thanks to this next-generation peripheral.
Goldco LLC, a top 100 Burger King franchisee, deploys Aloha Point of Sale and MenuLink back office solutions in all Alabama, Georgia and Florida restaurants.
Enhancements to SoftTouch's DineBlast Mobile will allow take-out, curb-side, QSR and table service patrons to use their mobile phones and PDAs to electronically place an order and pay for their meal while at the restaurant.
As the end of a tumultuous 2008 draws near, the majority of hospitality operators are looking for ways to cut costs, curb waste, and coax consumers into their doors. What many may not have considered is that one of their heaviest pieces of artillery in the battle against a downturned economy is their point of sale systems. Hospitality Technology puts a focus on POS trends, functions and releases to find out what exactly this system can do to help restaurants sell more and spend less in 2009.
The latest releases in payment technology show continued focus on wireless and contactless solutions that promote payment security and efficiency. Cell phone enabled applications and wireless credit card readers are just some of the solutions on the market.
Best Western generates 30 percent more in incremental revenue following an eight week loyalty reward pilot that encouraged guests to upgrade their membership level through increased hotel usage.
CafÃ© Venture selects Transtar POS to provide multiple restaurant technology solutions for seven Fuddruckers locations in Texas.


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When you shop for turkey burgers for dinner tonight, you may be buying more than meat.
A recently released report from Food and Drug Administration found that of all the raw ground turkey tested, 81% was contaminated with antibiotic-resistant bacteria.
Also, according to the National Antimicrobial Resistance Monitoring System, or NARMS, Retail Meat Annual Report, ground turkey wasn't the only problem. Antibiotic-resistant bacteria were found in some 69% of pork chops, 55% of ground beef and 39% of chicken.
In the meat NARMS tested, scientists found significant amounts of salmonella and Campylobacter -- bacteria that cause millions of cases of food poisoning a year.
Of the chicken tested, 53% was tainted with an antibiotic-resistant form of E.coli, the report said.
Certain strains of E.coli can cause urinary tract infections, pneumonia and other illnesses. Antibiotic resistance means if you were to become ill, doctors would have fewer drug options to treat you.
Antibiotics are used in livestock to prevent disease, but they are also used as a protectant and to help growth. Some 29.9 million pounds of antibiotics were sold in 2011 for meat and poultry production, compared with the 7.7 million sold for human use, according to the Pew Charitable Trusts, and that number has been on the rise.
"Antibiotic use in animals is out of hand," said Dr. Gail Hansen, a veterinarian and senior officer for the Pew Campaign on Human Health and Industrial Farming, a project aimed at phasing out overuse of antibiotics in food production.
"We feed antibiotics to sick animals, which is completely appropriate, but we also put antibiotics in their feed and in their water to help them grow faster and to compensate for unhygienic conditions. If you have to keep the animals healthy with drugs, I would argue you need to re-examine the system. You don't take antibiotics preventively when you go out into the world."
Dawn Undurraga, a nutritionist who works with the Environmental Working Group, an organization that released its own analysis of the report Monday, would agree.
Undurraga is particularly concerned about the NARMS findings because it means the consumption of meat is adding to what the director-general of the World Health Organization, Dr. Margaret Chan, last year called a "post-antibiotic era" in which antibiotics will no longer work to fight disease because too many bacteria have developed resistance to it.
"While we are always concerned when we see antimicrobial resistance, we believe the EWG report oversimplifies the NARMS data," FDA spokesman Jalil Isa said in an e-mail, adding the report "does not take into account the differences in the public health importance of different bacteria and antibiotics."
The Environmental Working Group would like the FDA to regulate antibiotic use in meat better. Currently, the FDA only offers suggested guidelines, according to the group.
"We need to end usage for growth promotion and feed efficiency and think about what we are doing for the long term," Undurraga said. "We also need more data."
However, Isa said, that the "FDA believes that these drugs are important for the prevention, control and treatment of disease in animals. It is the nonjudicious use -- for growth promotion and feed efficiency -- that concerns FDA."
The agency recommends that use of "medically important antimicrobial drugs" in food-producing animals be restricted to situations where they are necessary to ensure animal health, and used under veterinary supervision, Isa said.
Working with the industry in a "collaborative approach is the quickest way to achieve the greatest degree of public health protection, and it does not prevent FDA from issuing regulations in the future, if the agency finds it necessary."
Currently, the law tracks only how many antibiotics are sold; it does not mandate data collection on how many animals are given the drugs or how much. Without that information, it is hard to know where antibiotics are used.
The American Meat Institute noted in a statement that bacteria on meat and poultry products are declining.
"The industry's shift away from the use of antibiotics for growth promotion at the request of the (FDA) last year should provide further reassurance that we are committed to meeting government and customer expectations and to producing meat and poultry products that are as safe as we can make them," said spokeswoman Janet Riley.


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Microsoft is set to further extend its dominance in the office applications market tomorrow with the launch of Office 2010, which could boost its online capabilities with the addition of Office Web Apps (OWA).
The competition between Google Apps and Microsoft Office has often been portrayed as a battle, but analysts believe that the rivalry has yet to pose a significant threat to Microsoft.
OWA comprises versions of Word, Excel, PowerPoint and OneNote that can be accessed via a browser. The offering crucially strengthens Microsoft's position against the Google Apps suite, which until now has had something of a stranglehold on the online apps market.
Google claimed recently that it has 25 million Google Apps customers. The firm attempted to make its offering more appealing last week by announcing that, from this Autumn, many Google services, such as Picasa Web Albums and Google Reader, will be available from the Google Apps suite to save customers having to switch back and forth between multiple accounts.
But analysts have suggested that Google will have do a lot more to challenge Microsoft.
The facts back this argument. A recent survey by Forrester of 115 US and European enterprises found that Microsoft Office 2007 is supported by 81 per cent of organisations, while Google Premier Apps is supported by only four per cent. OpenOffice is supported by 10 per cent.
Forrester also asked enterprises about the role that alternative productivity tools are likely to play in the future of their company. Some 57 per cent said that they would provision complementary applications alongside Microsoft Office, but 13 per cent have no plans to introduce Microsoft Office alternatives.
Nearly half of respondents would deploy specialised applications to meet specific business needs, while only a quarter would replace Microsoft Office applications with alternatives to reduce licensing costs.
PUBG news and updates: November's Update #23 to bring new Skorpion pistol and changes to blue zone visibility
Genuinely useful side-arm coming to PUBG in Update #23
Asda, Morrisons and Tesco in the frame for checkout facial recognition technology
Research opens up new possibilities for structural batteries, where the carbon fibre forms part of the energy system
Another shape could have indicated hard-to-detect particles


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Visits to restaurants have fallen now for two straight years, although the decline lessened in the spring quarter, according to a report released Thursday by market research firm The NPD Group.
Traffic picked up for morning meals — a major focus for fast-food chains Burger King and McDonald's — but overall restaurant visits fell by 1 percent in the three-month period ending in June, the firm said. That was better than the 3 percent drop last year compared with 2008's second quarter.
Although traffic was down, spending rose 1 percent.
People have been limiting their trips out to eat to save money in the weak economy, which has hurt restaurants at all levels, from high-end to fast-food. The largest drop was in traffic at schools, universities, hospitals and other places that sell food but are not considered commercial restaurants; traffic there fell 6 percent.
To read the rest of the story, please go to: Bloomberg Businessweek.


text: In 2008 Pacemaker® introduced the world’s first portabel DJ device with a bang at the Winter Music Conference in Miami. Celebrated widely in the music industry and covered by major news outlets such as New York Times, The Guardian and Wired, Pacemaker® made it’s mark. After a few years of silence Pacemaker® is now back in a partnership with BlackBerry to deliver a full on DJ experience in an app for the BlackBerry PlayBook. Utilizing Pacemaker®’s knowledge in developing intuitive, powerful and portable DJ products. Pacemaker® is now taking this heritage and technology into the BlackBerry PlayBook. Together with PlayBook’s responsive operating system QNX, Pacemaker® is creating a mixing experience not known on any other mobile device.


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Travel & Tourism
Nigeria at 57: British Airways offers customers free flights
International carrier, British Airways, has confirmed they will be offering free flights to few of their loyal premium customers, who choose to fly with the Airline on October 1, Nigeria’s Independence Day.
World Tourism Day: Minister makes case for sustainability in tourism development
In comemoration of this year’s World Tourism Day, the Minister of Information and Culture, Alhaji Lai Mohammed, has disclosed that sustainability is absolutely necessary if tourism is to achieve its full potentials, which include being a catalyst for economic growth and poverty eradication.
Sheraton hotel to celebrate Nigeria’s independence in style
As part of activities to mark Nigeria’s 57th Independence Day, Sheraton Lagos Hotel and Sheraton Abuja Hotel have lined up special activities to celebrate this special day in Nigeria’s history.
Okhma Global retains marketing right for Calabar Carnival 2017
Following the success recorded over the years, Cross River State Carnival and Festivals Commission has announced the retention of Okhma Global, a Lagos base marketing communications consultancy...
Maximum entertainment, as Nigeria Beer Festival debuts with Independence Day mega concert
As Lagos set to host the maiden edition of the Nigeria Beer Festival from Monday, September 25 to Sunday, October 1, organisers of the event have promised to crown the week-long event with an Independence Day mega concert.
A toast to 100 African Tourism women at Akwaaba 2017
For their contribution to the development of the tourism sector in Africa, 100 African women were honoured at the just concluded 13th edition of the Akwaaba African Travel Market, at the Eko Hotel, Victoria Island, Lagos.
Etihad Airways sponsors celebrity designer Julien Macdonald’s show at London Fashion Week
Following the successful host of its state-of-the-art Innovation Training Academy in Abu Dhabi, Etihad Airways, the national carrier of the United Arab Emirates and the official...
At Akwaaba, Dubai Tourism strengthens relationship with travel partners
After a successful outing last year, Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) returned to this year’s edition of Akwaaba African Travel Market, in Lagos, Nigeria
Warm reception for BA Boeing 747
The much anticipated flight of the ‘Super High J’ aircraft arrived in Lagos on September 7, 2017 and received a warm reception by the public and esteemed British Airways staff and customers who shared the excitement.


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Billionaire Mukesh Ambani’s Reliance Industries on Thursday mentioned it has accomplished the sale of about 10 per cent stake in its retail unit to a clutch of international buyers for Rs 47,265 crore.
Since September 25, the corporate has bought 10.09 per cent stake in Reliance Retail Ventures Ltd (RRVL) to non-public fairness corporations Silver Lake Companions, KKR, GIC, TPG and Normal Atlantic, in addition to sovereign wealthfunds Mubadala, ADIA and PIF.
“RRVL has obtained cumulative subscription quantity of Rs 47,265 crore from the next monetary companions and allotted 69.27 crore fairness shares to them,” the corporate mentioned in an announcement.
Silver Lake Companions purchased 2 per cent stake in two tranches for Rs 9,375 crore whereas KKR invested Rs 5,550 crore for 1.19 per cent curiosity.
GIC and Abu Dhabi Funding Authority (AIDA) every purchased 1.18 per cent for Rs 5,512.50 crore. The UAE’s Mubadala purchased 1.33 per cent stake for Rs 6,247.50 crore. Public Funding Fund, the sovereign wealth fund of Saudi Arabia, purchased 2.04 per cent stake for Rs 9,555 crore.
Moreover, Normal Atlantic invested Rs 3,675 crore for 0.78 per cent stake and TPG put in Rs 1,837.50 crore for 0.39 per cent curiosity.
Reliance Retail Ltd, a subsidiary of RRVL, operates India’s largest, fastest-growing retail enterprise serving near 640 million footfalls at its 12,000 shops throughout the nation. Its enterprise consists of supermarkets, client electronics chain shops, money and carry wholesale enterprise, fast-fashion shops, and on-line grocery retailer JioMart.
The investments equip Reliance Retail with funds to compete in each offline and on-line codecs in addition to giving ammunition for battle in opposition to rivals corresponding to Walmart-owned e-commerce firm Flipkart and Amazon.
The brand new funding got here weeks after Reliance acquired the retail, wholesale, logistics and warehouse enterprise of Future Group for an enterprise worth of Rs 24,173 crore to consolidate its dominant market positioning in offline retail.
The deal nonetheless is being challenged by US e-commerce big Amazon, which had taken a stake in Future’s unlisted entity.
Earlier, Reliance raised an unprecedented Rs 1.52 lakh crore for Jio Platforms, the group’s telecom and digital providers firm, from buyers corresponding to Fb, Intel and Google.
The oil-telecom-to-retail conglomerate intends to divest minority stakes in its digital and retail companies, and maintain preliminary public providing for every inside 5 years.
Reliance Retail in Might this 12 months launched JioMart, an e-commerce enterprise, to attach mom-and-pop shops, known as Kirana, with customers.
Isha Mukesh Ambani, Director of RRVL, mentioned the corporate appears to be like ahead to working with its companions after the “phenomenal curiosity” proven by them.
“With our give attention to new commerce, we’re dedicated to taking part in a transformational position within the Indian retail sector by empowering hundreds of thousands of retailers and micro, small and medium enterprises,” she mentioned.
Isha is the daughter of the richest Indian, Mukesh Ambani.


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Scottish Sea Farms provides cost-of-living support
Scottish Sea Farms has confirmed it will make cost-of-living support payments to its 678 employees to help ease the impact of soaring fuel bills and food prices this winter.
The support, amounting to GBP 750 (USD 828, EUR 853) for each employee, will be paid in three installments, with GBP 250 (USD 276, EUR 284) added to monthly salaries in October and November, then a break in December when the company historically rewards its employees with year-end bonuses, followed by a third payment of GBP 250 in January 2023.
The salmon farmer’s move comes after inflation in the U.K. reached a 40-year high of 9.9 percent in September 2022, and as the energy-price guarantee – a government intervention to reduce energy costs for consumers – comes into effect.
Scottish Sea Farms Managing Director Jim Gallagher said the company had been looking closely at what more it could do to cushion the worst of the cost-of-living crisis for its workforce.
“The challenge facing all employers is how to help employees meet the increased cost of living, whilst also safeguarding long-term business viability,” he said.
The cost of doing business for Scottish Sea Farms has been rising at unprecedented levels, Gallagher said.
“Across each area of our company, costs continue to rise to levels not previously seen before. The price of fish feed – one of our single largest outlays annually – has risen by 43 percent this year alone. Over the same period, the cost of oil and diesel has increased by 71 percent and utilities by 125 percent,” he said. “The pressure on household budgets is every bit as real and we hope that the extra monthly support will go some way towards helping our employees with rising household costs and bills, which have become a huge cause for concern.”
All Scottish Sea Farms’ staff employed before or from 1 October, 2022, will receive the cost-of-living support payments, starting this month. They will be subject to the normal salary deductions. Any employment started after that date will be eligible from the first of the next calendar month.
Scottish Sea Farms operates 58 active marine farms, three freshwater hatcheries and three processing facilities across Scotland’s west coast and Northern Isles.
Photo courtesy of Scottish Sea Farms


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New entrant into the orthopaedic device space, EDGE Orthopaedics has its first FDA 510(k) Clearance in the form of a range of compression screws.
Never heard of EDGE™ Orthopaedics? Neither had we, which is unsurprising given that the company only came into existence in 2012. EDGE has announced receipt of its first FDA 510(k) clearance for BITE™ Compression Screws which it will be hoping stand out from the crowd by virtue of a comprehensive range of sizes in both headed and headless options – not to mention an extremely low profile head and better “BITE”.
With the first cases under its belt and a pipeline of products in development, EDGE Orthopaedics is embarking on a limited launch Q2. A full launch is expected in the second half of 2014 as they receive additional 510(k) clearances.
The company’s teaser website offers no clue as to what its BITE screws look like yet, but promises much excitement and is doing as much as a website can to create a buzz about itself.
According to Dr. Stephen Brigido, President and CSO of EDGE Orthopaedics, “compression screws are used in approximately 90% of foot and ankle procedures and are the backbone of every orthopedic extremity company”.
Source: Edge Orthopaedics, PR Newswire


text: India\'s Tata Steel, the world\'s eighth-largest steelmaker, on Friday swung into a surprise quarterly net loss from profit a year earlier, due to falling demand and prices in its key European market. Tata Steel reported a consolidated net loss of 3.64 billion rupees ($67 million) from July to September, from 2.12 billion rupees over the same period a year earlier, while sales rose four percent to 338.67 billion rupees. Analysts had expected the firm to post a profit of 2.6 billion rupees. Steelmakers around the world have been suffering from a slowdown in demand as industrial growth loses pace in emerging economies such as India and China and expansion remains sluggish in advanced western economies. Europe accounts for about two-thirds of sales and production for the steelmaker, which has an annual capacity of some 28 million tonnes. Tata Steel, part of the sprawling Tata Group conglomerate, became one of the world\'s biggest steelmakers after purchasing the Anglo-Dutch company Corus for $13.7 billion in 2007. Corus was rebranded as Tata Steel in September 2010. India\'s industrial activity has been muted, growing 2.7 percent in August from a year earlier, data showed last month. The once-booming economy has been hit by a combination of high interest rates, rising input costs, slowing exports, and sluggish investment caused by domestic and overseas concerns about policy and corruption.


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Motorola to offload half its Birmingham staff
Job losses to stem money losses
Motorola is poised to axe half the staff at its design facility in Birmingham, as the mobile company tries to turn around its beleaguered mobile devices division.
All the 121 staff at the facility were told Tuesday they are "at risk of redundancy". Motorola is proposing to make half of them redundant and said it may close the site.
Motorola's loss-making mobile devices division has been in turmoil recently and its revenues have been tumbling. Two executives from the division, including the head of mobile devices for EMEA, departed over the weekend, following the exit of the company's head of mobile last week.
The division's fourth quarter sales - its latest results - were down 38 per cent compared with a year earlier.
In a statement released today, Motorola said: "Since the beginning of 2007 Motorola has been public about its commitment to returning the company's Mobile Devices business to its market-leading position by improving profitability, driving product portfolio enhancements and rationalising costs.
"As a result it is proposed that the Birmingham site will need to reduce headcount by approximately 50 per cent which may potentially require the closure of the site.
"Therefore, all employees will initially be placed at 'risk of redundancy' whilst alternative opportunities including redeployment, relocation, flexible working/home working or the opportunity of a 'service site' arrangement are investigated as part of the consultation process."
The company said it would consult employees on the proposed redundancies over the next 90 days. The cuts would likely follow soon after.
The Birmingham facility is a Design Centre, so most of the job losses will be among technical staff.
A company spokesperson said cagily that Motorola would not be invoking job losses at the company's other UK sites.
Facilities in Basingstoke, Cambridge and Livingston are also part of the mobile devices division. The spokesperson said: "The announcement made today is related to Birmingham."
When pressed on whether it would affect the other sites, she said: "So far the answer would be no."
Motorola has this year already laid off 155 people at Cambridgeshire-based TTPCom, a business which it acquired two years ago. ®
Better than the States
I would consider the folks at Birmingham fairly fortunate still, with the 90 day "warning" you can really make the necessary life changes or at least be thoroughly prepared for it. It appears that similar actions are considered for the Plantation facility and others in the U.S. according to http://thelaidoff.com but probably they'll see the axe only when it's about to hit their neck instead.
On the other hand, one could argue everyone at Motorola can see this coming for about 1/2 ~ 1 year now so whether it's 90 day warning or 2 weeks warning, it's all fair games.. One thing we know for sure is not to believe in the management straight talk of no layoff :P They'll do what's needed to turn things around (or at least try to save their own behind)..
decimation x 6.577!!!
decimate 6.577 times =
0.9 ^ 6.577 = 0.50009554366664035927846079510926
so there :P
mines the one with "loggarivems 4 preskoolerz" in the pocket
Hmmmmm... how times change
I may be misremembering, but wasn't it Motorola's handset people who led the trend for (a) "zero defect" and (b) "offshoring", way back in the 20th century (mid 1980s maybe) when their handset design and manufacturing went from the USA to the subcontinent?????
Doesn't look like it did them much good medium term then? Current promoters of offshoring and promoters of the natural heir of zero defect, "six sigma", please note... some people know what you're up to, and you're up to no good.


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Facebook quarterly profit surges 186% to $2 bn
With its global base of monthly active users growing to 1.7 billion, Facebook saw a 59 percent jump in total revenues to $6.4 billion, mostly from online advertising.
Facebook shares jumped nearly seven percent in after-hours trade on the stronger-than-expected results.
"Our community and business had another good quarter," Facebook founder and chief executive Mark Zuckerberg said.
"We're particularly pleased with our progress in video as we move towards a world where video is at the heart of all our services."
Facebook has been dominating the social media space as well as related online advertising as it seeks to diversify into areas such as messaging, virtual reality and other fields.
The research firm eMarketer estimates Facebook is taking in two-thirds of social media ad revenues, dominating rivals such as Twitter, which this week reported disappointing results.
The number of monthly active users, a key metric for social networks, grew 15 percent from a year ago, Facebook said.
Almost all of Facebook's revenue, $6.2 billion, came from advertising, and 84 percent of ad revenues came from messages delivered to mobile devices.
Facebook said it had more than one billion daily active users on mobile at the end of the quarter June 30, up 22 percent from a year ago.
It ended the quarter with more than $23 billion in cash and cash equivalents.
Facebook has been winning plaudits from analysts as it grows its base and extends into new services, including its Instagram photo-sharing service, messaging applications and its Oculus virtual reality gear.
"Facebook remains a top pick for us, given its position as the largest/most engaging mass-reach Internet platform for advertisers, unmatched targeting potential, and very potent monetization formats," said a note this week from Cantor Fitzgerald analysts.
"Mobile has been the main driver of growth to date, video and Instagram should start moving the needle more meaningfully in the second half of 2016."
RBC Capital Markets analysts said in a research note they see room for Facebook to grow further.
"Facebook still has many growth levers left to pull, not least of which is video advertising," the analysts wrote.
© 2016 AFP


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Anglian reports a £3.3m loss before Christmas. Everest’s investor admit their investment in the company is not doing well. Safestyle UK share price is less than a third of the value it was and is now under threat from similar named SafeGlaze UK. I cannot think of a time in my 13 years in the window and door industry where it has been such a tough time for the national installers out there.
It does now beg the question, with the industry landscape changing so much and home owner tastes and demands evolving, could we soon see a window industry without national installers?
You do have to question whether the business models of the national installers remains valid in 2018. The window and door industry is far more niche, bespoke and higher end than it used to be. Even the shiny white part of the sector has grown up somewhat. The remaining “budget” part of the industry seems to get a little bit smaller each year, with less of that part of the cherry to go for.
Unfortunately, the national installers only appear geared up to cater for the budget end of the market and nothing higher. And if you look at the figures and commentary around those companies, it makes for poor reading.
You only need to look at other industries in recent years and other companies that have failed to move with the times. They have very quickly been caught out and have gone into liquidation. Look at the decimation of the high street. The list of stores that failed to embrace change is almost endless. I fear that we are witnessing the very same thing in our industry with he largest retail installers. So much of it remains dated, be it in terms of advertising, sales methods or even just the product offerings.
On the flip side, the success of smaller companies who have embraced a newer way of doing business, and the range of new products on offer, is obvious. So many more installers are now choosing to sell higher-end window and door products, and have tailored their sales process into more of a design service. Something a lot more personal for the home owner. When you’re smaller you can be more agile and adapt to change as and when it happens. The bigger you are, it is much harder to change your company ethos and corporate attitude. Unfortunately, it can also be the ending of a big company.
So could we actually see a window and door industry without national retail installers? I would say that it’s a genuine possibility. All of the major players look weakened right now. Reports of reps leaving, depots closing, financial losses and other negative commentary paints a very negative picture. I think we could see a scenario this year where one buys out another to try and consolidate and capture market share. But it would be a temporary stopgap rather than a long term solution.
There has been such a big swing from home owners towards a more personalised, pressure-free sales process that this type of business model cannot last much longer.
Which brings us on to the company really in the spotlight right now.
Safestyle vs Safeglaze
If you read the last trading update from Safestyle UK, you might have seen this sentence:
The activities of an aggressive new market entrant have added to an already competitive landscape and impacted the Group in certain areas of its operations. As a result, the Group’s order intake in 2018 to date has been disappointing and below our expectations.
Not good. The company share value was already dropping before this new company came about. And this new company is SafeGlaze UK. Yeah, I know. You may have seen their advert on TV recently. Again, yeah, I know.
SafeGlaze is the trading name of Niamac Developments Ltd, a company that was incorporated on 21st August 2017 and is based in Bradford. It is believed that there are members of the founding family of Safestyle involved in the forming of this new company.
One thing is for sure, they are certainly being aggressive. Their fitting capacity has increased at a staggering rate in a matter of a few short months, with reports of the company expanding into new depots very quickly. There are anecdotal reports, although cannot be verified, that reps, surveyors and installers from other companies are jumping ship and joining SafeGlaze. You would certainly call them a market disruptor. But, if you follow these sorts of things, I have not seen such rapid expansion of a window company like this in my time in the industry. They certainly seem to have Safestyle in their sights, with Safestyle feeling the pressure to name them in their latest trading update, something you don’t often see.
Safestyle is due to release a further trading update next week. I anticipate the news to be negative once again. It should also include a future outlook. It is due on 22nd March, so that would be a day to watch the share price for sure.
On a more serious matter, it’s important to note that the national retailers are still very big companies who employ thousands of people. If these companies have to downsize to survive, or even close altogether, there will be a lot of people out of work. It is up to the boards of these businesses to undertake major and rapid innovation and changes if they are to keep the doors open. It is hugely competitive out there, and the pace of change has never been so quick.
Frankly, we’re in a crazy turbulent period in the window and door industry right now. Grab the popcorn.
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RSE listed companies have released their Q1 results. I&M Bank’s profit after tax increased to Rwf6.5 billion as of December 2017, representing a 12 per cent rise from 2016 profit. Bank of Kigali’s pre-tax profit rose 22.7 per cent to $11.15 million.
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The dairy producers claim the situation is unwarrantable, and it is necessary that the state allocates at least €43 million to support Slovak producers, Slovak Agriculture and Food Chamber (SPPK) chairman Milan Semančík told the TASR newswire on May 13. Falling purchase prices have recently led to a drop in the number of dairy farms. “While there were 525 dairy producers in March 2015, there were only 468 at the end of March 2016," Semančík said.
The average price for raw milk was 25.9 cents per kilogram in March 2016 – i.e. 10 cents less than in February 2014. Meanwhile, the producers’ costs reach around 40 cents per kilogram. There are also producers on the market selling milk for as little as 16 cents per kilogram.
Around 10,000 people are employed in the dairy sector. “If appropriate measures aren’t adopted rapidly, around one third of dairy farmers are planning to shut down milk production soon,” said Semančík. “This will further lead to a growth of unemployment in the countryside, its depopulation, reduction in the ability to maintain and ameliorate the conditions in rural areas, and reduction in soil fertility.”
This rapid drop in milk prices is a consequence of the European Commission ending the milk quota system at the end of March 2015. Farmers are now threatened with further lay-offs. Dairy farmers deem the situation critical and ask the state for compensation of losses caused by the extreme reduction of prices. They ask for immediate help in the form of €43 million, i.e. five euro-cents for each litre of Slovak milk. Otherwise, some dairy farmers will go bankrupt or end production. Up to 3,000 people could lose jobs, the Pravda daily wrote on May 14.
The Agriculture Ministry, however, is not in favour of providing blanket financial aid for milk producers; but rather only for those who'll be able to produce dairy products with higher added value and invest in new technologies, ministry spokesman Michal Feik told TASR. According to him, the critical situation on the market is due to the scrapping of milk quotas by the European Commission last year, which has led to overproduction of milk. Many Slovak producers have thereby found themselves unable to compete with strong entities from Ireland, Belgium, the Netherlands and Luxembourg, for example. The EU’s overall milk output in the first quarter of 2016 increased by 7.4 percent, with the price falling by 12 percent year-on-year.
The Agriculture Ministry is launching a campaign to support the consumption of milk and dairy products, Feik announced on May 16. The first part of the campaign will take place interactively for four weeks on Fun Radio, and is set to cost €120,000. The funds will be provided from the ministry’s Quality Mark SK department, with dairy producers having the largest share from all producers labelled with the Made in Slovakia quality mark. The target groups include mainly mothers and young families with children.
Feik, however, did not specify for the Sme daily the criteria based on which they had decided to pick only Fun Radio owned by Boris Kollar of the We Are Family party. According to the ministry, they received a 57-percent discount on the whole contract.


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Step aside, supermarkets.
What’s happening: The rise of health-focused indie grocers fills a void left by the corporatization of Whole Foods, providing curation-as-a-service and valuable new brand exposure.
The Erewhon Effect. Beyond stop-and-shop essentials, specialty grocers lure consumers with in-store restaurants, tonic bars, selfie stations, and high-profile clientele.
Bonafide tastemakers, indie stores are favored for their selectiveness — and for startups, the opportunity to score shelf space or a coveted menu collab offers high ROI.
- After LA-based Erewhon Market featured Willa’s oat milk on its cafe menu, the alt-milk maker’s sales quadrupled.
- Ghia’s olive oil, Fly By Jing’s sauces, and United Sodas’ beverages received a publicity boost when NYC’s Pop Up Grocer mixed their products into limited-edition ice creams.
- Brands sold at newcomer Happier Grocery are all over TikTok, with shoppers sharing purchase hauls and dubbing it an East Coast Erewhon.
Meanwhile, Foxtrot raised $100M last year to scale its curated omnichannel convenience store, with a local focus.
Why it matters: According to Deloitte, 87% of executives say the grocery industry is shifting toward hyper-personalized marketing and physical experiences — an attempt to satisfy consumer subgroups with vastly different tastes.
Zeroed in on Gen Z, curated grocers are an IRL Instagram explore page, catering to short attention spans and demand for newness. And, used as a launching pad, their design is ideal for operators seeking customer insights or product-market fit.
Punchline: As indie stores spread, a spot on their shelves promises better-for-you brands immediate exposure. But, since novelty is the name of the game, long-term success hinges on strategically leveraging insights gained.


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After two and a half years on Steam’s Early Access, Planet Explorers version 1.0 is finally ready to release. Pathea Games raised $137,765 on Kickstarter back in April of 2013 to develop their alien world sandbox RPG. Despite having finally reached this milestone, Pathea says development on the game will continue, at least for now.
The Next Steps On The Journey
In addition to the usual bug fixes and gameplay tweaks, the developers hope to add features that didn’t make it into the final build. These include additional side stories for adventure and story mode and possibly animal riding. Pathea posted an update on Kickstarter where they say they plan to continue working on Planet Explorers for at least another half year. After that, “it will depend on sales.”
In the meantime a new anti-cheating mechanism was quickly added due to some players manipulating the game code. This allowed them to one-hit kill other players in the multiplayer mode. Now when cheating is detected the software will kick the offending player from the game. After 3 strikes the player will be banned from participating in multiplayer and reported to Steam.
Pathea admits that this solution was “hastily put together.” They have asked for community feedback regarding the update. Backer comments have been mostly supportive, at least in multiplayer games. Players who self-host or utilize the single player mode have already asked about the possibility to opt-out during those games.
In the meantime, new players have an upcoming demo to look forward to and returning players will be able to purchase an OST for the game in the coming days. The OST is available on Steam as DLC for $3.99 and the full version of Planet Explorers is available for $24.99.


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Clear Channel made the announcements this morning at the Consumer Electronics Show in Las Vegas.
Clear Channel said that starting later this year iHeartRadio will be feature in GM's new app catalog, which will included in some 2014 GM infotainment systems. "GM drivers will have access to a native and easy-to-use iHeartRadio experience directly from their dashboards giving them the ability to personalize their listening experience by searching for both broadcast and custom stations and by using iHeartRadio's exclusive Discovery Tuner to control how much variety they want in their music," Clear Channel said in a statement.
The iHeart Radio apps provides access to 1,500 live radio stations, as well as more than 15 million songs that can be included in user-programmable stations.
The company also said the service will offer in-dash on select Chrysler vehicles equipped with Uconnect Access Via Mobile, the company’s suite of sensible connectivity features. "Once a user connects their compatible Apple or Android smartphone with the Chrysler Uconnect Access App, drivers can control and personalize their iHeartRadio listening experience directly through the dashboard touch screen," the company said.
Clear Channel said iHeartRadio for Auto will offer "a simple, safety-minded user-interface designed to provide seamless access to iHeartRadio’s more than 1,500 live radio stations from across the country while in-vehicle." The app will also allow users to create custom stations inspired by their favorite artists or songs. The app is launching today on after-market radios from Clarion, Pioneer and Kenwood.


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(Photo by Gary Gilbert)
"It's a little like dating," said Deese in a recent interview. "Another country is simply not going to get serious with us on trade if it doesn't think we're serious. And for them to think we're serious, they have to know the president has the authority to negotiate.
"The fact that Bush now has this authority, and that it came through a bipartisan effort, is a major development that shouldn't be ignored."
Deese says he is not surprised when such events spark relatively little attention among Americans. The subject of world trade and economic globalization is complex, and might seem to require both an academic and professional grounding just to hold a meaningful discussion. Media coverage of international economic conferences, and the protests accompanying them, do not necessarily broaden public understanding of world trade, he said.
But, Deese adds, even those who are knowledgeable on the issues - public policy makers, analysts, activists - lack a balanced, historical, in-depth and accessible account of how the global trade system has grown to be so broad in its reach and effects. Deese aims to remedy that through the forthcoming publication of his newest book, tentatively titled Leading Economic Globalization.
The book is an outgrowth of Deese's research on the World Trade Organization, and how, despite modest resources and a decentralized approach, it has evolved over five decades into the most influential and authoritative of all global intergovernmental organizations.
"The International Monetary Fund and the World Bank, which tend to get most attention among international trade and development organizations, have taken plenty of hits in the past year for their shortcomings, especially the World Bank," said Deese. "The WTO's total budget is only a little more than the World Bank's travel budget. But the WTO has 145 member states and dozens more in line to join, and it's provided the foundation for a truly global regime of rules, norms and procedures governing trade."
Deese says the WTO deserves credit for establishing a process of bargained agreements to sharply reduce the tariffs and other barriers to trade in manufactured products, beginning with agreements from 1947 among about two dozen member states. The organization has gradually broadened the scope of areas covered by the negotiations to include food and agricultural products, as well as services.
The WTO's new Dispute Settlement Body is unprecedented in its authority and enforcement capabilities, other than the European Union's institutions, Deese adds, in that member states have obliged themselves to participate in diplomatic negotiations to resolve trade disputes, and ultimately to abide by the findings of a highly legalized set of WTO dispute settlement bodies.
"Of course, the degree of the WTO's success also depends on the eye of the beholder," said Deese. "Precisely because of its expansion into almost every area of trade and type of 'barrier' to trade, as well as its mandatory dispute settlement powers, the WTO is controversial, indeed a prime target of anti-globalization protestors.
"As almost every sector of member states' economies is affected by trade, and as members seek to prevent each other's domestic regulations and procedures from being used to restrict or gain advantage in trade relations, trade liberalization is seen as a 'barrier' to governments' domestic policy autonomy, and it can clash with legitimate environmental and other domestic standards and legislation."
Deese, who spoke with a number of key political and economic experts on world trade issues, traces the origins and development of the WTO from its post-war beginnings as the General Agreement on Tariffs. The centerpiece of the book is a series of case studies detailing instances of failure and success in GATT-WTO history: from the fall of the International Trade Organization and overlapping creation of GATT to the unproductive Seattle meetings in 1999 and the subsequent agreement on development issues in the current WTO session, or Doha Round.
"The results of the paired sets produce not only trends and patterns over the 50-year period, but also policy implications based on the conditions most applicable to the current and near-future period," said Deese.
Bush's newly restored authority as trade negotiator through the TPA act shows how vital Congress regards a US leadership role in the Doha Round. Deese says, Multilateral negotiations such as the WTO are less politically controversial in the US, and less difficult for members of the House and Senate to vote for, he explains. Democrats in particular are more likely to oppose bilateral or regional agreements like NAFTA or the Free Trade Area of the Americas initiative because these tend to have a more visible impact on constituents and US businesses.
"Democrats who supported the TPA generally made their support conditional on the inclusion of adjustment assistance for workers affected by any trade liberalization," he said.
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Late last week it was reported that Comcast had walked away from talks with Apple and had decided not to support the Apple TV. Today Comcast publicly denied these reports saying “BestAppleTV ran a story last week that contains numerous inaccuracies and wrongly conflates individual business dealings and relationships from Sky, NBCUniversal and Comcast Cable.”
Here is the statement from Comcast:
BestAppleTV ran a story last week that contains numerous inaccuracies and wrongly conflates individual business dealings and relationships from Sky, NBCUniversal and Comcast Cable. To be clear, Comcast Cable is deeply invested in development and innovation of its flagship whole-home platform, Xfinity X1, that is changing the way millions of people watch TV and manage the connected home. While more than two-thirds of our Xfinity TV customers have X1 today, we also provide our customers choice and flexibility in accessing their video subscription on their owned devices. Xfinity TV customers can currently access their subscription via the Xfinity Stream app on iOS and Android mobile devices, and on computers and laptops via the Xfinity Stream web portal. Customers can also access their subscription on the TV via the Xfinity Stream app for Roku devices and Samsung smart TVs (and soon LG and Sony smart TVs as well), or use their Xfinity credentials to authenticate more than 130 networks across more than 20 devices including Apple TV, Roku, Amazon Fire TV, Google Chromecast, and Xbox One, among others, or via CableCARD devices like TiVo. And Comcast Cable is actively in talks with other device manufacturers to distribute the Xfinity Stream app, under terms that are mutually agreeable, through the Xfinity TV Partner Program, which continues to enable us to efficiently and effectively expand the range of devices our customers can utilize to access their Xfinity TV subscription.
According to the report, Comcast was planning to port over a streaming service they recently purchased in the UK called NOW TV. Well Now TV already has an Apple TV app but the report said Comcast told Apple they would not be offering an Apple TV app in the US for their new streaming services.
At the time Cord Cutters News said: “It would be a very strange move for Comcast to base their new streaming service on the NOW TV tech, but not want to use the already existing Apple TV app.” Now it seems like Comcast is still in talks with Apple to add Apple TV support to their new streaming service.
Now this statement from Comcast does not mean an Apple TV app will launch when their new streaming service does. It is possible that Apple and Comcast fail to come to a deal but as of today, Comcast is still in talks with Apple.
Cord Cutters News will follow this story and post updates as we learn more.
Update: BestAppleTV.com sent Cord Cutters News the following statement:
The Comcast statement does not address or refute the specific claims of the current Apple relationship in our story. While painting a positive picture of what it’s doing to provide customer choice, it doesn’t directly address any issues related to Apple, Apple TV, or tvOS.
Did you know we have a YouTube Channel? Every week we have a live Cord Cutting Q&A, and weekly Cord Cutting recap shows exclusively on our YouTube Channel!


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Apple reported last week that it has amassed $256 billion in cash on its balance sheet with more than 90% parked overseas—that is, outside the grasp of U.S. tax authorities. While our friends on the left howl about corporate tax avoidance, Apple offers a case study for tax reform.
Apple’s cash hoard is five times greater than the market value of General Motors and exceeds the combined foreign-currency reserves of the U.K. and Canada. In the last three months of 2016, the iPhone developer accumulated cash at an approximate rate of $3.6 million per hour, and on Monday its market capitalization briefly exceeded $800 billion.
Sales of the iPhone make up about two-thirds of Apple’s revenue, and a substantial share of its income is earned overseas. Apple pays corporate taxes on foreign income in the country where it’s earned but is penalized if it brings cash home.
Last year the European Commission accused Apple with routing income tied to intellectual property through Irish-based subsidiaries to reduce its tax bill in the European Union. CEO Tim Cook disputed that it is illegally avoiding taxation, noting that Apple pays taxes to the U.S. Treasury when it repatriates overseas profits. Fair enough, though the company legally defers paying U.S. corporate taxes by keeping cash overseas.
As Mr. Cook explained to the Washington Post last August, “when we bring [cash] back, we will pay 35 percent federal tax and then a weighted average across the states that we’re in, which is about 5 percent, so think of it as 40 percent. We’ve said at 40 percent, we’re not going to bring it back until there’s a fair rate. There’s no debate about it.” Hence its $256 billion in cash reserves.
The U.S. has the highest statutory corporate tax rate (39% including the average state rate) in the developed world. Other countries including Canada (to 26% from 43% in 2000) and the U.K. (to 20% from 30% since 2008) have been reducing theirs to become more competitive. Ireland boasts a corporate rate of 12.5% and a mere 6.25% for profits from research and development. France’s newly elected President Emmanuel Macron has proposed cutting his country’s to 25% from 33.3%.
Even the average effective U.S. corporate rate—29% after deductions and credits—is higher than most countries’ statutory rates. Canada’s effective rate is 16.2%, and the U.K.’s is 10.1%. Mr. Cook has estimated that Apple’s effective rate in the U.S. is more than 30%. Adding injury to insult, the U.S. taxes companies on their world-wide profits. Most countries maintain territorial systems in which companies pay taxes only where the income is earned.
By some estimates, corporations have $2.5 trillion sitting overseas. The sum has swelled in recent years as corporate profits have grown. Some corporations like Burger King (Canada) and Medtronic (Ireland) have sought to avoid this tax penalty by inverting—i.e., merging with a foreign business and relocating their headquarters to a lower-tax jurisdiction.
Other companies are borrowing billions to fund shareholder dividends and buybacks. Given today’s low interest rates, it may be cheaper to borrow than bring cash back from overseas. Interest payments are also tax deductible. According to the Journal, Apple has borrowed $88 billion to fund shareholder payouts since 2012. Last week Apple announced that it will increase its dividend by 10.5% and return $300 billion to shareholders through March 2019. This may be a bet on Congress passing a tax reform that makes it more attractive to repatriate cash held overseas.
The key point is that any tax reform worth the political capital needs to encourage U.S. companies to move foreign income back home. President Trump has floated a one-time tax hit of 10% on previously earned overseas income that is repatriated, with a territorial tax system and a 15% rate on future income. House Republicans prefer 8.75% and 20%, but either is a big improvement on the status quo. Businesses might use that returning capital to lift investment, boost wages, or return cash to shareholders that could be reinvested.
The Treasury would also benefit from a better corporate tax code. According to the Tax Foundation, Canada’s corporate tax revenues as a share of GDP increased after its rate fell in 2000. Canada’s corporate tax revenues have averaged 3.3% of GDP since 2000 compared to 2.9% from 1988 to 2000 (when the rate was 43%) and 2.3% currently in the U.S.
Republicans and Mr. Trump will need to sell the American people on the benefits of corporate tax reform. They could do worse that cite Apple as Exhibit A.
Appeared in the May. 09, 2017, print edition.