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San Francisco, April 12 (IANS) Google has removed the original first-generation Google Pixel and Pixel XL smartphones from its Google Store, media reported. First spotted by Android Police, the landing page for the 2016 Pixels on Google Store now redirects to another page with just two links -- Pixel 2 and accessories... read full story
"The Pixel had a good run, and it probably wasn't selling a lot of units. Google knocked a bit off the price of the first-gen phone after the Pixel 2 launched, but it still started at $549. The Pixel 2 was just $100 more,"
Photo: Google Pixel and Pixel XL smartphones.


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The US will impose a 5 per cent tariff on all Mexican imports from June 10 and duties of up to 25 per cent will be added in the coming months if Mexico does not take action to "reduce or eliminate the number of illegal aliens" crossing into America, the White House said.
"If the illegal migration crisis is alleviated through effective actions taken by Mexico, to be determined in our sole discretion and judgment, the tariffs will be removed. If the crisis persists, however, the tariffs will be raised to 10 per cent on July 1," CNBC quoted the White House as saying in a statement on Thursday night.
"Tariffs will be increased to 15 per cent on August 1, to 20 per cent on September 1 and to 25 per cent on October 1.
"Tariffs will permanently remain at the 25 per cent level unless and until Mexico substantially stops the illegal inflow of aliens coming through its territory," it added.
President Donald Trump first announced the Mexico tariffs in a series of tweets.
"On June 10th, the United States will impose a 5 per cent Tariff on all goods coming into our country from Mexico, until such time as illegal migrants coming through Mexico, and into our country, stop.
"The tariff will gradually increase until the illegal immigration problem is remedied, at which time the Tariffs will be removed...," he said.
Mexico was the second-largest importer of goods into the US in 2018, according to the Office of the USTR.
The US imported $346.5 billion of goods from Mexico in 2018, an increase of 10.3 per cent over the year prior. The 2018 total accounted for 13.6 per cent of overall American imports that year.
Mexico is also the largest foreign supplier of agricultural products to the US, totalling $26 billion last year, according to the USTR. Top categories among those imports included fresh vegetables, fresh fruit, wine and beer, and processed foods.
In response to the announcement, Mexican President Andres Manuel Lopez Obrador in a letter addressed to Trump said he did not want confrontation, and that leaders have a responsibility to seek peaceful solutions to controversies, CNBC reported.
Lopez Obrador requested that US and Mexican officials begin meeting on Friday to discuss how to "reach an agreement for the benefit of both nations".
Disclaimer: No Business Standard Journalist was involved in creation of this content

domain: news


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DTPC Honda becomes Wiggle Honda Pro Cycling Team
Wiggle, a British online cycle retailer, unveiled as name sponsor for the British based team of Rochelle Gilmore.
British online cycle retailer Wiggle has been unveiled as the title sponsor of DTPC Honda Professional Cycling Team for the next three years. The Wiggle Honda Pro Cycling Team boasts World Class riders like former World Champion Giorgia Bronzini, Olympic Champions Dani King, Jo Rowsell, Laura Trott and Commonwealth Champion and team manager/owner Rochelle Gilmore.
"Women have traditionally ridden for contracts as little as one-tenth of what the men earn," Gilmore said. "If you want to get the best out of an athlete you need to provide them with what they need—and all too often funding shortfalls mean women cyclists are not provided what they need.Our team philosophy is all about the athletes. The deal with Wiggle.co.uk enables us to provide better salaries and the supportive environment our athletes deserve and need so they can reach their full potential."
2012 Wiggle Honda
Chief Executive of Wiggle, Humphrey Cobbold, shares Gilmore’s philosophy. "Wiggle is all about providing the best,’ Cobbold said. ‘It’s a privilege to support Wiggle Honda Pro Cycling. We look forward to playing a pivotal role in supporting this tremendous group of athletes and hope that our partnership will motivate future female cycling champions the world over."
The Wiggle Honda Pro Cycling Team brings together one of the strongest lineups in women’s professional cycling including:
• Aussie Commonwealth Games Road Champion, Rochelle Gilmore
• 2012 Olympic Champions, British cyclists; Laura Trott, Dani King and Joanna Rowsell
• 3-time World Champion Italian, Giorgia Bronzini.
• 7-time Japanese National Champion, Mayuko Hagiwara.
Wiggle’s support will extend to providing the team with custom dhb technical cycling apparel and cycling luggage – dhb is one of the UK’s leading cycling apparel and accessory brands. Wiggle’s dedication to providing Wiggle Honda Pro Cycling athletes with comfortable, yet functional clothing is seen as a hugely valuable addition to the team.
Dual Olympic Champion, Laura Trott said: “We are very privileged to have the support of Wiggle – a global project which has the aspiration to raise the professionalism of women’s cycling.”
2012 Wiggle Honda
Adam Ryan, Head of Brand Marketing at Wiggle, added ‘The development team for the dhb brand and I are excited to be working so closely with these incredible athletes to ensure we are producing the best possible apparel to suit their needs. We expect to learn from their experiences at competing and winning at the highest level in professional cycling to help improve our dhb customer offering even further from its already well-established position as one of the world’s leading cycling apparel brands”
Wiggle joins Honda Motor Europe as principal partners, with the team also enjoying the backing of The Bradley Wiggins Foundation and British Cycling.
2012 Tour de France winner & Olympic Gold Medallist Bradley Wiggins says ’I have personally been a Wiggle customer for years and look forward to working closely with the team to ensure that the athletes are well looked after throughout the season’.
Contrary to the previous announcement that the team was to ride Pinarello frames, it will now be riding C59 frames from Italian rival Colnago.
The team kicks off its racing season on 3 February 2013 with the Tour of Qatar and will then switch their focus to victories in one day races and UCI World Cup events.
Team Wiggle Honda
Joanna Rowsell (GB)
Laura Trott (GB)
Dani King (GB)
Giorgia Bronzini (ITA)
Elinor Barker (GB)
Rochelle Gilmore (AUS)
Amy Roberts (GB)
Mayuko Hagiwara (JP)
Lauren Kitchen (AUS)
Beatrice Bartelloni (ITA)
Anna-Bianca Schnitzmeier (GER)
Emily Collins (NZ)
More information on Wiggle Honda Pro Cycling can be found on the official team website www.wigglehonda.com
The Wiggle Honda Pro Cycling team shop featuring team bikes, kit & more will be online soon exclusively at Wiggle.co.uk!
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Return of the 'pink slime': Customers flock back to controversial meat product two years after sales plunged
- Cargill's sales of finely textured beef have tripled since March 2012, while the number of customers has surged to 400
- The rebound comes as average ground beef prices climb to record high
- Sales still remain 40 per cent below their peak
The leftover beef trimmings derisively known as 'pink slime' is making a comeback two years after a series of graphic news broadcasts devastated sales.
Two of the largest makers of the ground beef product are reporting a rebound in customers thanks in part to rising prices of its higher-quality counterparts.
Average ground beef prices have jumped 10 per cent this year to an all-time high of $3.808 per pound in April, according to the Bureau of Labor.
The ground beef product derisively known as pink slime is seeing a turnaround in sales at two of its biggest producers
Cargill Inc's sales of finely textured beef have tripled since March 2012, and the agriculture company now has about 400 customers for the product, which is made from trimmings that have been separated from fat and treated with ammonia or citric acid to kill pathogens, the Lincoln Journal Star reported on Saturday.
That's more customers than Minneapolis-based Cargill had before the controversy erupted after ABC News aired a series of reports on the meat, prompting a consumer backlash, according to Cargill director of communications Mike Martin. Sales, however, are still 40 per cent below their peak, he said.
Jeremy Jacobsen, a spokesman for Beef Products Inc, which dubs its meat 'lean finely textured beef', also confirmed a sales boost. Both companies didn't immediately respond to requests for comment.
Mr Jacobsen said his lawyers advised him not to comment further pending the outcome of the Dakota Dunes, South Dakota-based company's $1.2billion defamation lawsuit against ABC, which accused the network of misleading consumers into thinking the product is unsafe.
ABC News, owned by The Walt Disney Co, denied BPI's claims and vowed to fight the lawsuit. Last month the South Dakota Supreme Court ruled that the lawsuit could proceed to the discovery phase.
Plant workers at a Beef Products plant in Nebraska produce 'lean, finely textured beef in 2012
'PINK SLIME': A BRIEF HISTORY
meat industry's use of ammonium-treated beef trimmings in school
lunches and fast food restaurants was little known until 2009, when The
New York Times reported on the product and publicized use of the term
The product, trimmed from leftover fatty parts
and treated to kill bacteria, was fast becoming a staple of grocery
stores, fast food joints such as McDonald's and Burger King and the US'
school lunch program, which purchased 7 million pounds worth in 2012.
The USDA gave it a clean bill of health, considering it almost safer than regular ground beef.
Critics of the product object to the use of ammonia to treat the meat, a food safety practice used for decades and that meets federal food safety standards.
The term 'pink slime' gained traction after it was used in a New York Times story in 2009.
Celebrity chef Jamie Oliver also joined the anti-pink slime cause, railing against it on his cooking show. McDonald's and
other fast food companies stopped using it, and major supermarket chains
including Kroger and Stop & Shop vowed to stop selling beef with
the low-cost product.
An online petition calling for the banning of the product from school menus drew hundreds of thousands of supporters.
Schools slashed their use of the meat
product by 94 per cent during the 12 months ended September 2013 to 392,000 from
at least 7 million pounds in the previous fiscal year, according to
Bloomberg News, which cited US Department of Agriculture data.
Nebraska and South Dakota were still ordering ground beef with the
product in 2012.
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This didn8217t take long at all. Just two days after the Apple event on September 14 there is already a big dispute. FlickType developer Kosta Eleftheriou is upset about the Apple Watch 7 including a new feature that is very reminiscent of his watch app a few years after it was initially rejected. The story includes multiple rejections an attempted acquisition and a lawsuit. But the Apple event showed the story isn8217t finished.
Related How to Make Custom Watch Faces for Apple Watch.
To untangle this story we have to go all the way back to the beginning. Eleftheriou released the FlickType app for the Apple Watch to the App Store in 2019. The default methods of adding type on the wearable include speaking into the microphone or writing it with your finger. FlickType allows you to swipe over a QWERTY keyboard.
FlickType was then booted from the App Store for violating guidelines that at the time restricted keyboard apps on the Apple Watch. Eleftheriou claims the powerful tech company had8230 Read more.


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Microsoft is to release a cheaper version of the Xbox One without the Kinect. It will cost $399, making it more competitive with the PS4.
The new version will be available from June 9 and is already available for pre-order at several retailers. The Kinect system itself will be available as a standalone purchase (price currently unconfirmed) from the fall, allowing buyers to “upgrade” later on if they choose.
Microsoft had repeatedly insisted that Kinect was a key component of the Xbox One and that the console would never be available without it. Xbox exec Yusuf Mehdi wouldn’t give precise timings on when the company had a change of heart, but says talks have been going on for a couple of months. It appears the company may be making the move now so that it doesn’t distract from its other announcement, such as about games, at next month’s E3 event.
Mehdi didn’t explicitly say the original launch concept was a mistake, but did implicitly suggest that its a case of Microsoft having a vision for the console that not all customers shared. He also conceded that the original $499 price may have put people off and suggested some people on tighter budgets may go for the new edition and then add Kinect later.
Although Mehdi says the decision was made with input from game publishers, the move could certainly affect future titles. Publishers may be more reluctant to make games that rely heavily or entirely on voice and motion commands now they can’t be sure how many Xbox One owners will have those features.
Microsoft is working on some changes to the menu interfaces to make them more accessible and intuitive to people who only have a traditional controller. The new version of the console may allow for more graphically ambitious games as at the moment around 10 percent of the GPU capabilities are used to power Kinect.


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Guinness brand owner Diageo no longer wants its products to be associated with garroting exotic wildlife on deserted overseas beaches, and is about to usher in a new, entirely cardboard era of holding together four cans of the famous Irish export.
Starting this August, Irish customers buying just the four tins of Guinness to while away the evening will see the drinks held together by the magic of a sturdy cardboard box, which they may then compost, burn, throw in the sea or dispose of in any way they see fit, as it's only cardboard and goes soggy and nothing dies of it. The plan is then to supply international markets including the UK with the new cardboard carriers by 2020, resulting in a staggering 400 tonne reduction in plastic use across the brewer's packaging chains.
Diageo's Mark Sandys said: "We already have one of the most sustainable breweries in the world at St. James's Gate and we are now leading the way in sustainable packaging. This is good news for the brand, for our wider beer portfolio and for the environment." [Diageo via Irish Examiner]


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Acxiom® (Nasdaq: ACXM), a recognised leader in enterprise data, analytics and software as a service, today announced it has signed a European-wide partnership with Starcom Mediavest Group (SMG), the number one ranked global media network, which will see both organisations working closer together and sharing data assets to be able to deliver increased value to their respective clients, enter new territories and connect digital and physical identifiers.
The deal, which is part of a wider global agreement between the two organisations, will enable SMG to leverage audience data from Acxiom’s specialist data sets, giving it the ability to develop more targeted branding, retention and acquisition strategies. SMG will also use AbiliTec®, Acxiom’s advanced customer recognition technology, to centralise and connect campaigns and data across all the channels and platforms it utilises to deliver results for its advertisers.
The partnership addresses growing requirements from brands to connect the consumer insight and targeting disciplines associated with their established offline CRM programs with the online world of media planning and buying. SMG will use Acxiom’s Safe Haven™ to on-board brands’ first party data, to create an anonymised single view of the customer which will in turn generate new insights and customer knowledge. The deal will allow SMG to get a head start in creating true one-to-one marketing at scale, execute more targeted campaigns across all channels and devices, and ultimately, transform customer experiences.
Iain Jacob, President of Dynamic Markets, SMG comments: “This partnership puts us at the forefront of delivering data-driven marketing and precision targeting for our clients. As a European first, it enables us to the lead the industry in creating true one-to-one marketing at scale.”
Ian James, European Managing Director at Acxiom, says “We are delighted to light- up our global partnership here in Europe. The combined power of Acxiom and SMG in data, technology and social media makes for a formidable partnership that will bring enormous value to our clients’ brands.”
“This partnership is a significant milestone on our journey into data-driven marketing, with the world of Precision and Content Marketing being core to our business and at the heart of everything we do”, says Chris Camacho, Managing Partner at SMG. He continues: “A partnership between SMG and Acxiom brings to life our belief that understanding consumers as people sits at the intersection of these two key areas, enhancing our audience identification and targeting capabilities and expanding beyond this into the world of programmatic buying. This will deliver vast benefits and value to SMG’s client base across Europe.”


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Amazon is offering its latest Fire TV Stick Lite Streaming Media Player for $21.99 with free shipping for Prime members or in orders over $25. Down from its normal $30 going rate, today’s deal delivers 27% in savings and marks the second-best price of the year. While this might not be Amazon’s most high-end streaming media player, it’s still a solid buy for those on tighter budgets. Designed to stream HD content, the Fire TV Stick Lite comes with an Alexa remote that has some app shortcuts built-in. You’ll be able to watch Amazon Prime Video, Apple TV+, Netflix, Hulu, YouTube, and more with this streaming media player. However, the budget nature of the Fire TV Stick Lite means you won’t have volume or TV control on the included remote. However, if that’s something you’re looking for, keep reading for more deals.
The post Amazon’s Fire TV Stick/Lite now at some of the best prices of the year from $22 (Up to 38% off) appeared first on 9to5Toys.


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Posted by Abe Sauer on September 19, 2014 06:52 PM
This week in branded content, Funny or Die continues to flex its content muscles as Moroccanoil hopes to inspire everyday consumers with super-duper supermodel Rosie Huntington-Whiteley. Check out the latest branded entertainment and brand videos from Volkswagen, Origins, Canon and more after the jump.
The Project: The Way Too Helpful Neighbor (Volkswagen)
The Pitch: What happens when you drive the all-new Volkswagen Golf through a Target store?
The Verdict: There's a branded content arms race going on between Funny or Die and Vice, and as this VW video proves, Funny or Die owns the humor category. Also: nice cameo, Target!Continue reading...
Posted by Dale Buss on August 14, 2014 09:32 AM
AT&T slashes prices on iPads, expands ultrafast GigaPower broadband to Dallas.
Cisco plans to cut 6,000 jobs.
GE talks with Electrolux and Quirky about selling home-appliance unit.
Colgate's use of triclosan in Total sparks debate.
T-Mobile CFO calls Iliad offer "inadequate."
MORE BRAND NEWS
Applebee's teases new burgers with digital campaign.
Burger King drops "Satisfries."
Buzzfeed explains new business model.
Comcast experiments with marathoning TV shows.
Discovery sees debunking Shark Week become a cottage industry.Continue reading...
Posted by Dale Buss on July 31, 2014 09:43 AM
Bloomberg Businessweek's new cover story hits Coca-Cola in the stomach over obesity.
Target hires PepsiCo veteran Brian Cornell as new CEO.
Apple reportedly plans to cut 200 jobs at Beats as $3B acquisition gets EU approval.
Budweiser features Jay Z and Rihanna in new campaign as MTV lands Beyonce solo for VMAs.
Whole Foods Markets lowers sales forecast and plans major marketing push to reverse "negative narrative."
MORE BRAND NEWS
AMC, the Mad Men/Breaking Bad network, reportedly eyes stake in BBC America.
American Express pursues “first-ever” experiences for customers.
BlackBerry's new COO discusses his goals with WSJ.
BMW kicks the tires on Medium as its first advertiser.
Bud and Miller struggle to take on craft beer.
Chevrolet increases focus on China.Continue reading...
Posted by Shirley Brady on June 5, 2014 01:01 PM
Castrol's new stunt video goes viral and racks up more than 5 million views.
Below, Australia's Creative Fuel conference spoofs creatives, creatively, and more:Continue reading...
Posted by Dale Buss on May 12, 2014 09:33 AM
TOP 5 STORIES
Citroen becomes second automaker to name female CEO.
Disney aims to expand Frozen success to other platforms.
Hillshire Brands acquires Pinnacle Foods in $6.6 billion deal.
Ford tries to avert launch problems in big new-product year as it issues two more recalls on Escape.
Samsung reports chairman is stable after heart attack and surgery as company sets sights on biotech.
MORE BRAND NEWS:
Apple/Beats tie-up (still unconfirmed) faces skeptics.
AT&T interest in DirecTV reportedly heats up.
Audi strives to maintain lead despite product trough.
BMW triples carbon-fiber capacity in US plant.
Citizen plans first retail concept store in North America.Continue reading...
Posted by Dale Buss on March 5, 2014 09:33 AM
GM sees CEO Mary Barra personally takes over ignition-switch recall.
Mondelez sees digital-startup investments bear fruit.
Diet Coca-Cola raises eyebrows with "You're On" references.
Chevron gets huge win from US judge.
Chrysler pledges to keep minivan production in Canada but wants lower costs as slow sales hit Dodge Dart output.
Famous Dave's management continues to unravel.
GE CEO Jeff Immelt reassures investors by personally buying company stock.
Intel CMO Deborah Conrad to leave after 27 years at the company.
Jaguar plans compact sedan with aluminum underbody.Continue reading...
Posted by Dale Buss on August 23, 2013 03:41 PM
When Aziz Ansari writes his book for Penguin Press—for which he received a mind-boggling advance of $3.5 million— will it be the actor himself writing about his own life as a single? Or will it be his character Tom Haverford in the hit NBC TV show Parks & Recreation? Because they seem like pretty much the same guy.
Either way, in a case of art imitating life imitating art, or life imitating art imitating life, Ansari has landed a deal so huge, reported Publishers Weekly, that it places him just behind the $3.7 million that Lena Dunham scored for her book in October and likely ahead of stars such as Tina Fey, Mindy Kaling, B.J. Novak and fellow P&R star Amy Poehler.
The book, expected in September 2015, will be about the single life and how it has been altered by digital technologies. That would pretty much track Ansari's character on the show, an entrepreneurial sort who is constantly sidetracked by his attachment to his smartphone and incursions into digital-tech startups.Continue reading...
Posted by Sheila Shayon on February 20, 2013 06:01 PM
This year, the 85th Academy Awards takes on a new name with a younger tone, "The Oscars."
"We're rebranding it," Oscars co-producer Neil Meron told The Wrap. "We're not calling it 'the 85th annual Academy Awards,' which keeps it mired somewhat in a musty way. It's called 'The Oscars.'"
Still pursuing a younger demographic despite the failure of James Franco and Anne Hathaway as co-hosts in 2011, the Academy of Motion Picture Arts and Sciences publicist Teni Melidonian said, "It is right for this show, but we could easily go back to using 'Academy Awards' next year."
"It'll be like the Grammys,” Meron added. “The Grammys don't get a number, and neither will the Oscars." The awards show hit a ratings high of 55 million in 1998, the year of Titanic, but have been on a decline ever since.Continue reading...


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Blog: Galaxy Probiotic? A lose-lose strategy?
Dean Best | 1 October 2009
One of the more baffling product launches crossed our desks this week with the news that Mars, the chocolate giant, has developed a probiotic drink under its Galaxy brand.
First, for Mars to want to invest cash and resources into a stagnant category raised eyebrows. To use Galaxy, a brand which Mars has heavily promoted as indulgent chocolate, to move into probiotics only served to confuse us further.
Will consumers really buy into a probiotic drink pushed under one of the chocolate sector's more indulgent brands?
After several prods, Mars got back to us to try to convince us that a Galaxy probiotic will "revitalise" the category in the UK.
"The sales growth in the probiotics drinks market is starting to wane as consumers look at alternative products through which to consume probiotics. If you don't like the taste of fruit or yoghurt then you won't currently be a probiotics drink purchaser," Mars UK trade relations manager Bep Sandhu tells us. "The launch of the Galaxy probiotic drink will encourage chocolate lovers to re-look at the category."
Hmmm. The scepticism over the launch reaches far outside Aroq Towers.
"To me it looks like a rather muddled positioning," says industry consultant James Amoroso.
"Galaxy is an out-and-out indulgence brand but Mars is trying to give it health credentials thinking that this will help offset health concerns. Instead it merely detracts from the brand's core indulgence positioning. A lose-lose strategy."
Ask any FMCG executive to list the trends shaking up the sector and digital and e-commerce will be pretty high on the list. Drill down into that and Amazon will be one of the subjects in the digital s...
Since Theresa May took over as UK Prime Minister in the wake of the country's referendum vote to quit the European Union, she and her ministers have been at pains not to divulge their negotiating posi...
Greenpeace's long-running campaign against UK tuna brand John West, owned by seafood giant Thai Union, is now directing its fire against Sainsbury's....
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Where does your state rank in physician access?
IRVING, Texas — As such convenient care options as retail clinics, telehealth services and urgent care clinics proliferate, physician search firm Merritt Hawkins has creaated its Physician Access Index, which ranks states based on 33 variables to show which have the best — and worst — access to physicians. The index shows that Massachusetts, New Hampshire, Vermont, Delaware and Maryland have the most positive physician access variables, while Mississippi, Texas, New Mexico, Nevada and Oklahoma have the fewest.
“When it comes to accessing physicians, not all places or all patients are equal,” stated Mark Smith, president of Merritt Hawkins. “As the healthcare system evolves, there will be clear access 'haves' and access 'have-nots,' and the rankings reflects these imbalances.”
The index tracks such metrics as physicians per capita, the percentage of residents with health insurance, Medicare and Medicaid acceptance rates, household income and telehealth access, among others, on a state-by-state basis. Each state is given a score for each metric; these scores are added together, with lower scores meaning better physician access. For example, the top state, Massachusetts, has a total score of 442 points, whereas Oklahoma — the lowest-ranked state on the index — has a score of 1096.
But these scores only show an overview of a given state, Smith said, noting that other factors influence access within states. Though New York is ranked 11th best for physician access, it ranks 34th in percent of mental health care needs met. And New Mexico, which ranks 47th in the overall rankings, ranks sixth in patient encounters per capita in federally qualified health centers, which Merritt Hawkins said suggests a solid safety net for underserved patients.
“No state is without its challenges and strong points where physician access is concerned,” Smith said. “There are pockets of patients with poor physician access in highly ranked states and pockets of patients with good physician access in states with low rankings.”
The data, then, can bve used to show what challenges are facing states when it comes to healthcare access for their residents. Though issues like poverty and low per capita income are issues that won’t resolve overnight, Smith said that funding residency positions, and investing in such retention incentives as educational loan repayment could help with physician retention rates. Additionally, Smith said, states that haven't yet can work to reduce barriers to telehealth implementation, expand the practice parameters of NPs and PAs, and expand eligibility requirements for Medicaid through the Affordable Care Act.
For more insights, see the infographic below.
Weis Markets Q3 sales up 4.1%
SUNBURY, Pa.- Weis Makets on Tuesday reported that sales for the third quarter of 2015 increased 4.1% to $711.9 million, while comparable store sales increased 4% compared to the third quarter in 2014.
For the 39-week period ended Sept. 26, 2015, the company's sales increased 3.9% to $2.1 billion while comparable store sales increased 3.9% compared to the same 39-week period ended September 27, 2014.
Weis Markets provided preliminary unaudited sales results for the third quarter ended Sept. 26 pending a full release of its third quarter results following a review and analysis of self-insurance reserves to determine if any adjustments to its historical financial statements are necessary. The company expects to file its quarterly report on Form 10-Q prior to Dec. 1, 2015.
While researching alternative methods to calculate retained claim liability for the company's self-insured workers compensation and general liability insurance programs, it was determined that adjustments would be necessary to the prior application of actuarial methods used to estimate the obligation of future payments resulting from claims due to past events.
Ahold USA’s new produce format delivering Q3 results
ZAANDAM, The Netherlands — Ahold's third-quarter same-store sales in the United States excluding gas were up 1.8%, reflecting an improved customer proposition the company reported Wednesday.
Total third quarter net sales of $5.6 billion were up 16.6%. Excluding gas, net sales at constant exchange rates were 0.8% higher than last year, while reported identical sales growth excluding gas was 0.4%.
Ahold continues to roll-out its new produce department format, launching it to another 149 stores during the quarter, bringing the total to 316 stores. "We are starting to see really encouraging results," Jeff Carr, Ahold CFO, reported in the above video (he starts talking about U.S. operations at about the 2' mark).
And Ahold's online grocer Peapod achieved double-digit sales growth with improved capacity usage at its newest distribution facility.
On July 20, Stop & Shop New York Metro entered into a conditional agreement to acquire stores from A&P. On Oct. 8, all conditions had been met and Ahold commenced the purchase of the 25 stores. The conversion of the stores is ongoing, with the final group of stores expected to be converted in mid-November.
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HONG KONG — China’s exports unexpectedly fell in March, and its imports dropped even more sharply, but the significance of the data for the Chinese economy was clouded by uncertainty over the extent to which exporters and importers were timing shipments to profit from currency market shifts.
China’s exports fell 6.6 percent in dollar terms last month, compared with a year ago, while imports tumbled 11.3 percent, China’s General Administration of Customs said on Thursday. Economists had expected both to show small increases.
But the change in exports was particularly hard to predict because many exporters had overstated the value of their shipments a year ago to circumvent China’s currency controls. The over-invoicing allowed exporters to bring more dollars into the country, placing a bet on further appreciation of the renminbi, the Chinese currency.
By contrast, the People’s Bank of China, the country’s central bank, pushed the value of the renminbi down 2.5 percent with heavy purchases of dollars and by telling state-controlled banks to buy dollars. The central bank’s initiative, designed to discourage speculation on further appreciation of the renminbi, removed the incentive for overinvoicing.
The drop in imports was the bigger surprise, as imports can sometimes be a bellwether for the broader economy. “Do not worry about the export data, but what about imports?” said Louis Kuijs, the chief China economist at Royal Bank of Scotland.
But some traders may have delayed taking delivery of imports until their renminbi were worth more.
The Hong Kong and Shanghai stock markets were both down 0.3 percent a half-hour after the release of the trade data, with China-related stocks declining faster on the Hong Kong market than companies with more of their operations in Hong Kong itself. Both markets gained more than 1 percent for the day.
Premier Li Keqiang of China said in the keynote speech on Thursday at the Boao Forum for Asia on China’s Hainan island that the Chinese economy would be able to achieve sustained growth through ongoing urbanization, growing technological strength and ample foreign exchange reserves.
He also sounded a fairly conciliatory note on the Trans-Pacific Partnership, an American-endorsed plan for more free trade in Asia and around the Pacific basin. American officials have been skeptical at times that China, with its many oligopolistic, state-owned enterprises, would be willing to embrace sufficiently extensive market-opening measures to join the partnership, while some Chinese economists and other experts have been wary that the partnership’s ambitious goals might exclude them.
Without saying how far China might go to dismantle its trade barriers, which remain among the highest of any major trading nation, Mr. Li said that, “As long as the T.P.P. is conducive to the development of global trade and the fostering of an equitable and open trading environment, China is happy to see its conclusion.”
China’s customs agency said in a news release that for the entire first quarter, the tonnage of commodity imports had increased even as the price had dropped sharply, in line with global price declines for commodities that have benefited China as the largest importer. China’s iron ore imports climbed 19.4 percent by tonnage in the first quarter, for example, even as the price fell 8 percent.
The customs agency also noted that its survey of nearly 2,000 exporting companies showed greater optimism in the first quarter than in the fourth quarter of last year, prompting the agency to predict that exports would be stronger from April through June than in the first three months of this year.
As details of the March trade figures emerged on Thursday, there were further signs that plays on currency markets underlay the poor export performance. Exports to Hong Kong, a favorite destination for exporters seeking a quick shipment for currency reasons because it is only several hours’ truck ride from thousands of factories in southeastern China, plummeted 43.6 percent in March from a year ago.
But exports to the European Union, which are much harder to manipulate because it takes a month for goods to make the trip by sea, climbed 8.8 percent in March from a year earlier. Exports to the United States were up 1.2 percent.
Sébastien Breteau, the founder and chief executive of Asia Inspection, a Hong Kong-based company that checks factories for safety, environmental and labor violations on behalf of retailers, said that the export factories still seemed busy and suggested that the March figures might have been distorted. “The exports from China are still very strong,” he said. “Maybe this is related to the fact they let the renminbi slip down.”


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ZURICH/BERLIN, Nov 26 (Reuters) - The Swiss blue-chip SMI was seen opening 0.1 percent higher at 8,852 points on Monday, according to premarket indications by bank Julius Baer .
Here are some of the main factors that may affect Swiss stocks:
The chief executives of ABB and Siemens are travelling to Saudi Arabia to attend a supplier conference, just weeks after they pulled out of an investment event in the country following the death of Saudi journalist Jamal Khashoggi.
Kuehne & Nagel is ready to talk with smaller rival Panalpina about a takeover, should that company express willingness, Chief Executive Detlef Trefzger told newspaper Finanz und Wirtschaft. But Panalpina wants to remain an independent company, it said.
Chief Financial Officer Mario Rossi sees no potential to raise the telecom company’s dividend over the next three years, he told Finanz und Wirtschaft.
The manufacturer of keyboards and web cams has ended discussions to acquire Plantronics, a U.S. maker of Bluetooth earpieces and gaming headsets, the companies said.
Axel Lehmann, the head of the bank’s Swiss business, said he thought the bank could continue to win new customers in Switzerland, having added 42,000 in the last year, he told SonntagsZeitung.
The Swiss-Irish frozen baked goods company said its first-quarter revenue stagnated amid turnaround efforts that include disposals of portions of the business. Management said group sales in the period were in line with expectations.
The Swiss-listed logistics company said it plans to remain an independent company as it intensifies its ties to France’s CMA CGM, which has made an offer for shares of CEVA. CEVA boosted its 2021 management expectations on adjusted EBITDA to $470-490 million from $380 million, and added it is buying CMA CGM’s freight management activities for $105 million in cash.
CREDIT SUISSE - RBC cuts to “sector perform” from “outperform”
PANALPINA - Jefferies raises to “buy” from “hold”
TEMENOS - Credit Suisse starts coverage with “neutral” rating
* SHL Telemedicine said the Swiss Financial Market Supervisory Authority (FINMA) rejected appeals of Kun Shen, Mengke Cai, Xu Xiang, Himalaya (Cayman Island) TMT Fund, and Himalaya Asset Management Ltd. against the decision of the Swiss Takeover Board (TOB) on Sept 1. Their voting rights are suspended until a mandatory tender offer is published, the company said.
* Valora Chief Executive Michael Mueller told Swiss online publication Cash that he is sticking to the already-communicated goal of operating profit in the current year of around 90 million Swiss francs, plus or minus 3 million francs, and reiterated the company’s stable dividend policy.
* DKSH said it has signed an exclusive distribution agreement with Laurent Ferrier in Japan.
* Swiss voters have rejected a proposal to give the neutral country’s laws priority over international law, a move that critics claimed would have deeply damaged its global standing and hurt its economy.
* Q3 non-farm payrolls due at 0815 GMT
Reporting by Zurich newsroom and Berlin Speed Desk


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ShopSe, the instant no-cost EMI digital platform, has raised $6.1 million as a part of its strategic series A funding from investors such as BeeNext, Chiratae Ventures, and White Venture Capital, a fund backed by Amrish Rau and Jitendra Gupta. This funding round comes just after a year of raising a seed round of $5.5 million, said the firm.
The round will enable ShopSe to accelerate serviceability to 150,000 more retailers, continue to build a top-quality team, grow lender partnerships and further enhance platform capabilities to enable over 45 million Indian consumers with convenient affordability, reported VCCiRCLE.
Former PayU employees Pallav Jain, Abhishek Nimonkar and Yagnesh Desai started ShopSe in 2020. ShopSe’s pay-later marketplace offers instant customisable credit solutions at point of purchase. Its marketplace brings lenders and retailers together to offer EMI solutions for customers in online and offline space. It offers credit solutions at the purchase point without any documentation, rather by examining credit eligibility digitally.
Pallav Jain, co-founder and CEO of ShopSe, said, “With the help of our lending partners, we have been able to bring change for 35,000 retailers serving customers in 500+ locations across the country. We are committed to solving for convenient affordability at point of purchase by working with our partners to build the right digital offerings for the market.”
Since the previous fund raise, ShopSe team has grown from 10 members to 300+ team members. ShopSe has increased its presence from about 2,000 retail points to 35,000+ retail points. The platform has grown to 120+ brand partners including Voltas, Asus, Whirlpool, Bluestar, Daikin, Realme to name a few. Banks/NBFCs who have trusted ShopSe to be their digital partner include reputed institutions such as HDFC Bank, ICICI Bank, Kotak Bank, Axis Bank, IIFL and others, said the firm.
Hero Choudhary, managing partner of BeeNext, added, “We are constantly looking for changemakers in the fintech landscape. ShopSe’s accelerating product innovation, expanding footprint and excellent customer feedback has strengthened our conviction about their vision of making shopping affordable for everyday purchase.”


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Qatar Airways Cargo Announces New Freighter Route to Dallas/Fort Worth
In total Qatar Airways Cargo provides service to 13 destinations in the Americas, with additional upload provided in the belly hold of the airline’s commercial aircraft.
The new dedicated freighter service to Dallas will increase the 400 tons of export cargo capacity per month, currently transported as belly hold cargo on Qatar Airways’ passenger services, to 1,000 tons. Import capacity into Dallas will increase to a total of 300 tons per month.
“We are delighted to start 2016 with the addition of Dallas/Fort Worth to our network,” said Ulrich Ogiermann, Qatar Airways chief cargo officer. “This is just the beginning of our expansion plans for this year, which will see both our network and our fleet growing in size and strength.
“The U.S. is a very important market for Qatar Airways Cargo,” he added, “and Dallas/Fort Worth is strategically well placed to give us further reach into the region.”
“This addition to our air cargo network is a reflection of the strength of the Dallas/Fort Worth market,” said John Ackerman, Executive Vice President Global Strategy and Development for Dallas/Fort Worth Airport. “Cargo and logistics are strategic priorities, and will continue to help our airport grow and create economic benefits for the Dallas/Fort Worth region.”
Qatar Airways Cargo new Dallas/Fort Worth is targeting the defense, financial services, information technology, life sciences, semiconductors, telecommunications, and transportation industries.


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Does TESLA Use Artificial Intelligence?
Tesla AI – There is a question that everyone wants to know the answer to; Tesla’s foundation is built around two key pillars all-electric motion and autonomous driving. Welcome to Whitehatblogs.com, and in this article, we’ll discuss How Tesla uses artificial intelligence?
To begin with, let us define Tesla and the areas in which the company operates; a company was founded in silicon valley 13 years ago. It was called Tesla.
The Goal Of Tesla AI
This company’s single goal was to demonstrate that electric cars outperform traditional fuel-powered vehicles. The company has already faced a great deal of scrutiny and skepticism, particularly for failing to deliver on its promise to deliver fully self-driving cars by the end of 2019 but causing delays.
Tesla AI – The company also claims to place a high priority on moving towards a zero-emission future. That is less reliant on fossil fuels. One point that has received a lot of thought and debate about Tesla is whether.
It is just an automobile company, or it can also be called a tech company. While other automobile manufacturers produce automobiles, Tesla takes a much broader approach in addition to providing its primary service.
The company claims to want to accelerate the world’s transition to sustainable energy.
Implementing With Features
Tesla AI – The software is the essence of Tesla’s exclusive infotainment system user experience and autonomous driving features over the years. The company has implemented numerous wireless updates that most other automakers worldwide have yet to become acquainted with. Tesla’s operating systems are regularly upgraded and improved by the company’s staff and automobiles.
Developing Other Technologies
The company is also involved in developing other technologies, such as traditional solar panels and rooftop solar tiles. The development of various types of batteries, the construction of their charging stations, and the development of their computers with their major components for the test vehicles tesla’s solar roof project.
Tesla AI – The company has several new projects in the works, the most notable of which is an attempt to increase solar tile roof installations with international expansion planned later.
This year as Elon musk recently tweeted, the company also intends to use distributed solar power to transform the electric grid. Essentially Tesla is developing a scalable hierarchical energy distribution grid technology to redesign.
How the electric grid distributes solar power tesla energy?
Musk will play a significant role in Tesla’s future activities. The company intends to optimize all solar and energy assets installed at its customer’s homes to maximize value for both the customers and the electric grid.
Tesla AI – Another recent company project is palladium which is being developed in secret. The project is rumored to redesign and refresh the platform’s flagship sedan model s and model x, Tesla model y tesla’s model y is the company’s first crossover electric SUV.
Tesla Updating Himself
The latest version 10 software update for the model allows users to stream Netflix or play video games on the car’s massive screen in addition to these updates.
Autopilot Feature Of the Tesla
Tesla AI – Tesla has created an advanced autopilot feature. This autopilot system includes emergency braking speed control and cruise control. It also has a camera. They can see around corners and maintain a safe distance from other vehicles. This autopilot is based on deep neural network principles it detects.
The environment around the vehicle uses cameras, ultrasonic sensors, and radar. These sensors and cameras allow drivers to be more aware of their surroundings. These are processed in milliseconds to help make driving safer and less strenuous the radar is used to see and measure the distance between cars in different lighting and weather conditions.
The ultraviolet techniques measure proximity, and the passive video detects objects around the car, ensuring a safe drive.
Tesla AI – The model largely follows the model 3 approach, including nearly all model 3 features. For example, it enables the driver to control anything via their phone, .such as locking and unlocking the car. The model includes a self-driving software update for an additional seven thousand dollars. This model includes features such as an automatic lane change, automatic parking, and an advanced navigation system.
While getting updated, getting back to the topic, let’s talk about
Artificial intelligence in Tesla
Tesla AI – We build and deploy autonomy on a large scale. We believe that the only way to achieve a general solution to full self-driving is to use advanced ai for vision and planning supported by efficient inference hardware.
As stated on Tesla’s official website, unlike its competitors, Tesla’s main competitive advantage is the production of automobiles and the development of technologies.
Tesla specializes in using cutting-edge technologies to create luxurious long-range electric vehicles. Tesla will have the advantage of having millions of cars in the field with full autonomy capability. Which no one else will have.
Tesla AI – Ai and big data analytics have been constant partners of the firm throughout its journey. It has made excellent use of artificial intelligence and big data to grow its customer base. The company has used existing customer databases for data analytics, understanding customer needs, and updating its systems regularly.
In the case of tesla b, focus primarily on two areas all-electric propulsion and autonomous driving. Recent ai tools leveraged by Tesla initially worked with Nvidia to optimize its ai enabled chips.
After dropping Nvidia, the company stated that it would develop its ships with the chips it hoped to ensure. That the cars can navigate freeways, local streets, and traffic signals. Tesla confirmed at the recent hot chip conference that it had significantly improved its performance due to heavy optimizations.
Tesla AI – In the ai chip, 6 billion transistors were used to create the processing circuitry of each of Tesla’s chips, Tesla’s in-house software, and battery manufacturing expertise. It has also contributed to the company’s competitive advantage the company’s new ai technology aims to pave.
The way for mass-market car automation dual chips, the tesla system includes two ai chips to help it perform better on the road. Each ai chip evaluates the traffic situation independently to guide.
The car, accordingly, the system then matches the evaluation of both chips and follows. Suppose both inputs are the same in the event of a discrepancy. In that case, a re-evaluation is performed until a safe decision is reached.
Tesla AI – It has extra power and data input fees to properly safeguard the car against failure so that it can resume working in the event of a single unit failure through its spare units through these numerous features.
The company ensures that in the event of an unexpected failure, the car will be equipped to avoid any accidents optimized design. These ai chips have been optimized to run at two gigahertz and perform 36 trillion operations per second, achieving this level of performance by excluding all generic functions and focusing only on the most important ones.
The chip was designed after 14 months of intense research and involvement with Samsung; now manufacturing the processor, it will install the chip in both new tesla vehicles and older models. Tesla, widely regarded as one of the market’s most aggressive developers, has always done data collection and analysis.
It’s the most powerful weapon in everything it does. They made no exceptions when it came to developing its chips. The company has been able to design autonomous cars using artificial intelligence and data analysis.
Which can revolutionize how we drive cars to let us see how well the platform sticks to its promises and expands its operations. It remains to be seen where the firm’s use of these technologies will lead it in the future, and with that being said, it’s time to end.
Read More:- Learn how 5G is changing the world of communication.


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The cheese types, feta and halloumi, have shed their speciality food image, it seems.
In the last year sales of feta have grown by 15 per cent and halloumi by 35 per cent, said independent retail analysts Kantar Worldpanel last night.
Tesco claims that demand has been so strong it has doubled its range in the last year.
The supermarket group said its own sales of halloumi were up by 132 per cent while feta sales rose by a quarter.
Tesco cheese buyer Ashleigh MacFarlane said: “Demand has really been boosted by celebrity chefs who have featured these cheeses on their TV shows.”
Feta is a crumbly white cheese. Halloumi, a Cyprus speciality, is a semi hard cheese sometimes made from goat and sheep milk.


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Margot Robbie‘s first Chanel campaign is here. The Australian actress is the face of the French fashion house’s first ever Coco Neige collection, an entire line designed around winter sports. The actress was photographed by Karl Lagerfeld for the campaign, and we’ve got some exclusive behind-the-scenes images from the shoot.
The launch of the collection, which was announced back in March alongside a debut swim range, aims to combine a technical wardrobe with the elegance of Chanel.
Related article: Margot Robbie’s First Chanel Campaign Is Here
“This shoot was one of the greatest experiences of my career,” said Robbie. “The energy and vibe on set was so wonderful and collaborative. One of the first things Karl Lagerfeld said to me was that we never need to take ourselves too seriously.”
Robbie was confirmed as the latest Chanel ambassador on the day of the Oscars back in March. She wore her first look as part of her new collaboration on the red carpet that evening.
She continued: “He has such a creative mind and he knows exactly what he wants and the minute he captured it, we were moving onto the next shot. It was amazing. Karl Lagerfeld is a creative mastermind. I already knew he was a genius but to be able to spend time with him in person, I now know he is also just a wonderful human being.”
Related article: Chanel Invited Students To Experience the Cruise 2019 Show In Paris
Chanel dabbling in snow tech is nothing new – the brand already produces its own skis and snowboards – but this marks the first extensive collection. The line will include high-collared parkas, down jackets, knit sweaters and salopettes in a monochrome palette with splashes of blue and fuchsia. Materials like satin, fringed tweed, velvet and denim will be mixed together with waterproof and windproof materials.
“The idea is to skew more toward technical clothes, because I think both après-ski and sport are largely covered in our existing collections,” explained Chanel president of fashion Bruno Pavlovsky previously. “So this is a way of taking the time to work on products that are a little bit more technical and that require more time in terms of development.”
The collection will include accessories too, such as ribbed-knit balaclavas, suede mittens and sleek ski goggles, allowing Chanel customers to be the chicest on the slopes.
The Coco Neige collection will drop in stores from July alongside the autumn/winter 2018 ready-to-wear range. It will also be available in ski resorts such as Courchevel, where the brand has a temporary store during the winter.
Related article: 10 Best Looks From The Chanel Cruise 2019 Runway Show
This article originally appeared on Harper’s BAZAAR UK.


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Ford and Chevrolet have been trying to beat each other in the muscle car segment for the longest time but at the end of the day, it won’t matter who ends up being the winner because they both will be the losers.
Ford manage to take the lead when they first release the current Ford Mustang back in 2014 and they even manage to keep the lead for years but Chevrolet slowly caught up to them and in the last two months, the Chevrolet Camaro actually managed to claim the top spot for themselves.
However, for the month of November, Ford managed to redeem themselves as the Ford Mustang once again claim the top spot for themselves. Ford sold a total of 6196 Ford Mustang last month while Chevrolet sold about 4893 units of the Camaro last month.
As nice as it is to see the segment being so competitive, we also know that overall sales of the muscle car segment have been dropping do while the Mustang might have a slight upper hand now, they are both losers at the end of the day.


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The automobile industry is in a mess with over half a million passenger cars lying unsold with dealers. While the unsold inventory of cars is valued at a whopping Rs 35,000 crore, two-wheeler manufacturers are no better off either. Motorcycles worth over Rs 17,000 crore is gathering dust in the open, for lack of inventory storage space. Most automobile companies and two-wheeler manufacturers have reported slide in sales in the last eight months. And the slump touched 25% in May 2019, the highest in 18 years. Over 300 sales outlets and 205 dealerships across states have reportedly downed shutters in the last two years. Pune, Mumbai and the National Capital Region, including Delhi, top the list of cities where dealerships have been closed. Also, top car manufacturers, including Maruti Suzuki, Tata Motors and Mahindra, have shut down their plants for several days and cut down on production in the last two months. More such shutdowns have been announced for June and July by the likes of Renault Nissan, Skoda, etc.
If this does not reflect the contraction in manufacturing, what else does. The government must come out of its denial of an economic slowdown and get its act together. Running away from reality, while laying out ambitious targets, does not help anyone’s cause. Given that car and motorcycle sales are reliable indicators of middle-class consumption demand, the lack of it is evident from the figures put out by industry outfits. The inventory of unsold real estate properties, including residential flats, commercial spaces, warehousing and spaces for e-commerce and IT services companies, have been lying around for periods ranging from 33 to 47 months as per industry data. In the top seven cities, including New Delhi, Mumbai, Pune and Bengaluru, the inventory build-up seems to be at its worst. This has singed big and small real estate players alike.
It’s not just the automobile or real estate companies that have faced the brunt of a comprehensive economic slowdown. Banks have felt the heat, too, with consumers and companies unable to pay back loans. Even lucrative leasing deals with no down payment commitment have failed to help perk up demand. Finance Minister Nirmala Sitharaman should consider coming up with a white paper on the state of the economy. She could even utilise her first budget, to be presented on July 5, to roll out measures to reverse the economic slowdown which, in turn, has hit job creation. The industry employs about 24% of the total workforce. If this has to improve and fully exploit the demographic potential, then sector-specific measures must be spelt out.


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Fiat Chrysler and Peugeot got antitrust approval for their $38 billion merger to create Stellantis, the world's 4th biggest carmaker
Fiat Chryslerand Peugeotgained EU antitrust approval on Monday for Stellantis, their $38 billion merger, after pledging to help boost Japanese rival Toyota Motor.
mergerwould create the world's fourth-biggest carmaker, owning brands such as Jeep, Maserati, and Opel.
- As part of the deal, Peugeot will extend its small van agreement with Toyota Motor by increasing capacity for Toyota and cutting transfer prices to address EU competition concerns, the European Commission said.
- The carmarkers announced their intention to merge in late 2019, and expect the deal to close by the end of the first quarter of 2021.
The two carmakers are hoping the deal, which will create the world's fourth-biggest carmaker, Stellantis, will help them tackle the industry's dual challenges of funding cleaner vehicles and the global pandemic.
The European Commission said PSA will extend its small van agreement with Toyota Motor by increasing capacity for Toyota and cutting transfer prices for the vehicles, spare parts, and accessories to address EU competition concerns.
"Access to a competitive market for small commercial vans is important for many self-employed and small and medium companies throughout Europe," European Competition Commissioner Margrethe Vestager said in a statement.
FCA and PSA will also allow rivals to access their repair and maintenance networks for vans to help new entrants expand in the market, the EU competition enforcer said. It opened an investigation in June.
FCA and PSA announced their intention to merge in late 2019, after FCA and Renault abandoned a tie-up amid a scandal around former Renault-Nissan-Mitsubishi chairman Carlos Ghosn.
The merged entity, which will be called Stellantis, would own brands such as Fiat, Jeep, Dodge, Ram, and Maserati as well as Peugeot, Opel, and DS. The combined company would have combined revenue of 170 billion euros ($189 billion), PSA said in December 2019.
"FCA and Groupe PSA warmly welcome the European Commission's clearance authorizing the merger and the creation of Stellantis, a world leader in new mobility," the companies said, adding that the shareholders of both companies will meet separately on January 4 to approve the transaction.
"The closing of the merger is expected to occur by the end of the first quarter of 2021."
FCA's controlling shareholder is Exor, the holding company of Italy's Agnelli family, while PSA's investors are the Peugeot family, the French government, and China's Dongfeng.
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With all our recent focus on trading cryptocurrencies it’s important to remember that the original use case for blockchain was as a payment network. Now bitcoin payments processor BitPay Inc. is reporting that forex traders and brokers are still turning to bitcoin for this purpose.
BitPay allows forex firms to accept bitcoin payments and receive EUR, USD, or other local currency settlement to their bank accounts, without the risk of bitcoin’s price volatility. The service is already known to be used in Europe by FXPrimus, Axiory, ShiftForex, and Golden Capital FX in Latin America.
Explaining the reasons for its adoption, BitPay says that bitcoin is especially valuable for forex traders in developing countries which have limited access to wire transfers or credit card payments. It settles faster and more cheaply than any wire transfer. And unlike credit card payments, bitcoin transfers can be as small as one dollar, and they are not subject to the frequent credit card declines which affect forex traders from developing countries. For the firms, bitcoin removes the cost of credit card fees and the risk of chargebacks on what are typically large payments, reducing the cost and effort of processing deposits from traders.
“Bitcoin isn’t just one of the most interesting currencies trading today on forex platforms – it’s also a payment technology that can add unique value for trading platforms that process large payment volumes,” BitPay’s Chief Commercial Officer Sonny Singh commented to Finance Magnates. “We’ve seen repeated interest from forex platforms who want to reach international customers, and BitPay provides them a risk-free option to accept international payments.”
Back in January we reported that Carl Stern, the former CEO and Chairman of Boston Consulting Group, has been elected to join the board of directors at BitPay. CEO Stephen Pair framed the hiring as a move that would further demonstrate his company’s commitment to financial world, as while it seeks to expand bitcoin adoption among global merchants in the sector.


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By Roger Field
Company hopes to build on its 5% share of the UAE's juice market with the launch of new flavours.
Masafi, a UAE-based producer of bottled water and juice, has launched two new variants in its juice range: Soothing Berries, a mixture of blueberries, strawberries, apple, orange and banana; and Truly Caribbean, a mix of pineapple, coconut and banana. Both variants are available across the Middle East and North Africa in 200 ml, one-litre and two-litre bottles.
While the Soothing Berry juice has been available in shops since January, and Truly Carribean appeared on shelves in May, Masafi decided to wait until the products were widely available across the region before staging the official launch in June.
Soothing Berry is already selling strongly and initial customer feedback on Truly Caribbean has also been positive, according to Hynd Aamrani, beverages brand manager for juice, Masafi.
Masafi is supporting the new products with a print campaign and outdoor advertising for the entire Masafi juice range in the UAE.
Masafi is also planning to launch more juice variants this year, according to Hynd. "Innovation is key for us and it has helped us maintain excitement and our growth momentum. We will be sharing new innovations very soon in the market this year," she told ArabianBusiness.com.
Masafi launched its juice range, which includes orange, apple, mango and tropical flavours, in June 2006 and has already managed to capture a 5% share of the juice market in the UAE.


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Four finalists will win a new motorcycle should they make it.
Suzuki Philippines has bestowed minor technical and cosmetic updates to the Burgman Street maxi-scooter.
Suzuki has released the all-new V-Strom SX in India. It takes the form of a beginner-friendly 250cc-powered adventure bike bearing similar styling as the bigger bikes in the V-Strom range.
The Suzuki Swish 125 stands out with styling inspired by the legendary Hayabusa.
Suzuki has unveiled the 2022 iteration of the Katana. The neo-retro sportbike gets revised electronics including an up and down quick-shifter.
Suzuki’s neo-retro sportbike hits all the right spots with stylish looks and an improved engine.
The Yin to the Suzuki Skydrive’s Yang?
Suzuki has released the GSX-S1000 in the local market at P710,000. Here are a few things to take note of.
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Suzuki paints the 2022 model year V-Strom 650 in new colors and calls it a day.
Fans of these Japanese middleweight adventure-tourers are in for a treat.
Suzuki has given the GSX-R1000, GSX-R750, and GSX-R600 minor updates for the 2022 model year.
The Yamaha NMAX has been popular in the Philippines since 2015. Can the newcomer Suzuki Burgman Street dethrone it?
The Yamaha Mio lineup continues to be among the most popular motorcycles in the Philippines. Here are some viable alternatives.
Delivery riders have specific needs with their motorcycles. They’re looking for affordability, reliability, and fuel efficiency.
Suzuki has launched the 2021 GSX-S750 in the UK with a new White/Yellow color scheme. Will this update make its way to the local market?
A head to head comparison between the Yamaha Ténéré 700 and Suzuki V-Strom 650.
Suzuki Philippines has launched the 2022 Suzuki Hayabusa in the local market for P1,088,000. The updated bike features loads of updates to the engine, design, and electronics.
Suzuki is expected to launch a sport-tourer based on the recently launched GSX-S1000 naked streetfighter.


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Anderson Water Investigation
I-Team 10 Investigation: Troubled water
Posted at: 05/02/2012 4:01 PM
| Updated at: 05/02/2012 6:23 PM
You've heard that jingle through the years with its familiar refrain telling you to "tap into Anderson."
But I-Team 10 has been speaking with customers of Anderson Water Systems who say they were the ones being tapped ... charged for products and services they feel they didn't need.
Carla Garwood of Conesus bought a water softener from Anderson in 1995. Manufactured by General Ionics, the model IQ boasted technology used by NASA. And while most systems use sodium chloride (or salt) to soften the water, Garwood says she was told by Anderson that this one ran on something better.
"We were told it ran on potassium and that it had a lifetime warranty," said Garwood.
John Donaldson of Newark says he was told the same thing when he had his system installed.
"their system used potassium," said Donaldson.
He even showed us the owner's manual, which describes potassium as his water conditioner's fuel.
"All I know is this is what we have and this is what we go by," he said.
But I-Team 10 has uncovered a bit of information some Anderson customers might not know. The Ionics systems they were sold also operate on sodium (salt), which is currently five times less expensive than potassium.
"We were never told that we could use salt in our water system," said Garwood.
We sat down with former Anderson employee Todd Hart, who says he feels bad for customers. Hart worked for Anderson for eight ears, until he was let go in 2009. He now works for a competitor.
Hart says Anderson president Tom Gerstner marketed potassium for the water softeners long before anyone else was ever selling it.
"For him that was an exclusive product. So to be exclusive you had to purchase through him. It just gave him more residual income," said Hart.
Written right on the customer contracts it states that they must purchase their potassium from Anderson. So why is that? Who better to ask than the pitchman himself. I-Team 10 tracked down Tom Gerstner for answers.
"We're in a constant pursuit to help customer to save money," Gerstener told us.
He claims they never misrepresented the systems they sold to thousands of customers throughout the state.
"You can make it sound as if we purposely tried to tell people that you could only use potassium in the machine. Brett, we never did that," he said.
But Bonnie Bertino of Newark says they never mentioned salt to her. She bought a system from Anderson in 1994 and used about a bag of potassium per week. But a few years ago, the price of potassium skyrocketed.
"$22 a bag. I can't afford $22 a bag," she told I-Team 10.
So she called Anderson and was relieved to hear of a solution. They told her they could convert her system so it would operate on salt.
"I said ok, then let's change to salt. And she said ok then we gotta come and put in a conversion kit to do that. And that's what they did," recalled Bertino.
For $345 Anderson claimed on the invoice that they installed a sodium conversion kit. Donaldson and Garwood also paid for conversions.
But Hart says there is no "kit," and when he was there he says he went to Gerstner to express his concerns.
"And I told him, if go into a house and want to charge them 350 bucks, they're going to want to know what I'm doing for that $350."
Gerstner denies they ever did anything unethical, and while he concedes the part about a "kit" may be poorly worded, he says a conversion is necessary and involves changing the settings because the system uses more potassium than sodium.
"So if we don't change the settings on the machine for them, they will end up spending more money for salt than what they need to," said Gerstner.
But what about the owner's manual that Donaldson showed us that references potassium? We discovered there are two versions. Gerstner admits they altered the original, with the manufacturer's permission (he says to eliminate confusion).
I-Team 10 obtained a copy of the original and it references only salt.
In a two page letter to I-Team 10, Puronics executive Jeffrey Atkinson says their water conditioners are "capable of using either potassium chloride or sodium chloride" and "do not require, nor have they ever required any kind of conversion."
As to the owner's manual, Atkinson says Puronics and its predecessor
"never authorized any of its present or former dealers to alter Puronics
product descriptions, labeling, manuals or other information..."
As for Garwood, she says she hasn't calculated exactly how much money she could have saved over the years by using salt instead of potassium but figures it's a couple thousand dollars.
"We're feeling a bit resentful for having paid for potassium that long when we really didn't need to," she said.
We have heard the New York State Attorney General's Office is taking an active interest in this case. I-Team 10 contacted the office and they tell us they are aware of the situation involving Anderson but would not comment on a possible investigation.
However, Hart says he has been asked to give a sworn affidavit to the AG's office later this week.
We also checked and found that Anderson Water Systems is a member of the Better Business Bureau. According to their website, Anderson has had 23 complaints over the past three years, a relatively small number given the volume of systems they install.
However, they have a "B" rating, which the BBB says is the lowest a member can have and still remain accredited.
If you feel you have an issue with Anderson Water Systems, the Attorney General's Office asks that you file a complaint with them. Their phone number is 546-7430.
Water Systems, LLC
Site by ScenicView Web Company ©2012


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Wisconsin, Indiana Pass Bills Targeting Lawsuit Abuse
Transport Topics, February 23, 2024
- Here’s what happened: State lawmakers in Wisconsin and Indiana passed legislation to rein in abusive commercial vehicle lawsuits, including a measure requiring disclosure of whether or not a seatbelt was worn as part of a personal injury or wrongful death lawsuit.
- Dig deeper: Nuclear verdicts are a major problem for commercial vehicle operators of all sizes, whether or not they were actually at fault in an accident. Many are opting to pay inflated settlements that aren’t supported by the facts of the case, rather than risk an even larger judgment at trial. Catch-up quick
- A troubling trend: According to the U.S. Chamber of Commerce, nuclear verdicts have soared 27.5% from a decade earlier, to average $24.6 million.
- Why it matters: Widespread commercial vehicle litigation abuse isn’t just a trucking problem, it’s an economic problem. Most commercial vehicle operators in Texas are small mom-and-pop shops, not deep-pocketed corporations. The goods and services provided by commercial vehicles—from products at the grocery stores to landscaping and plumbing services—are critical to our everyday lives.
- What about Texas? In the 87th Legislative Session, Texas lawmakers passed common-sense reforms to help deter the worst abuses in commercial vehicle litigation in the state.
- House Bill 19 protects the rights of Texans injured in a commercial vehicle accident while reducing opportunities to manipulate evidence at trial and seek millions in cases where the commercial vehicle owner was not at fault, or the plaintiff was not injured. Find out more in the TLR Advocate
- The law splits the trial into two phases: Phase One determines who was at fault in the wreck and the amount of the plaintiff’s actual damages. Phase Two allows the jury to consider whether to award punitive damages.
- This ensures anyone who is injured by the negligence of a commercial vehicle operator can still recover the full array of damages in a lawsuit, including past and future medical damages, lost wages, pain and suffering and punitive damages.
- TLR Thoughts: Abusive lawsuits against commercial vehicles increase the cost and reduce the availability of the goods and services we all rely on.
Read the full article here.


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Garden Ridge files for bankruptcy, local stores unaffected
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Garden Ridge Corp. and its subsidiaries have filed to reorganize under Chapter 11 bankruptcy, the company said Monday.
The Houston-based home decor retailer has three stores in the St. Louis area: in Bridgeton and Fenton, Mo., and in O'Fallon, Ill. Overall, it has 44 stores in 13 Midwest and Southeast states
The company initially plans to close four stores -- three in Houston and one in Cincinnati. However, it said it could close "select additional" stores during its reorganization, but added that it is committed to reopening stores in every market where it currently has stores and add new stores.
Over the last nine months, Garden Ridge has been working to improve profitability. Its same-store sales have increased 5.4 percent in December 2003 and 2.6 percent in January, according to the company.
The company has also arranged for up to $70 million in debtor-in-possession financing from Bank of America, pending court approval. Combined with normal cash flow, the DIP financing provides sufficient liquidity to continue normal operations, the company said. It expects to emerge from Chapter 11 in 90 to 120 days.
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"We’re back in the gym heavy!" wrote Kim Kardashian West alongside a picture of herself and her personal trainer Melissa Alcantara on Instagram today. Pausing their sweat session for a snap, the beauty mogul posted up against a piece of fitness equipment, leaning into a derriere-showcasing pose. The secret behind Kardashian West's sculpted backside? That would be weight training, as evidenced by her protective wrist straps.
"I would say every 6 months I take two weeks off from lifting," she continued in the caption. "Sometimes you just need a break to recharge and chill, but then I miss it so much and [it feels] so good to be back at it." Since enlisting Alcantara's help back in 2017, Kardashian West has been open about how incorporating weights has helped tone her muscles and define her famous frame. And while the Alcantara-curated routine is all-encompassing, including squats, deadlifts, and lunges, there's one weight-assisted move that stands above the rest for those who want to whip their booty into shape. "For anyone looking to get a serious butt workout in, it takes more than just one move," says Alcantara. "But if I had to choose, it would be weighted hip thrusts, which seriously work glutes and hamstring muscles."
And don't be fooled by how pristine Kardashian West's hair looks—her new sleek chop styled with a clean centre and swooping ends—the posterior chain-targeting move is not for the faint of heart. But her curvaceous physique is proof enough: picking up the weights is well worth the burn.
This article originally appeared on Vogue.com
We broke down Deepika Padukone’s complete pre-wedding workout routine
Celebrity fitness trainers share their favourite post-workout meals
Intermittent fasting for weight loss: How it really affects your body


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More proof, if it were needed, that SaaS and SOA will not only escape the jaws of the impending recession, Houdini-like, but will actually flourish as business looks to trim the fat and adopt more lean business practices, comes from Devnet:
Gartner released its review of Software-As-A-Service on the 20th October 2008, and it outlined that SAAS sales for the enterprise market are predicted to surpass $6.4 billion this calendar year. The report noted that market is just starting to feel the tightening of corporate budgets, which could mean a spending drop as the economy moves towards a gloomy 2009. But products such as Google Apps continue to remain strong and have seen an uplift in countries such as Australia.
The Gartner SAAS report outlines that the market has grown 27% since 2007, and with the market expecting to double by 2012. The SAAS revenue will top $14.8 billion as companies move towards spending less on servers, storage and related IT equipment. SAAS suites such as Google Apps Premier Edition will account for 9% of software revenue by 2012 and will continue to coexist with installed applications such as Microsoft Office and Lotus Notes.
A number of SAAS solutions are popular because they are “freeware” but these applications are not a bulk of SAAS sales. The second largest segment of the SAAS enterprise market is Customer Relationship Management “CRM” software such as SalesForce.com, SugarCRM & NetSuite.
Based on current trends, Gartner expects worldwide software markets to grow at around 10% through to 2012, and in worst case scenario 9.4%.
If anything, an economic downturn could be the catalyst SOA has needed for more widespread adoption.


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Tax concerns smother Amazon's festive joy
In results that will inflame the debate over its tax contributions around the world.
In just 13 weeks, Amazon's savings, which are held in cash and investments, have ballooned to between $7-billion and $9-billion, from $5.2-billion in September, say analysts. The group's performance helped to topple a number of its United Kingdom high-street competitors, with the camera shop Jessops and music store HMV going into administration earlier this month.
The UK generates an estimated 10% of Amazon's revenues, pushing the proportion of the cash pile collected in the British Isles to an estimated $900-million.
The retailer is under fire for paying low levels of corporation tax in the UK and other markets.
Politicians across Europe are casting about for ways to restore public finances, and the sums are eye-catching.
The issue will be in the forefront this week, when Parliament's influential public accounts committee resumes its inquiry into tax avoidance by taking evidence on January 31 from the four largest accounting firms. In the sights of many MPs are the major United States companies that use a complex web of offshore havens to minimise their tax payments. Filings by Apple have revealed it is putting $1-billion a week beyond the reach of the UK and US tax authorities. The iPhone maker amassed $11-billion in offshore havens in the last three months of 2012 and has shielded $94-billion from tax authorities around the world.
Wall Street is forecasting that Amazon enjoyed larger than ever revenues of $22-billion for the December quarter. The retailer continued to win market share from high-street retailers over the festive season, according to RJ Hottovy, an analyst at the US broker Morningstar who puts Amazon's reserves at between $7-billion and $8-billion.
"Governments are looking to corporations more and more and re-evaluating what the appropriate tax balance should be," said Hottovy. "It's a very real risk for the company, but Amazon, given they have low costs and a sizeable cash position, will be well protected."
The broker Sanford C Bernstein forecast $8.5-billion in December, but says the total may have altered because the company has increased its debt. Debt payments can be offset against profits to minimise tax bills. Recent acquisitions may also have eaten into cash.
Morgan Stanley calculates $9-billion in savings – $6.8-billion in cash and the balance in short-term investments such as shares, government debt and corporate bonds.
At the last count, more than $3-billion was held in foreign currencies, including euros, sterling, Japanese yen and Chinese yuan.
In three years from 2009 to 2011, Amazon earned more than £7-billion in the UK but paid just £2.3-million in corporation tax, despite employing 15 000 people in the country, thanks to a scheme that drives sales through a European head office in Luxembourg.
Its most recent published earnings are for 2011, when the UK generated £3.35-billion in sales, around a tenth of its $48-billion in worldwide sales.
Payments to subsidiaries
Amazon said in its latest filings that it is being pursued for unpaid tax by the US and French governments. It faces $1.5-billion in additional federal taxes over a seven-year period, beginning in 2005, at a time when company accounts show it began to amass large amounts of cash in Luxembourg.
Amazon did not respond to requests for comment.
Like other multinationals, Amazon and Apple legally funnel revenues out of countries through payments to subsidiaries, typically in the form of loans or royalties for intangibles such as use of the brand or technology developed in-house.
France served notice in September for unpaid tax totalling $252-million, including interest and penalties, for the years from 2006 to 2010. As for the UK, and a number of other countries, Amazon's filings state it is or may be subject to investigations going back as far as 2003.
Prem Sikka, professor of accounting at Essex Business School, warned against leaving aggressive tax schemes unchecked: "If you erode the tax base you can't have any form of effective government. And once an industry is established, it becomes very difficult to get rid of it." – © Guardian News & Media 2013


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The equipment firm already has two plants in India under its smaller Flavorite business and Heat and Control, as well as an office in Chennai. Plans for its additional manufacturing plant are set to receive the final go-ahead in the coming weeks and will see the company’s current Heat and Control plant absorbed into the planned facility.
Bobby Kane, sales manager for Heat and Control, said timing was right to heavily invest in India – a snack market set to soar to $4bn by 2018, according to Euromonitor International.
“The market in India is growing in the 20+% area year on year. We’re investing more in India; not just an increase in people but an increase in presence with new facilities, new manufacturing and buying up smaller, local companies,” he told BakeryandSnacks.com at last week’s Anuga FoodTec in Cologne.
“We already have a good position there with a very active office and very active team, but we’re finding that as they get stretched, we’re adding more people both in the support side as well as the customer-facing side.”
The final red tape
Heat and Control decided on a manufacturing facility to increase its base in the country, Kane said.
“Timing is imminent but the red tape in India is a bit different to here. We’re hoping to be clearing the final hurdles in the coming weeks,” he said. “There will be a significant financial investment going in.”
The facility will develop a range of machinery lines, including potato, tortilla and nut machines, to serve India’s local market, he explained, but also other areas like Europe if needed.
“We opened our factory in China for the Chinese market but now it’s doing some of the European market too, so we would imagine the same for India. I can see pretty quickly that the growth in India will be fast,” he said.
Catching mid-level snack makers
Kane said India’s snack sector comprised of a number of large international firms like PepsiCo that were driving up quality expectations in the market.
As growth continued, he said, smaller, mid-level players would start to aim higher to compete with the multinationals and would therefore need to consider equipment upgrades and purchases.
“The theory with this plant is that these mid-level companies can grow into it.”
Asked how much Heat and Control anticipated the mega plant to bolster business by, he said: “We hope to quadruple sales eventually.”


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A recent Wall Street Journal report has reinforced that electric vehicles remain “unpopular with buyers and unprofitable for sellers.”
What auto makers haven’t shown is that they can actually sell these vehicles and earn real profits.
Apart from being unpopular and unprofitable, the one upside with electric vehicles seemed to be the claim that they are an environmentally-friendly alternative to traditional automobiles.
That long held argument is now rapidly unraveling.
A recent Washington Post investigation has uncovered that Tesla Motors, which only manufactures electric vehicles, is now trying to find a more environmentally friendly and morally acceptable supply chain for its rare earth. Rare earth is a critical compound in Tesla vehicles, especially its lithium batteries. The mining and processing of rare earth is tied to claims of child labor and human rights violations far from the consumers of Tesla’s luxury brand:
The mining companies tied to these problems supply some of the largest manufacturers of lithium-ion batteries, The Post found. And some of those battery makers directly supply Tesla and other big tech giants. In response to these concerns, Tesla denied that the sources of its battery materials are tainted by abuses. At the same time, the company declined to identify what those sources are.
It’s a very public secret that the rare earth used in electric vehicles comes at a high environmental cost:
But those rare metals come from somewhere—often, from environmentally destructive mines. It’s not just Tesla, of course. All electric vehicles rely on parts with similar environmental issues. Even solar panels depend on rare metals that have to be dug out of the earth and processed in less-than-green ways, says David Abraham, author of the book The Elements of Power.
It’s not just rare earth but also the copper that is used in electric vehicles that presents real environmental challenges:
An average American car contains about 55 pounds of copper wiring. An electric car has three times as much mostly thanks to their rotors, and here’s how those miles of wire disappear in an engine bay.
Environmentalist ideologues of the left like Bill McKibben seem comfortable, or blissfully ignorant of, the nightmarish environmental cost electric vehicles present to communities and people who are far from the liberal enclaves of sun soaked Silicon Valley or a cozy corner of Vermont.


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Internet of things News
Cisco Executive Maciej Kranz On The Best Practices -- And Biggest Mistakes -- Companies Make In IoT
The Best -- And Worst -- Of IoT
How can partners tap into the IoT opportunity? What are the best practices to build out -- and the worst habits to avoid -- when thinking up IoT solutions? Maciej Kranz, vice president and general manager of Cisco's Corporate Strategic Innovation Group, has been studying the Internet of Things market for years, and thinks he has an idea.
Kranz, who authored "Building The Internet of Things," said that IoT is at a tipping point and is gaining traction across various industries -- including manufacturing, transportation and retail. And Cisco partners play an important part in that increasing adoption. Here's what Kranz had to say about the IoT market.


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Editor's note: The American Chesterton Society, with TAN Books as its new publisher, will further its mission to print books grounded in the tradition of the English writer, G.K. Chesterton with a broad scope covering faith topics, current events, fiction, and biographies. --Barb
TAN Books has been named the official publisher of the American Chesterton Society.
Founded in 1996 to bring awareness of G.K. Chesterton to a broader audience, ACS is committed to promoting the unique and enduring thought of Chesterton to new generations. Today TAN Books is proud to be a part of that mission and to reach even wider audiences through our extensive distribution partners.
"I have long been an avid reader of G. K. Chesterton, and an admirer of the Chesterton Society. I am excited to bring the works, thought, and spirit of this great man and this great organization to an even wider audience," said Conor Gallagher, Publisher of TAN Books. "It is an honor to continue the work with Dale Ahlquist [president of ACS] to bring these books—and Chesterton—to more people."
TAN will bring its Chesterton Society titles to new audiences, making them available at generous discounts to its wide reseller network and featuring them prominently in its consumer marketing, which includes more than 500,000 direct mail pieces and 2 million email promotions per year.
TAN Books, in cooperation with the American Chesterton Society, will also begin releasing several new books a year under the American Chesterton Society Imprint.
"We started ACS Books to fill a need, not only to revive vital classic works, but to get excellent new authors into print," said Dale Ahlquist, president of ACS. "We are excited that TAN is helping us expand our reach, as they become the official publisher of these wonderful titles—and many more to come."
Click here to browse the current ACS titles and check back soon for exciting new releases.
About the Author
We welcome guest contributors who graciously volunteer their writing for our readers. Please support our guest writers by visiting their sites, purchasing their work, and leaving comments to thank them for sharing their gifts here on CatholicMom.com. To inquire about serving as a guest contributor, contact editor@CatholicMom.com.


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QSR, which operates KFC and Pizza Hut outlets in the country, is led by its chairman Kamaruzzaman.
KUALA LUMPUR: Two years after news broke of QSR Brands (M) Holdings Bhd relisting on Bursa Malaysia, the plan is finally taking off.
The initial public offer (IPO), which entails the issue of up to 1.465 billion shares, is expected to be among the sizable ones after Lotte Chemicals Titan Bhd, which raised RM3.77 billion last year.
Johor Corp (JCorp) president and chief executive Datuk Kamaruzzaman Abu Kassim was quoted by the media as saying that the group is looking to raise RM2 billion through the listing exercise. He had pegged QSR’s market value upon listing at an estimated RM6 billion.
On an back of envelope calculation, based on an enlarged capital of 4.188 billion shares, QSR’s share price could be at RM1.40 — level with an estimate market capitalisation of RM6 billion.
QSR, which operates the Kentucky Fried Chicken (KFC) and Pizza Hut outlets in the country, is seeking a listing on the Main Market of Bursa Malaysia.
Despite fierce competition in the food and beverage sector, QSR’s net profit grew 61.3% to RM182.98 million in the financial year ended Dec 31, 2017 (FY17), from RM113.44 million in FY16. Revenue was 7.45% higher at RM4.56 billion compared with RM4.24 billion in FY16.
The company reported a cash position of RM483.84 million as at FY17.
According to its draft prospectus on the Securities Commission website, as at Dec 31, 2017, it operates 800 KFC restaurants in Malaysia, Singapore, Brunei and Cambodia, and 472 Pizza Hut restaurants in Malaysia and Singapore.
Of the 1.465 billion new shares issued, up to 1.298 billion shares, will be allocated to institutional investors, where up to 837.67 million shares will be allocated to Malaysian institutional and selected investors, as well as foreign institutional and selected investors.
The remaining 460.72 million shares will be allocated to bumiputera institutional investors and selected investors approved by the international trade and industry ministry.
The remaining 167.53 million shares, or 4% of the enlarged issued share capital, will be issued to retail investors. Of this, 125.65 million shares or 3% will be made available to the Malaysian public and the rest for application by eligible persons.
QSR said the final retail price per share will be determined after the institutional price per share is fixed on the price determination date.
In 2012, JCorp, together with the Employees Provident Fund (EPF) and private equity firm CVC Capital Partners Ltd, took QSR and its unit KFC Holdings (M) Bhd (KFCH) private in a RM5.2 billion deal that was completed in February 2013.
JCorp is currently the major shareholder of QSR, with a 51% stake, while the EPF holds 25% and CVC Capital Partners Ltd 24%.
As for its management, QSR is led by its chairman Kamaruzzaman, and managing director Datuk Seri Mohamad Azahari Mohamed Kamil. Merrill Christopher Pereyra is the executive director and chief executive officer of its restaurants division.
To recap, in December 2011, JCorp and CVC — via their buyout vehicle Massive Equity Sdn Bhd (MESB) — made a joint takeover offer for the assets and liabilities of QSR and KFCH.
The takeover offer valued QSR at RM2.06 billion, or RM6.80 a share, and that of KFCH at RM3.17 billion or RM4 per share. MESB had also offered RM3.79 and RM1 for each warrant in QSR and KFCH respectively.
Later, EPF emerged as the leading partner in the takeover bid by acquiring a 51% stake in Melati Asia Holdings Ltd from CVC, which was left with the remaining 49% stake, raising objection of certain parties that QSR and KFCH should be kept in Malaysian hands. Melati Asia and JCorp were in turn 49:51 partners in MESB.