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11.15.2012
A pension-fund surplus the U.S. Postal Service has been counting on to help dig out of its financial hole is smaller than previously estimated because of lower interest rates.
The projected excess in the Federal Employees Retirement System for benefits covering about 471,000 current postal employees shrank to $2.6 billion from $10.9 billion a year earlier, John Berry, director of the U.S. Office of Personnel Management, said in an Oct. 30 letter to Postmaster General Patrick Donahoe.
The lower estimated pension surplus adds to the financial woes of the Postal Service, which is scheduled on Nov. 15 to report its loss for the fiscal year ended Sept. 30. The agency has said it may lose $15 billion in fiscal 2012, during which it exhausted its borrowing authority from the U.S. Treasury. The service skipped two payments due to the U.S. Treasury totaling $11.2 billion for health benefits of future retirees, saying it couldn’t afford them.
Postal legislation the Senate passed in April would refund what was then an estimated $11 billion FERS account surplus and allow the post office to create its own health-benefits system. The Senate legislation would determine the repayment amount based on OPM’s analysis, meaning that sum would be less under the new estimate than it was when the bill passed.
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11.15.2012
Shiner International, Inc., an emerging global supplier of packaging solutions for food, tobacco, and consumer products, today announced its financial results for the quarter ended September 30, 2012.
Revenues for the three months ended September 30, 2012 decreased $1.9 million (or 10.2%), to $16.7 million compared to $18.6 million for the corresponding period in 2011. The decrease was primarily attributable to decreased revenues from coated film, color printing, advanced film and water-based latex, which was partially offset by increase in revenues generated from BOPP tobacco. For the three months ended September 30, 2012, revenue from coated film revenue decreased $3.2 million (or 46.4%) to $3.7 million from $6.9 million for the corresponding period in 2011, and sales from color printing decreased $0.4 million (or 28.7%) to $1.0 million from $1.4 million for the corresponding period in 2011. For the three months ended September 30, 2012, revenue from BOPP tobacco increased $3.2 million (or 45.0%) to $10.3 million from $7.1 million for the corresponding period in 2011; revenue from advanced film decreased $1.4 million (or 46.0%) to $1.6 million from $3.0 million for the corresponding period in 2011; and revenue from water-based latex decreased $0.1 million (or 98.6%) to $0.01 million from $0.1 million for the corresponding period in 2011.
Shiner's gross profit for the three months ended September 30, 2012 was $1.4 million, a profit margin of 8.7%, a decrease of 2.7% from 11.4% for the corresponding period in 2011. The decrease in profit margin was primarily a consequence of an increase in labor costs and depreciation of new property.
Operating loss for the three months ended September 30, 2012 was $3.2 million, compared to operating income of $0.3 million for the corresponding quarter ended September 30, 2011.
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11.15.2012
A report released Wednesday by the International Council of Shopping Centers and Goldman Sachs found that consumers are more willing to spend this holiday season.
According to the 2012 Holiday Spending Intentions Survey, 19% of consumers plan to spend more (and 5% plan to spend substantially more) on holiday gifts this year versus last year. This is the highest percentage of consumers reporting they intend to increase spending over the previous holiday season since ICSC began asking the question in 2004.
The top three holiday-gift items for 2012 are gift cards (21.3%), apparel (14.1%) and toys and games (14.1%). Gift cards have consistently been one of the top items that consumers exchange during the holiday season, which is a key reason why the holiday season has been extended into January as gift-card redemptions dominate shopping in the post-Christmas period.
The top items that consumers say they want for this holiday season are: (1) gift cards (59%); (2) electronic gadgets (38%); and (3) electronic media (28%), which today spans music, CDs, DVDs and e-books. Interestingly, the ICSC-Goldman Sachs survey found that women are more inclined to want a gift card than men (63% versus 55%). However, men are more inclined to want electronic gadgets for their holiday gifts than women (46% versus 31%).
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11.15.2012
The b2b segment has always embraced digital distribution more fully than consumer books, especially for international reach and custom publishing projects. And now circulation auditing group BPA Worldwide reports that more than a fifth of circ for its members is from digital editions. The share of publishers issuing digital copies expanded 6.4% for the first half of 2012, which now comprises just under a third ( 32.4%) of all magazine titles. BPA audits both b2b and many consumer enthusiast titles, but digital circulation is far and away strongest among its business titles.
Leading the pack in digital subscribers is Chief Executive China, with 330,000, amounting to 81.1% of its total circulation. PM Network’s 287,328 digital subs account for 77.1% of circ. The highest share of circ going through the digital channel is enjoyed by IEEE Communications, which is 100% digital. , followed by PT in Motion with 89.1%.
Among the b2b/consumer crossover titles in the mix, Macworld had 38,923 digital subs, or 17.6% of its total. And Foreign Policy had 30,113 digital subs, or 29.8% of its total. Foreign Policy has been successful in bundling digital editions into a range of premium member offers in recent years. And with its international base, digital distribution is the only cost-efficient and timely way to get the magazine to many of its worldwide constituencies.
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11.15.2012
The Mayr-Melnhof Group closed the third quarter of 2012 with a clear profit improvement compared to the previous quarters. In the reporting period from January to September 2012, we thus managed to maintain the previous year's high-level earnings despite non-recurring expenses in connection with the closure of a folding carton plant in Great Britain and increasingly challenging market conditions. Due to the economic downturn, the demand in our European main markets remained volatile and restrained. However, our focus on packaging for convenience goods and the wide geographical distribution of sales permitted a good capacity utilization in the first three quarters.
With the acquisition of Plegacol, another major Columbian folding carton manufacturer, Mayr-Melnhof Packaging has become the market leader in folding carton packaging in Columbia. Moreover, additional growth momentum is being provided particularly by the new plants in Poland and Turkey as well as by selected cartonboard export markets.
The consolidated sales of the Group totaled EUR 1,467.2 million and were therefore 2.1 % or
EUR 31.6 million below the previous year's figure (1-3Q 2011: EUR 1,498.8 million). An increase in MM Packaging’s average sales prices is offset by a slight decline in the cartonboard sales volume.
Operating profit amounted to EUR 130.0 million, and was thus 4.0 % or EUR 5.4 million down from the previous year's value (1-3Q 2011: EUR 135.4 million), whereby non-recurring expenses of around EUR 9 million relating to the closure of the English packaging plant in Liverpool also had to be accounted for. However, the Group’s operating margin of 8.9 % almost reached the previous year’s level (1-3Q 2011: 9.0 %).
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11.15.2012
Catalyst Paper announced today that it has received conditional approval for the listing of its new common shares on the Toronto Stock Exchange.
The listing is subject to standard conditions and Catalyst expects to satisfy these conditions in the near future. Catalyst anticipates that its common shares will be listed for trading within the next 30 days and will issue a release in advance of the anticipated listing date.
Catalyst Paper manufactures diverse specialty mechanical printing papers, newsprint and pulp. Its customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With three mills, located in British Columbia, Catalyst has a combined annual production capacity of 1.5 million tonnes. The company is headquartered in Richmond, British Columbia, Canada and is ranked by Corporate Knights magazine as one of the 50 Best Corporate Citizens in Canada.
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11.15.2012
Oil traded near the highest level in more than a week after Israel attacked the Gaza Strip, raising concern that Middle East unrest would disrupt supply. A report showed U.S. stockpiles rose to the highest since July.
Futures were little changed in New York after advancing for the first time in three days yesterday. The air strikes killed Ahmed al-Jabari, the leader of Hamas’s military wing, according to Gaza’s Health Ministry. The Israeli army said it called up reserves for a possible infantry assault on Gaza that would be the first since 2008. U.S. crude inventories climbed 1.35 million barrels last week, data from the American Petroleum Institute showed. Government data today may show a gain of 2.65 million barrels, according to a Bloomberg News survey.
“Middle Eastern tension will skew the bias to the upside,” said Michael Poulsen, an analyst at Global Risk Management in Middelfart, Denmark. “We continue to advise consumers to take advantage of any dips in the market.”
Crude for December delivery was at $86.31 a barrel, down 1 cent, in electronic trading on the New York Mercantile Exchange at 10:33 a.m. London time.
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11.14.2012
China Shengda Packaging Group Inc., a leading Chinese paper packaging manufacturer, today announced its financial results for the three months ended September 30, 2012.
"The third-quarter results were below our expectations due to slack demand resulting from macroeconomic headwinds faced by our customers. Although this led to a decline in both sales volume and revenues, we managed to control raw material costs, largely maintain pricing, and improve sales mix in favor of higher-margin color cartons. We therefore achieved higher gross margin both sequentially and on a year-over-year basis. However, we continued to face a challenging and competitive business environment that required increased sales and marketing spending making it harder to control operating expenses," said Mr. Daliang Teng, Chief Executive Officer of China Shengda Packaging.
Revenues decreased 1.8% to $33.0 million from $33.6 million in the prior year period. The decrease was attributable to the decrease of sales volume, partially offset by the increase in average prices per square meter. Sales volume decreased by 3.2 million square meters, or 3.6%, to 84.4 million square meters for the three months ended September 30, 2012, from 87.6 million square meters for the same period of 2011. The decreased sales volume was mainly the result of the challenges associated with unfavorable domestic and foreign economic environment, which adversely affected the business of many customers. The average price per square meter increased by 1.9% to $0.39 for the three months ended September 30, 2012 from $0.38 in the same period of 2011.
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11.14.2012
Experian Marketing Services said Monday that its Consumer Expectation Index shows an increasing optimism about the economy. According to the CEI, U.S. consumers’ forward-looking view of the economy is at its highest level since the onset of the recession. During the first half of 2012, the average CEI figure was 92.7, which is above the index’s average of the first six months for each year dating back to 2008. The 2012 figure measured eight points above those for the first half of 2008 and one point over those for the first half of 2011.
The CEI figures for the first half of 2012 show confidence among consumers planning to buy a new home within the year at its highest level since the onset of the recession. During the first half of 2012, the average CEI figure was 100.4, which is above the index’s average for the first six months for each year dating back to 2008. The 2012 figure measured 2.5 points above the first half of 2011. On a related topic, the CEI of those intending to refinance over the next 12 months was 4.3 index points above the first half of 2011, or 5% higher.
The same trend held true for consumers looking to buy or lease a new automobile, as the first half of 2012 showed the average CEI figure was 98.2, which is above the index’s average of the first six months for each year dating back to 2008. The 2012 figure measured 4 index points above the first half of 2011.
According to Experian Marketing Services, as we head into the 2012 holiday season, numerous events and factors could affect consumer confidence, but the latest CEI figures indicate the potential for a strong seasonal performance for retailers. The CEI figure for the week of Sept. 3, 2012 (the most recent single week for which data is available) was 7.4 points higher than it was at the same point last year and higher than it has been heading into the holiday season since 2008.
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11.14.2012
Esquire announced today that the December issue, on newsstands November 20, will be the first-ever completely interactive, shareable magazine. By using Netpage, the app for paper, readers can now digitally clip, save, and share every article, ad, and photo from the print edition of Esquire. Readers can also play exclusive videos and purchase items right from the page for an entirely new way to experience a magazine.
“We are always looking for ways Esquire can expand on the magazine experience,” says David Granger, editor-in-chief, Esquire. “We did a cover on which words and images moved, we did the first augmented reality issue and now, by partnering with Netpage, we’ve made our December issue the first completely interactive magazine.”
Netpage is a new, free iPhone™ app for paper. Netpage makes the entire surface of every magazine page interactive. This makes it easy to digitally clip and save any article, photo, or ad or share it through email, text, Facebook, Twitter, and other social networks. Netpage is powered by a unique combination of image recognition, augmented reality and Digital Twin™ technology. No special code, watermarks or special printing processes are required.
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11.14.2012
The highly volatile raw material markets in 2012 necessitate Flint Group to increase prices for all Coldset, Heatset, Publication Gravure, Sheetfed, Packaging and Narrow Web Inks and Coatings and Press Room Chemicals as of 1 st Jan 2013.
In 2012, the global raw material markets have continued to be highly volatile. Despite the rather flat economic outlook, there are still many challenges for the supply chain. Demand from the emerging markets is rising while supplier production capacities shrink , putting pressure on the entire printing ink sector.
Wolfgang Blumschein, Vice President Sales, Print Media Europe adds “The situation is further aggravated by the weak Euro, as most world market base materials are traded in USD or USD-related currencies, like the Chinese Yuen. This will inflate the raw material prices even further for the foreseeable future” He continues, “In addition to these pressures on the raw material markets, significant cost increases in transport, packaging and energy have also had an impact on our industry and are expected to rise further in 2013.”
The price increase will generally range from 2% - 6% depending on the product segment. There may though be some products that lie outside this range due to the type and concentration of raw materials making up their composition.
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11.14.2012
A significant one-time credit arising from reorganization gains and “fresh-start accounting” valuation adjustments resulted in third quarter net earnings of $655.7 million for Catalyst Paper. The company emerged from creditor protection on September 13, 2012 with significant debt and cost-structure improvements.
Net earnings this quarter contrast with a net loss of $11.7 million the quarter before. Sales were essentially unchanged at $265.7 million. The net after-tax restructuring-related credit was $688.1million. An after-tax foreign exchange gain on translation of U.S. dollar denominated debt of $25.2 million further supported Q3 earnings.
Before these and other specific items, Catalyst posted a net loss for the third quarter of $48.7 million, compared to a net loss of $5.0 million in the prior quarter. Earnings before interest, tax, depreciation and amortization (EBITDA) in the third quarter were $13.8 million and EBITDA before restructuring costs was $14.0 million, compared with EBITDA of $17.0 million and EBITDA before restructuring costs of $16.9 million in the second quarter.
“The third quarter marked a turning point for Catalyst as we exited creditor protection with a stronger balance sheet, lower interest costs and lower annual operating costs going forward,” said President and CEO Kevin J. Clarke. “This puts us on stronger operational footing to address ongoing market dynamics. And it means Catalyst can now take a much more active role in the transformation of the industry as a whole.”
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11.14.2012
With more than 20 schools in New York City unable to reopen and dozens of schools in New Jersey still closed in the wake of Hurricane Sandy, Scholastic, the global children’s publishing, education and media company, today announced that it will donate one million books to schools and libraries in the hardest-hit areas of the tri-state region. To help in the recovery efforts with support for the educators, families and students who have suffered losses, Scholastic is accepting book grant requests at www.scholastic.com/bookgrants and will provide new books and resources that will help get tens of thousands of students reading and learning again, despite severely challenging circumstances. Scholastic is grateful to be working with the nonprofit Kids in Distressed Situations, Inc., to help distribute the million books to the schools and libraries that need them the most.
In addition to the loss of books in schools, many teachers have lost vital instructional resources and lesson plans that they have accumulated over the years, so Scholastic is also making available a rich array of free, grade-leveled lesson plans and activities for these educators. Teachers in neighborhoods impacted by the storm will receive an email from Scholastic with a link to the free, downloadable, ready-to-use materials that can immediately support their classroom instruction and provide purposeful practice for their students as they begin to rebuild their classroom resources.
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11.14.2012
Crude rose for the first time in three days, buoyed by speculation that Japan may pursue more aggressive monetary easing, potentially buoying fuel demand.
Futures gained as much as 0.7 percent as the S&P GSCI Index of commodities advanced for the first time in three days. Japan’s Prime Minister Yoshihiko Noda said he is willing to dissolve parliament on Nov. 16, pushing the yen lower as investors speculated that the central bank would add stimulus to revive the economy. U.S. inventories probably climbed last week to the highest in more than three months, according to a Bloomberg survey before a government report tomorrow. U.S. equity futures rose.
“It looks like it’s stock-market related,” Ole Hansen, the head of commodity strategy at Saxo Bank A/S in Copenhagen, said by telephone. “There’s a feeling creeping in that the worst is over for equities.”
Crude for December delivery climbed to a high of $86 a barrel and was at $85.63 a barrel, up 25 cents, in electronic trading on the New York Mercantile Exchange, at 11:09 a.m. London time. The contract declined 19 cents to $85.38 yesterday, the lowest close since Nov. 8. Prices lost 13 percent this year.
Brent oil for December settlement, which expires tomorrow, was up 38 cents at $108.64 a barrel on the London-based ICE Futures Europe exchange. The more actively traded January contract gained 42 cents to $107.76. The European benchmark crude was at a premium of $23.08 to New York futures.
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11.14.2012
Penton Media today acquired Farm Progress, a holding company that includes 23 agricultural magazine titles, four expositions, digital and broadcast products as well as investment data.
Penton bought Farm Progress from Sydney-based Fairfax Media for $79.9 million. Farm Progress will become part of the Penton Agricultural Group, which Penton has described as “the largest, most diversified agriculture information business in North America.”
“Our investment is supported by several inarguable global economic trends, including rising demand for nutrition, limited arable land and water, and strong export potential for agriculture products, capital equipment and related production technology into developing countries,” said Penton CEO David Kieselstein, in a statement.
The acquisition more than doubles Penton's position in agriculture, which already includes publications and products for farmers and pork producers. Agriculture is Penton's largest sector.
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11.14.2012
NewPage Corporation (NewPage) announced today that it has increased its supply-chain preference for pulpwood procured from certified woodland owners, including those certified to the American Tree Farm System® (ATFS).
NewPage, the leading producer of printing and specialty papers in North America, is the largest buyer of pulpwood in the Great Lakes States. In 2011, 48 percent of the fiber (wood and pulp) purchased by NewPage came from certified sources.
According to Gordy Mouw, NewPage Certification and Resource manager, the procurement preference reflects the company's commitment to forest stewardship as well as its efforts to meet the growing demand of its customers seeking paper sourced from certified timberlands. In addition to ATFS, NewPage has established preferences for wood certified by the Forest Stewardship Council® and the Sustainable Forestry Initiative®.
"Adding certified ATFS wood to our supply-chain addresses our customers' interests, our own commitment to sustainability, and helps family forest owners by expanding markets for their wood products," Mouw said. "This in turn helps them keep their forest land forested."
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11.14.2012
Staples, Inc. announced today the results for its third quarter ended October 27, 2012. Total company sales for the third quarter of 2012 were $6.4 billion, a decrease of two percent in U.S. dollars and one percent on a local currency basis compared to the third quarter of 2011. As a result of previously announced charges, on a GAAP basis, the company reported a net loss of $569 million, or $0.85 per share, from continuing operations attributable to Staples, Inc., compared to net income of $324 million, or $0.46 per diluted share, achieved in the third quarter of 2011. Excluding the impairment of goodwill and other assets, as well as restructuring, accelerated amortization, and related tax charges incurred during the third quarter of 2012, the company reported non-GAAP net income from continuing operations attributable to Staples, Inc. of $310 million, or $0.46 per diluted share.
“During the third quarter we launched a new strategic plan to become the product authority for businesses, restructured our organization, and generated solid earnings excluding charges,” said Ron Sargent, Staples’ chairman and chief executive officer. “Going forward, we are in a much stronger position to pursue our best growth opportunities.”
(dollar amounts in millions, except per share data)Q3 2012Q3 2011Year over YearChangeTotal company sales$6,353$6,481-2.0%Total company sales growth on a local currency basis*-1.4%GAAP operating (loss) income($357)$529($886)Non-GAAP operating income*$500$529($29)GAAP operating (loss) income rate(5.62%)8.17%(1,379 basis points)Non-GAAP operating income rate*7.87%8.17%(30 basis points)GAAP (loss) income per share from continuing operations attributable to Staples, Inc.($0.85)$0.46($1.31)Non-GAAP earnings per diluted share from continuing operations attributable to Staples, Inc.*$0.46$0.46$0.00
Total company non-GAAP operating income rate declined 30 basis points to 7.87 percent from an operating income rate of 8.17 percent achieved during the third quarter of 2011. This decline primarily reflects lower product margins in North American Delivery and International and investments to drive growth in Staples.com. The decline was partially offset by reduced compensation and marketing expense.
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11.13.2012
Twin Rivers Paper Company today announced that it has joined Two Sides, the fast-growing non-profit organization established to promote the responsible production, use and sustainability of print and paper.
“Environmentally responsible manufacturing is core to our operations, so working with Two Sides to promote the sustainable aspects of paper and print is a natural fit for Twin Rivers,” says the company’s Director of Marketing and Business Development Dave Deger. “Twin Rivers remains firmly committed to the lightweight publishing markets and is excited to work with Two Sides to help tell the powerful story of paper and print.”
“Print and paper have a great environmental story to tell, and Two Sides is committed to spreading the word as our U.S. effort continues to grow,” says Two Sides President Phil Riebel. “Print and paper will continue to be an important communications tool that will co-exist with electronic communication, so it’s important that we continue to educate people about the renewable nature, recyclability and other sustainability benefits of ink on paper,” he says. “It’s also important to let people know that the print, paper and mail value chain is a vital part of our economy, supporting millions of jobs across the United States.”
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11.13.2012
Tronox Limited today reported revenue of $487.3 million in the third quarter, up 5 percent versus revenue of $465.4 million in the third quarter of 2011. The current quarter includes $216.1 million of revenue from acquired business. Adjusted EBITDA was $131.1 million in the third quarter, compared to adjusted EBITDA of $140.9 million in the year-ago quarter. The current quarter includes $106.8 million of adjusted EBITDA from acquired business. Included in current quarter earnings is $85.2 million of net amortization related to the fair value step-up of inventory and unfavorable feedstock sales contracts, primarily associated with the mineral sands acquisition. The company reported a net loss of $16.7 million, $0.14 per diluted share in the third quarter 2012. Adjusted net income in the current quarter was $25.6 million, or $0.21 per diluted share, versus $1.45 per diluted share in the third quarter 2011. Adjusted earnings per diluted share in the current quarter are based on 122.4 million fully diluted shares outstanding versus 79.2 million fully diluted shares outstanding in the year-ago quarter.
Tom Casey, chairman and CEO of Tronox, said: "The third quarter of 2012 was our first full quarter of operating as a vertically integrated supplier of minerals sands and pigment. We made good progress on the integration during the quarter, but its advantages are not yet reflected in our financial performance as we continued to consume market-priced feedstock under legacy purchase contracts. This resulted in a higher cost of goods sold for the company this quarter compared to coming quarters as we transition to consuming our own feedstock at cost of extraction and beneficiation and selling the long portion of feedstock at market prices. Our merger has uniquely positioned us to maximize margin and cash flow in ways that no other producers can."
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11.13.2012
It is unlikely that Ikea could alert shoppers to its increasing digital presence by changing its name to iKea, trademark laws being what they are. Perhaps the next best thing is what the Ikea United States division plans to announce on Monday: an initiative centered on what executives call their first interactive seasonal catalog.
The 31-page catalog, known as Celebrate Brilliantly, is being introduced in time for Thanksgiving and the Christmas shopping season. It can be read and watched on a section of the Ikea U.S. Web site, ikea-usa.com/celebrate.
Why “watched” in addition to “read”? The contents include video clips as well as integrations with Ikea’s presence in social media like Facebook and Pinterest. Other interactive elements include a feature to change the furniture and accessories in a photograph by using a mouse to “pull down” a virtual window shade.
“Over the last several years, we’ve continued to try to see which space our consumers are in,” said Christine Whitehawk, communications manager at Ikea U.S. in Conshohocken, Pa. “Like other retailers, other advertisers, we’re realizing they’re more and more involved with digital.”
Ikea U.S. has had “an online version of our print catalog for several years, but it’s basically a PDF version,” she added, so having the interactive catalog adds the benefits of being “able to monitor how people respond, the areas where they don’t respond, and look at how they’re using it, how many are using it and how it gets shared.”
The catalog is being produced by the Brownstein Group in Philadelphia, an agency that has worked with Ikea U.S. since 2006 on retail-oriented advertising assignments that run in traditional as well as digital media. Plans call for three additional seasonal catalogs next year, Ms. Whitehawk said.
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11.13.2012
Selling a t-shirt in Massachusetts isn’t so hard—the state’s sales tax is a smooth 6.25% statewide. But try to sell that same item in Alabama, for example, and a retailer will need to figure out not only the state sales tax rate, but the county, district and potentially sub-district rates that apply in the exact location of the sale, says Charles Maniace, director of tax research in the sales, use and value-added tax division at ADP, which sells software to calculate sales tax for e-retailers and help them file returns.
The variations in which items are taxed and at which rates are more complex for an online retailer than for any given physical store. A store in Mobile, AL, for example, will know whether it has to charge tax on a T-shirt and the rate. But an online T-shirt retailer has to be able to instantly calculate any applicable taxes, and know the rules for Mobile, Boston and all the 10,000 taxing jurisdictions in the United States
Software and services like ADP’s help e-retailers selling all over the country not only make sure they are taxing consumers at the correct rates, but save time and resources spent tracking rule changes, adjusting checkout prices, accounting and filing returns.
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11.13.2012
Oil declined for a second day in New York amid speculation that U.S. crude inventories rose last week and after the International Energy Agency cut its forecast for global demand growth this quarter.
Futures slipped as much as 1.2 percent. U.S. crude stockpiles probably increased last week to the highest level in more than three months, according to a Bloomberg survey before an Energy Department report on Nov. 15. OPEC will need to pump less crude this quarter as demand growth slows, the IEA said. Oil slid yesterday as investors awaited budget talks in the U.S., and extended losses after European leaders said they’ll meet again Nov. 20 to discuss additional funding for Greece.
“Primarily bearish winds are blowing in oil markets at the moment,” said Filip Petersson, a commodities strategist at SEB AB in Stockholm who predicts Brent crude will average $110 a barrel this quarter. “On the macro side, bearish influences are coming from a new wave of Greek worries and the approaching U.S. fiscal cliff.”
Crude for December delivery slid as much as 99 cents to $84.58 a barrel in electronic trading on the New York Mercantile Exchange and was at $85.49 at 12:10 p.m. London time.
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11.13.2012
Bertelsmann, the international media group, reports a year-on-year increase in revenues and group profit after the first nine months of the 2012 fiscal year. Group revenues from continuing operations increased by 5.7 percent to €11.4 billion during the reporting period (previous year: €10.8 billion). Organic growth, adjusted for portfolio and currency effects, was 4.0 percent. Operating EBIT increased by 5.8 percent to €1,095 million (previous year: €1,035 million). Return on sales was 9.6 percent (previous year: 9.6 percent). Group profit increased significantly to €528 million (previous year: €377 million) during the reporting period, thanks to lower special items.
Bertelsmann Chairman & CEO Thomas Rabe comments: “We are satisfied with our business performance during the first nine months of the year. Bertelsmann is growing organically, profitability remains high, and we are making good progress on reshaping the group. We continue to expect moderate revenue growth and a continued high Operating EBIT for the full year. Group profit will be impacted in particular by special items from the print business and several direct-to-customer businesses as well as from our operations in southern Europe. Also, the subdued economic outlook and the Euro crisis make it difficult to predict our future performance at this point.”
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11.13.2012
Ziff Davis Inc. has been sold to j2 Global Inc., a provider of business cloud services, for approximately $167 million. The purchase price was funded out of j2's cash on hand, according to the company.
“We have years of experience and significant interest in the digital media and online marketing space, both as a large scale consumer of advertising (~$50M per year) and as a seller of advertising on our ad-supported properties and a provider of marketing and advertising services through Campaigner,” said Hemi Zucker, j2 Global's CEO, in a statement. “This acquisition brings scale to this effort with a top leadership team deeply committed to building the business through organic growth, which we expect to continue. This is our 40th acquisition and we plan to grow the business in the same way we have our others -- through a combination of internal growth and acquisitions.”
Current Ziff Davis brands include PCMag.com, ComputerShopper, ExtremeTech, Toolbox.com and Geek.com. Earlier this year, the company's b-to-b unit, Ziff Davis Enterprise, was sold to QuinStreet, a lead-gen marketing company.
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11.13.2012
The American Forest & Paper Association (AF&PA) presented its first ever Better Practices, Better Planet 2020Sustainability Awards at the association’s annual meeting on Friday, Nov. 9 in Scottsdale, Ariz.
Designed to recognize exemplary sustainability programs and initiatives, the awards are to be given based on the merit of entries received across multiple categories. This year, five companies were chosen to receive awards.
“These awards symbolize our commitment to sustainability and the strides our members have made to constantly improve our business practices,” said AF&PA President and CEO Donna Harman. “We have long been sustainability leaders, and now AF&PA is recognizing the very best of our members’ leadership and innovation across the spectrum of what constitutes sustainability.
“Thanks to our members’ efforts, we will continue to make progress toward achieving the industry’s sustainability goals, setting the bar for other industries.”
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11.13.2012
UPM is one of seven paper producers to receive an award from the WWF (World Wide Fund For Nature) in the category of ‘Transparency’ during the 2012 WWF Environmental Paper Awards. The award recognizes UPM’s efforts in providing public information on the environmental footprint of the majority of its paper products in ‘Check your paper’: a global benchmarking database of eco-rated papers that promotes the responsible supply chain of paper products.
“Transparency is essential to driving environmental performance and ensuring customers have the necessary information to make responsible purchasing decisions”, commented John Sanderson, Director of Environmental Market Support for UPM.
In addition, two paper brands of UPM have received the WWF Environmental Paper Award 2012 in the category “Best Environmental Performance Paper Brands” reaching over 90% of achievable scores in WWF´s eco-rating and the maximum 5 stars in all performance categories: forest, water and climate. UPM has published 66% of coated paper, 22% of uncoated paper and 11% of its newsprint on WWF´s ‘Check Your Paper’ database where users can assess how papers rate against criteria such as management of forests, greenhouse gas emissions, water pollution and waste, all of which are also combined into a single measure to rate each paper grade overall.
“Increased transparency of value chains is a sign from companies that they want to improve their environmental and social responsibility. I’m delighted by this development and encourage companies to provide transparent information also in the future”, said Liisa Rohweder, CEO of WWF Finland.
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11.13.2012
There is a saying in showbusiness that you should never work with animals and children but today (13 November 2012) actress Tamsin Greig will do exactly that!
As part of the national launch of Booktime 2012, the award-winning free books programme for reception-aged children in England and Wales, Tamsin - who is most recently famous for her role in BBC2's Episodes series - will read the story book The Tale of a Naughty Little Rabbit to pupils at The Cathedral School of St Saviour and St Mary Overy primary school in Southwark, London.
As well as 30 primary school children, Tamsin will be joined by some furry friends from Animal Magic Mobile Zoo and honorary guest, Peter Rabbit.
This year, over 1.45 million books will be gifted to 731,000 children in their first year of school through Booktime, which aims to inspire a lifelong love of reading by encouraging families to have fun reading together. Each free book pack is a timely reminder of the continuing importance of sharing stories with children even when they have started school. Children in England will receive their book packs this autumn term, containing The Tale of a Naughty Little Rabbit, published by Frederick Warne &Co., an imprint of Penguin Children's, and Tim's Din, from the Phonics Bug series by Pearson.
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11.13.2012
Avery Dennison Corporation has renamed and repositioned its medical solutions group as Vancive Medical Technologies™. The new name replaces Avery Dennison Medical Solutions and emphasizes the company’s renewed focus on creating intuitive, cost-efficient products that help improve the quality and outcomes of healthcare.
“The new brand reflects the evolution of our business and the role we intend to play in the future of healthcare innovation,” says vice president and general manager of Vancive Medical Technologies Howard Kelly.
“Over the past three years, we have brought an unprecedented level of initiative and ingenuity to the medical device marketplace, allowing us to extend beyond our traditional products. The Vancive name demonstrates our commitment to continue developing technologies and solutions that make healthcare easier and more accessible for care providers and their patients.”
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11.13.2012
The Home Depot®, the world's largest home improvement retailer, today reported sales of $18.1 billion for the third quarter of fiscal 2012, a 4.6 percent increase from the third quarter of fiscal 2011. Comparable store sales for the third quarter of fiscal 2012 were positive 4.2 percent, and comp sales for U.S. stores were positive 4.3 percent.
Net earnings for the third quarter were $947 million, or $0.63 per diluted share, compared with net earnings of $934 million, or $0.60 per diluted share, in the same period of fiscal 2011. These results reflect a nonrecurring charge of approximately $165 million, net of tax, or $0.11 per diluted share due to the previously announced closing of seven stores in China. On an adjusted basis, the Company reported net earnings of $1.1 billion, or $0.74 per diluted share, a 23.3 percent increase from the same period in the prior year.
"Our third-quarter results were better than we expected and reflected, in part, what we believe is the start of the path toward the healing of the housing market," said Frank Blake, chairman & CEO. "I particularly want to thank all of our associates who are helping the communities impacted by Hurricane Sandy. They are working under difficult circumstances, often with their own lives and homes disrupted by the storm, and their efforts exemplify our core values."
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11.13.2012
Verso Paper Corp. today reported financial results for the third quarter and nine months ended September 30, 2012.
Verso's net sales for the third quarter of 2012 decreased $83.8 million, or 18.4%, compared to the third quarter of 2011, reflecting a 14.9% decline in total sales volume, which was driven by the closure of three paper machines late last year and the closure of the Sartell mill in the third quarter of this year, as well as a 4.0% decrease in the average sales price per ton for all of our products. Verso's gross margin was 19.1% for the third quarter of 2012 compared to 17.8% for the third quarter of 2011.
Verso reported a net loss of $104.7 million in the third quarter of 2012, or $1.98 per diluted share, which included $92.7 million of net charges from special items, or $1.75 per diluted share, primarily due to restructuring charges related to the closure of the Sartell mill in the third quarter of this year. Verso had a net loss of $0.3 million, or $0.01 per diluted share, in the third quarter of 2011, which included $1.1 million of charges from special items, or $0.02 per diluted share.
"We experienced our typical seasonal pick-up in demand during the third quarter in both coated freesheet and coated groundwood shipments. Industry operating rates were strong even though we continue to see a year over year drop-off in advertising spending which is impacted by the sluggish GDP growth. As we anticipated, coated groundwood pricing moved higher during the quarter and coated freesheet pricing was stable. Adjusted EBITDA of $50.2 million was about double what we recorded in the second quarter of this year driven by the stronger volumes, higher prices and improvements in our manufacturing costs resulting from our cost improvement programs and having the second quarter scheduled maintenance outages behind us," said David Paterson, President and Chief Executive Officer of Verso.
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11.13.2012
Retailer Saks Incorporated today announced results for the third quarter and nine months ended October 27, 2012.
For the third quarter ended October 27, 2012, total sales were $713.2 million, a 3.0% increase over total sales of $692.3 million for the prior year third quarter ended October 29, 2011. Comparable store sales increased 3.3% for the quarter.
For the nine months ended October 27, 2012, total sales were $2,170.9 million, a 3.9% increase over total sales of $2,088.5 million for the prior year nine months ended October 29, 2011. Comparable store sales increased 4.3% for the nine months.
For the third quarter ended October 27, 2012, the Company recorded net income of $22.6 million, or $.14 per diluted share. Those results included a reversal of approximately $3.3 million in Federal income tax reserves deemed no longer necessary. Excluding this item, the Company would have recorded net income of $19.3 million, or $.12 per share, for the quarter ended October 27, 2012. For the prior year third quarter ended October 29, 2011, the Company recorded net income of $17.8 million, or $.11 per diluted share.
For the nine months ended October 27, 2012, the Company recorded net income of $42.5 million, or $.28 per diluted share. Those results included after-tax charges totaling $1.5 million composed of $1.8 million of pre-opening costs associated with the Company’s new fulfillment center and $3.0 million of asset impairments and store closing costs, netted against the aforementioned $3.3 million income tax reserve reversal. Excluding these items, the Company would have recorded net income of $44.0 million, or $.29 per share, for the nine months ended October 27, 2012.
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11.12.2012
Effective with new orders entered on or after November 15, 2012, NewPage is increasing the transaction price for the following coated sheet and sheeter roll products: Anthem®/Fortune®/Gusto® - All cover weights - $3.00/cwt US$/CAD$
This increase applies to all finishes and private label programs.
Effective immediately, NewPage will be implementing a moratorium on all new orders of Anthem®/Fortune®/Gusto® sheetfed covers and sheeter roll covers. NewPage will begin accepting new orders on Thursday, November 15, 2012.
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11.12.2012
Grainger today reported sales results for the month of October 2012. Daily sales increased 6 percent versus October 2011, and included 4 percentage points from price, 1 percentage point from volume and 1 percentage point from sales of hurricane-related products. The month of October 2012 had 23 selling days versus 21 selling days in October 2011. While the 2012 fourth quarter will have one extra selling day versus the 2011 fourth quarter (64 versus 63 days), the company is forecasting minimal sales contribution due to timing of the holidays.
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11.12.2012
Tembec inaugurated today a new steam turbine at its Tartas mill in France. This green energy investment of 16 million euros (C$21 million) was announced in December 2010 as part of the Company’s strategy to make this mill a key facility in its core specialty cellulose business. The new turbine has been in operation since June.
The project will generate significant benefits in terms of energy production, environmental performance and economic growth, so it is a win-win-win story. The new turbine, driven by a biomass boiler, will increase the Tartas mill's production of green electricity and improve its energy self-sufficiency, while surplus green electricity will be sold to the EDF utility, benefiting the community at large. All this will reduce costs for the Tartas mill, improving Tembec's competitive position in the high-growth specialty cellulose industry.
The high-purity specialty cellulose manufactured by the Tartas mill is in great demand by such industries as cosmetics, pharmaceuticals, personal care, food and construction. Specialty cellulose is used in various applications as a binder, texturizer, splatter-control agent and strengthening agent.
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11.12.2012
Metso has been awarded a repeat order for four complete tissue production lines for HengAn Group in China. Two of the lines will be located at Shandong HengAn Paper Co., Ltd, in Weifang City, Shandong Province, and two at HengAn Wuhu Paper Co., Ltd, in Wuhu City, Anhui Province. Start-ups are planned to be successive with the first in December 2013 in Weifang. The value of the order will not be disclosed.
Xu Lianjie, President, HengAn: "We like to continue the relation with Metso, being active in developing the tissue machine technology."
“We are very proud that HengAn once again trusted Metso technology to support their continued growth in the tissue industry,” says Anders Björn, President, Metso Paper Karlstad.
The new lines will add another 240,000 tonnes a year of high-quality facial, toilet and towel grades to HengAn Group's total production. This will consolidate their position as China's leading tissue producer. The raw material for the new machines will be virgin pulp. The order follows the successful start-ups of four similar tissue lines at the company’s Anhai mill in Fujian Province and Weifang mill in Shandong Province in 2006, 2007, 2008 and 2009.
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11.12.2012
App discovery remains one of the great challenges of the post-PC publishing world. With nearly a billion mobile apps across Android, Apple, now Microsoft and third party markets, simply getting new content noticed has itself become a multi-billion dollar industry involving in-app advertising and cross-promotion and always-evolving distribution tactics. Apple this week rolled out a slightly different structure to its App Store presence on iOS by adding feature pages to each of the App Store’s category sections appearing on iPhone, iPod Touch and iPad. Magazine apps in particular benefit from the update.
Until now only the main home page and the Newsstand sections of the App Store called out specific apps as featured in an attractive swipe-able marquee as well as tiers of larger tiles. Once the user drilled into the specific categories of app (Entertainment, Lifestyle, Utilities, et. al.) she was met with walls of same-sized icons. With featured page structures now present on every category level of the store, more high-profile titles can bubble to the surface. Each section now has a rotating marquee of oversized app tiles atop the page, mimicking the home page.
But more to the point for magazines, digital editions are featured on most of these category feature pages as well. In the Entertainment section on the iPad App Store, for instance, People, US Weekly, Entertainment Weekly, Vanity Fair, Mental Floss, Vogue and Popular Science all occupy a tier of featured tiles . The Health & Fitness section specifically calls out “Healthy Lifestyle Magazines” with current covers from WebMD, Muscle + Fitness, Pregnancy, Prevention, Running Fitness, Health, Men’s Fitness and other titles.
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11.12.2012
U.S. advertising spending still hasn’t returned to the levels it attained in the frothy credit bubble economy during the middle of the last decade, and probably won’t for several more years, according to forecasts from four different research and analysis outfits.
While their numbers vary somewhat, due to the inclusion or exclusion of certain channels, like direct marketing, the figures from Kantar, ZenithOptimedia, Nielsen and GroupM note that ad spending followed the economy over a cliff from 2007-2009. Its recovery from 2010-2012 has been just as lackluster.
According to Kantar, total U.S. ad spending plunged from $158.2 billion in 2007 to $142.9 billion in 2008 and a low of $125.3 billion in 2009, for consecutive annual declines of 9.7% and 12.3%, respectively.
As the economy bottomed out and slowly began to recover, ad spending edged up 4.6% to $131.1 billion in 2010, then jumped 9.8% to $144 billion in 2011. But the rate of growth slowed considerably in the last year. Kantar is currently forecasting 2.2% growth to around $147 billion in 2012 -- still 7% short of its 2007 level.
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11.12.2012
Flint Group is proud to announce that their FlexiStar ™ BRC inks for packaging applications are the first solvent-based flexo inks certified by NAPIM as a biorenewable ink with a BRC Index of 80, and was developed using NAPIM certified bio-based raw materials.
NAPIM’s BioRenewable Content (BRC) program identifies printing ink formulations using bio-derived renewable resources; furthermore, this program identifies the amount of bio-derived components used. The soon to be released FlexiStar ™ BRC ink system boasts a BioRenewable Content Index rating of 80 - providing the market with high quality packaging inks that also address concerns related to our environment and sustainability.
The targeted surface printed application segments for FlexiStar ™ BRC are:
•Frozen food bags – for vegetables and meat
•Feminine hygiene packaging
•Diaper packaging
•Grocery / retail bags
Grant Shouldice, VP Technology and Marketing for Flint Group Packaging Inks in North America, had this to say, “The development of FlexiStar ™ BRC is in-line with Flint Group’s goal of continuous improvement and innovation. We strive to develop products that assist our customers to be sustainable from a product/consumable perspective; providing inks that are inline with the value propositions of the suppliers of film substrates that are also geared toward sustainability. Flint Group is very proud to introduce a tangible sustainable solution.”
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11.12.2012
Catalyst Paper today announced that it has received partial pre-payment of the $8.6 million purchase price for the Elk Falls site in Campbell River from Pacifica Deep Sea Terminals Incorporated. The transaction includes the 400-acre industrial site and adjacent properties.
Catalyst has also agreed to grant the purchaser an extension to complete the sale. Progress continues to be made on all outstanding terms and conditions.
Sale of the property is the final step in a comprehensive site preparation and sales process which began following the permanent closure of the paper mill in 2010.
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11.12.2012
Brent crude halted a two-day advance in London before European finance ministers meet to discuss aid for Greece amid concern that the region’s debt turmoil will constrain fuel consumption.
Futures dropped as much as 0.8 percent as ministers prepare to assess whether the latest round of cuts agreed by Greece are sufficient to warrant further assistance. Saudi Arabian Oil Minister Ali al-Naimi said that prices, down 15 percent in London from this year’s peak, are “good.” U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, the International Energy Agency said. Hedge funds and large speculators cut bullish bets on West Texas Intermediate crude to the lowest in more than two years.
“We are no closer to a comprehensive solution for Europe,” said Guy Wolf, a strategist at London-based commodities broker Marex Spectron Group Ltd., who predicts oil prices will recover in the first quarter. “While Europe remains a source of concern for the market, the global growth outlook has improved.”
Brent for December settlement on the London-based ICE Futures Europe exchange was at $109.10 a barrel, down 30 cents, as of 11:15 a.m. local time.
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11.12.2012
R. R. Donnelley & Sons Company today announced that it has been awarded a multi-year print management agreement by Scotiabank that renews and expands the companies' relationship. Scotiabank is a leading multinational financial services provider and Canada's most international bank.
Under the terms of the agreement RR Donnelley will provide a broad range of products and services that includes digital printing, forms, kitting and fulfillment services, regulatory communications and more. The relationship also draws on RR Donnelley's proprietary CustomPoint system, which provides a highly configured suite of online services.
Several initiatives, such as instituting electronic invoicing and using effective print management strategies to consolidate documents and reduce page counts, have supported Scotiabank's sustainability goals and have helped to reduce consumption by almost 30,000 pages annually. Improved tracking of printing and paper usage have also supported the Bank's efforts to effectively size and report the strides made in using paper more efficiently.
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11.12.2012
The construction of the world’s first biorefinery producing wood-based renewable diesel in Lappeenranta is running according to schedule. The foundation stone of UPM Lappeenranta Biorefinery will be encased today. Construction began last summer and the biorefinery will start producing renewable diesel made from tall oil in 2014.
“The EUR 150 million investment to Lappeenranta is UPM’s spearhead project and the first step on our way to becoming a significant producer of advanced second generation biofuels. The Biorefinery is also a focal part in the realisation of our Biofore strategy, combining the bio and forest industries,” says UPM President and CEO Jussi Pesonen.
The UPM Lappeenranta Biorefinery is the first significant investment in a new and innovative production facility in Finland during the ongoing transformation of forest industry. It will be realised without public investment grants.
Lappeenranta Biorefinery project is important for the local economy and employment. The construction of the biorefinery will offer work for nearly 200 people for approximately two years. When production commences, the biorefinery will directly employ nearly 50 people and indirectly about 150 people. The Biorefinery will produce 120 million litres of advanced, renewable diesel fuel annually.
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11.09.2012
’Tis the season, and for the 237th year the U.S. Postal Service is ready for The Best Holiday Ever! with 365 million packages expected to be delivered this holiday season — a 20 percent increase over 2011.
The Postal Service projects the record-breaking increase in its competitive package business due to consumers’ growing fondness for shopping online. In total, nearly 18 billion cards, letters and packages will be delivered between Thanksgiving and New Year’s Eve.
“This is one of the most exciting and busiest times of the year for the Postal Service, whether you’re sending a holiday card to Kentucky or military care package to Afghanistan, our employees do what it takes to process and deliver every single one,” said Patrick Donahoe, Postmaster General and chief executive officer.
Today, Donahoe and Nagisa Manabe, chief marketing officer and executive vice president, announced the mailing and shipping forecasts for the 2012 holiday season during the holiday rush kick-off event in Washington D.C.
The busiest mailing day for holiday cards/packages is Monday, Dec. 17, when more than 655 million pieces of mail are expected to be processed — compared to 538 on an average day. The busiest delivery day for letters will be Wednesday, Dec. 19 and the busiest day for packages will be Thursday, Dec. 20.
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11.09.2012
Resolute Forest Products announced two major investments today, totaling C$11 million, at its Comtois sawmill in Lebel-sur-Quévillon, Quebec, and its Senneterre, Quebec, sawmill.
At the Comtois sawmill, $9 million will be invested in the construction of a new saw line. This equipment will enhance the sawmill's performance by increasing the volume of lumber produced and reducing fiber loss. The $2 million investment at the Senneterre sawmill will improve the performance of the planing complex.
Yves Laflamme, Senior Vice President, Wood Products, said that these investments will reinforce the Company's competitiveness, which is essential to maintaining jobs in the northern Québec and Abitibi-Témiscamingue regions.
"After several difficult years, we believe that these investments will put us in a good position to benefit from a turnaround in residential construction in the United States. The upgrades will consolidate our activities in both regions by creating synergies, stabilizing our operations and preserving good jobs. The investments will make our two facilities more competitive and boost their performance. We are all the more pleased and proud because today's announcement will generate substantial economic spinoffs in Abitibi-Témiscamingue and northern Quebec," he added.
Given the market outlook for lumber, Resolute Forest Products plans to focus on wood products. In this regard, President and Chief Executive Officer Richard Garneau reiterated "the Company's ongoing commitment to be a sound, strong, profitable organization that produces top-quality products and supports sustainable development." He also repeated Resolute's intention to lay the foundations for its development and growth by investing in competitive assets and promising markets in order to contribute to the organization's overall profitability.
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11.09.2012
Houghton Mifflin Harcourt today announced that its Trade & Reference division has acquired the assets of John Wiley & Sons, Inc.’s culinary portfolio, in addition to classic reference titles Webster’s New World Dictionary and CliffsNotes.
Wiley’s celebrated cookbook collection includes the flagship Betty Crocker series, in addition to other General Mills-branded lines, the Better Homes and Gardens line licensed from Meredith Corporation, Mark Bittman’s How to Cook Everything franchise – including the bestselling culinary app for iOS, and high-profile authors such as Rose Levy Beranbaum, Marcus Samuelsson and Ellie Krieger. This acquisition will complement HMH’s premier authors and cookbooks, including Jacques Pépin, Dorie Greenspan, The Gourmet Cookbook and the Hello, Cupcake! franchise.
“This strategic acquisition reflects HMH’s continued commitment to consumer publishing, and represents an exciting growth opportunity within the culinary market. Even as digital sales increase, the print cookbook segment shows particular strength, both at HMH and within the market in general,” said Gary Gentel, President of HMH’s Trade & Reference division. “The combination of Wiley’s culinary, reference, and CliffsNotes lines with our existing business will significantly strengthen HMH’s market position in both the culinary and reference categories.”
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11.09.2012
The Atlantic had another strong month in digital sales and traffic. According to the company, October 2012 digital revenue was 28 percent higher than the same month last year. The increasing sales figures are expected to help push the brand into its third consecutive year of profit, with 2012 digital revenues projected to be 33 percent higher than 2011.
Citing Omniture numbers, TheAtlantic.com traffic jumped to 12.5 million unique visitors in October, up 45 percent. The brand's two spin-off channels Atlantic Wire and Atlantic Cities scored major spikes, up 114 percent and 197 percent to 4 million and 917,000 uniques, respectively.
The company says year-to-date digital sales are up 34 percent, with nine custom projects—a combination of content and display elements—that ran in October for brands such as Bank of America, Fidelity, IBM and Mercedes-Benz.
"Our writers did a terrific job in October. Analysis and commentary on The Atlantic, smart news curation on The Atlantic Wire, data and trends about urban life on The Atlantic Cities—our sites demonstrate there is an appetite among readers for intelligence, creativity, speed, and wit," said Atlantic Digital editor Bob Cohn in a statement. "Thanks to our hard-working editorial, tech, and product teams, we've now doubled our audience over the last 16 months."
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11.09.2012
AAA’s Fuel Gage Report as of 11/09/12
National Unleaded Regular:
Current Average - $3.456/gallon
Month Ago Average - $3.813/gallon
Year Ago Average - $3.430/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $4.011/gallon
Month Ago Average - $4.109/gallon
Year Ago Average - $3.915/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 11/09/12
American Dollar to Canadian Dollar = 0.999334
American Dollar to Chinese Yuan = 0.160055
American Dollar to Euro = 1.272102
American Dollar to Japanese Yen = 0.012625
American Dollar to Mexican Peso = 0.075732
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11.09.2012
Crude traded near its lowest level in four months amid speculation that risks to the U.S. and European economies will restrain demand while supplies increase.
West Texas Intermediate futures, little changed this week, may decline next week on concern that Europe’s debt crisis will reduce economic growth and fuel demand in the region, a Bloomberg survey showed. WTI plunged to $84.44 a barrel on Nov. 7, its lowest close since July 10, after U.S. government data showed crude inventories rose for the fourth time in five weeks.
“The potential to the downside is higher than to the upside,” said Gerrit Zambo, an oil trader at Bayerische Landesbank in Munich. “There is still the chance of sliding into a mild recession, and the oil market is quite saturated with supply.”
West Texas Intermediate crude for December delivery slipped 16 cents, or 0.2 percent, to $84.93 a barrel in electronic trading on the New York Mercantile Exchange at 11:38 a.m. London time.
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11.09.2012
NewPage Corporation (the Company) announced today that the Disclosure Statement for its Fourth Amended Chapter 11 Plan (the Plan) has been approved by the U.S. Bankruptcy Court for the District of Delaware. The Court's approval of the Disclosure Statement allows the Company to begin the Plan voting process, leading to a confirmation hearing scheduled for mid-December and the Company's expected emergence from bankruptcy before the end of the year.
The Company also was authorized to enter into a commitment letter and related fee letters for its exit financing, consisting of a $500 million term loan facility led by Goldman Sachs Lending Partners LLC and a $350 million revolving credit facility led by J.P. Morgan Securities LLC.
"The approval of our Disclosure Statement represents a significant achievement and another important step for the Company and its stakeholders," said George Martin, president and chief executive officer of NewPage. "We look forward to implementing the Plan upon emergence later this year with the financing and liquidity needed to support our operations."
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11.09.2012
J. C. Penney Company, Inc. today announced financial results for its fiscal third quarter ended October 27, 2012. For the quarter, jcpenney reported a net loss of $123 million or $0.56 per share. Excluding the net gain on the sales of non-core assets, restructuring and management transition charges, and non-cash primary pension plan expense, adjusted net loss for the quarter was $203 million or $0.93 per share.
Comparable store sales for the third quarter declined 26.1 percent and total sales decreased 26.6 percent. Internet sales through jcp.com were $214 million in the third quarter, decreasing 37.3 percent from last year.
Gross margin was 32.5 percent of sales, compared to 37.4 percent in the same period last year. Gross margin was impacted by lower than expected sales in the quarter and a higher level of clearance merchandise sales.
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