UPM has positioned itself as the frontrunner in the sustainable transformation of the paper industry by obtaining the first EU Ecolabel for newsprint. UPM News and UPM EcoBasic have obtained the EU Ecolabel after fulfilling strict criteria that include requirements related to energy and chemical use, forest sustainability (origin of wood), and production-related emissions to water and air.
UPM News and UPM EcoBasic are the first newsprints in Europe to receive the EU Ecolabel since the criteria were approved in July 2012. They are produced with at least 70% recovered fibres with the balance of fibres from PEFC or FSC certified sources. The EU Ecolabel for newsprint further certifies that the energy use, chemicals used as well as emissions and waste management comply with strict benchmark standards.
“UPM aspires to deliver products that have minimal environmental impact. The EU Ecolabels help our customers to choose the most environmentally responsible products available on the market. The label also shows that UPM is committed to its European customers,” states Wolfgang Bucher, Vice-President of Newspaper Publishers, UPM Paper.
UPM’s EU ecolabelled newsprint paper is produced in seven different paper mills; Kaipola (Finland), Ettringen, Schongau, Schwedt (Germany), Steyrermühl (Austria), Shotton (UK), and Chapelle (France).
New York magazine is trying to remedy rising postal costs and slower postal deliveries by distributing many subscriber copies by hand -- at least for Manhattan subscribers with doormen.
After a test than began in May, sparked by concerns that post-office cutbacks would only continue to worsen, New York is now rolling out hand delivery to doorman buildings and commercial addresses in Manhattan. "Hand delivery means you'll get New York on Monday mornings -- earlier than is possible by U.S. Mail," New York explained in a letter to some subscribers.
The cost is competitive with the post office or cheaper, a New York spokeswoman said in an email. "It also gives us experience in this arena, in preparation for future USPS changes that may be more onerous."
Once the rollout is complete, New York will be hand-delivering nearly 60,000 subscriber and complimentary copies to Manhattan addresses, the spokeswoman said, calling that about 60% of the magazine's file in Manhattan.
Hand delivery, of course, will only partly address the problems created by reduced postal services and higher postage fees. New York magazine averaged paid and verified circulation of 405,149 in the first half of the year, the majority outside Manhattan, according to its report with the Audit Bureau of Circulations.
As research firms began taking their first sneak peeks into the holiday sales stocking, it is looking like the web and other non-store sales will once again outpace total holiday retail sales growth.
A new holiday spending forecast from Deloitte LLP predicts that non-store holiday sales will increase 15% to 17% this year compared with 2011. Web retailers will account for nearly three-quarters of non-store sales, with the rest coming from catalogs and interactive TV merchants, Deloitte says.
The Deloitte projection is in line with what research firm eMarketer predicted earlier this month. It forecast online shoppers in the United States will spend $54.47 billion this holiday season, up 16.8% from $46.63 billion last year.
That sales growth is significantly larger than the 3.5% to 4% Deloitte forecasts for total retail sales growth for November through January (excluding motor vehicles and gasoline). Deloitte expects total holiday sales to increase more slowly than last year’s total retail holiday sales, which grew 5.9% over 2010.
"Non-store sales continue to outpace overall growth, but increasingly influence consumers' experience with the retail store, from trip planning, to in-store product research, and post-purchase reviews and sharing," says Alison Paul, vice chairman, Deloitte LLP and retail and distribution sector leader. "This holiday season, retailers' most lucrative customers may be the ones they engage across physical and virtual storefronts."
Mobile will matter—even, or perhaps especially, in stores—this holiday season, Deloitte says. Mobile-influenced retail store sales such as product research, price comparison or mobile app use will account for 5.1% of retail store sales over the holidays, Deloitte predicts.
Ennis, Inc., today reported financial results for the three and six months ended August 31, 2012.
Our consolidated net sales were $138.3 million for the second quarter ended August 31, 2012 compared to $130.4 million for the second quarter ended August 31, 2011, or an increase of 6.1%. Print sales increased 24.3% for the quarter, from $69.2 million to $86.0 million. Apparel sales for the quarter declined by 14.5% (down 4.5% on units and down 10% on price) from $61.2 million to $52.3 million. Our consolidated gross profit margin ("margin") decreased from 26.1% to 24.5% for the quarters ended August 31, 2011 and August 31, 2012, respectively. Our print segment margin increased from 28.6% to 30.7%, while our apparel segment margin, which continues to be impacted by higher cotton costs, decreased from 23.4% to 14.4% for the quarter. As a result, our net earnings decreased from $9.7 million, or 7.4% of net sales, for the quarter ended August 31, 2011 to $7.6 million, or 5.5% of net sales, for the quarter ended August 31, 2012. Diluted earnings per share decreased from $0.37 to $0.29 for the quarters ended August 31, 2011 and August 31, 2012, respectively.
For the six month period, net sales increased from $273.6 million to $280.9 million, or 2.7%. Print sales for the six month period were $173.4 million, compared to $136.3 million for the same period last year, an increase of $37.1 million, or 27.2%. Apparel sales for the six month period were $107.5 million, compared to $137.3 million for the same period last year, or a decrease of 21.7% (down 14.7% on units and down 7% on price). Overall our margin decreased from 27.0% to 22.1% for the six months ended August 31, 2011 and 2012, respectively. Our print margin increased during the period from 28.7% to 29.3%, while our apparel margin decreased from 25.3% to 10.6%, again due to higher cotton costs. Net earnings for the period decreased from $21.1 million, or 7.7% of net sales, for the six months ended August 31, 2011 to $11.5 million, or 4.1% of net sales, for the six months ended August 31, 2012. Diluted earnings per share decreased from $0.81 to $0.44 for the six months ended August 31, 2011 and 2012, respectively.
During the second quarter, the Company generated $15.7 million in EBITDA (a non-GAAP financial measure calculated as net earnings before interest, taxes, depreciation, and amortization) compared to $19.0 million for the comparable quarter last year. For the six month period ended August 31, 2012, the Company generated $25.7 million of EBITDA compared to $40.9 million for the comparable period last year.
Oil rebounded from the lowest close in almost two months after U.S. crude inventories declined and as investors speculated that recent losses were excessive.
Futures rose as much as 0.6 percent in New York after falling close to technical-support levels. Prices slid 1.5 percent yesterday, the seventh decline in eight days, over concern that the European debt crisis may worsen and derail the global economy. Spaniards held protests and Greek police fired tear gas when a general strike turned violent. U.S. crude inventories slid 2.45 million barrels to 365.2 million last week, the Energy Department said. Analysts polled by Bloomberg had forecast a gain of 1.9 million barrels.
“The inventories surprised the market and stabilized prices,” Thina Saltvedt, an analyst at Nordea Bank AB, said by telephone from Oslo. “Now it’s a waiting game, as the turbulence in Spain and Greece is dampening risk appetite.”
Oil for November delivery gained as much as 57 cents to $90.55 a barrel in electronic trading on the New York Mercantile Exchange and was at $90.24 at 10:39 a.m. London time. The contract yesterday fell $1.39 to $89.98, the lowest close since Aug. 2.
The b-to-b media sector will grow 4.9% to $26.60 billion this year, according to the “VSS Communications Industry Forecast” released by Veronis Suhler Stevenson. The increase in the sector is being driven by a turnaround in live and virtual events as well as gains in Web and mobile platforms, according to VSS.
VSS projected that the b-to-b media sector will post a compound annual growth rate of 5% from 2011 to 2016, when it will reach $34.03 billion. Between 2006 and 2011, CAGR for b-to-b media was essentially flat.
VSS said the Business & Professional Information & Services sector will grow 7.2% to $204.40 billion this year. The sector will post a 7% CAGR from 2011 to 2016, fueled by growth in business and professional services related to economic, financial, marketing, and scientific and technical Information, as well as technology services, VSS said.
Overall communications industry spending in the U.S. is expected to rise 5.2% this year to $1.18 trillion. It will grow at a 5.2% CAGR from 2011 to 2016.
Most b-to-b marketers are ramping up their content marketing efforts, according to a new study by BtoB magazine. The study, Content Marketing: Ready for Prime Time, reports that 66 percent of b-to-b marketers plan to be “very” or “fully” committed to content marketing next year, leading to a whole new group of competitors, or partners, for b-to-b publishers. The new research also found that 34 percent of b-to-b marketers today are already “very” or “fully” engaged with content marketing (last year, the number was 18 percent).
“Digital platforms ushered in a whole new class of content that is now taking hold in the b-to-b space,” John DiStefano, research director for BtoB, told ABM. “At the same time, it's transforming media companies' marketing services outreach. Editorial shares readership with marketing content—the two are often indistinguishable, in fact—and b-to-b publishers need to offer marketing services that provide thought leadership, brand awareness, customer relations, prospecting and of course, sales.”
The data in the recently released report is based on 425 interviews with U.S. b-to-b marketers. The study takes a look at the current state of content marketing adoption, trends, key marketing goals and the most difficult challenges marketers face.
ThermoSafe Brands, a unit of Sonoco, has launched a family of new temperature-assured polyurethane-insulated pallet shippers for use in the United States and Europe for the bulk distribution of pharmaceuticals and other biotechnology products.
According to Vicki Arthur, vice president of Sonoco's Protective Packaging division, a leading North American provider of protective packaging solutions, the ThermoSafe® SPS Series Pallet Shippers are designed to provide off-the-shelf convenience and easy assembly, meeting the unique needs of high-value life science products.
"ThermoSafe's new insulated pallet shippers use Sonoco's patented SonoPost® components, which provide structural stability and air flow for top and bottom refrigerants – a first in the industry," said Arthur. "These proven temperature-assurance shippers have fewer packing components with self-supporting panels that can be assembled in 15 minutes or less. They are ideal for third-party logistics and bulk shipments of biologic products and can use the same configuration for all seasons."
Sappi Alfeld Mill to refocus production to meet strong growth in demand from the Release Liner and Flexpack paper markets. Coated paper production to be moved to other Sappi Mills in Europe.
In response to strong growth and positive market forecasts for the packaging market, Sappi Fine Paper Europe has begun the process of converting its Sappi Alfeld Mill in Germany to focus exclusively on producing one-sided coated paper for packaging, labels and technical applications. The project will take 12 months to complete.
At the same time, Sappi will actively manage its graphic paper capacity by transferring the current coated paper production of the Sappi Alfeld Mill to other Sappi Mills in Europe in close consultation with these customers. This action will further improve Sappi’s cost position in coated woodfree paper in Europe and elsewhere.
The strong growth and improved margins in this market are due to the growth in the demand for paper packaging and a lack of standardisation; high degree of customisation; and the long qualification times imposed by customers. Sappi has also been successful in the development of innovative and sustainable solutions for this market in close co-operation with end-use customers and converters.
At one time, experts predicted we’d gradually move toward a paper-free world. But the modern small business is far from it. According to The Economist, in the past 30 years, worldwide paper consumption has gone up by 50 percent. Even though some things can be converted to a digital format, printed communication still excels as a marketing tool.
Why are we using more paper than ever? We have more to print. With access to so much information, 24 hours a day, we are constantly finding things we need to have in front of us. This is especially prevalent among small businesses, where workers have an ongoing need to print, copy and share presentations and meeting agendas with multiple people.
As a marketing tool, printed communications have been proven to be just as effective as ever. An eye-catching presentation to a client can be one of the things that seal a deal for a crucial sale.
So, paper is here to stay, for the time being. How small businesses deal with paper is an important matter. Here are ten tips to help better market your business and increase office efficiency:
¦Have at least one color device. ¦Show your clients how important they are by using color ink, quality paper and overall good presentation materials. ¦Be creative and use imagery to convey a point or key message. ¦Use a spot color in a “black and white” piece – it lightens things up. ¦Invest in a multi-function printer (MFP). ¦Scan important documents. ¦Enable security. ¦Utilize double-sided printing. ¦Pay attention to printer features. ¦Don’t cut corners on supplies.
Verso Paper Corp. today announced that Sustainable Resources Institute (SRI) Inc. will be the first recipient of a Verso Forest Certification Grant. The two-year grant will enable SRI to target the owners of small, private non-industrial properties (2,400 acres or less) in Michigan and help them achieve certification at an affordable cost. Third-party certification to credible forest management standards advances responsible management practices that keep U.S. forests vibrant and healthy. SRI's first-year goal to certify an additional 15,000 acres has the potential to add up to 35,000 tons of certified fiber in the marketplace.
"We launched the Verso Forest Certification Grant program to increase certified fiber and certified acreage on lands near Verso's three paper mills," said Verso Senior Vice President of Manufacturing and Energy Lyle Fellows. "SRI's grant proposal demonstrated not only a solid plan to help us advance this goal, but also strong partnerships with the Michigan Master Logger Certification program, the Michigan Association of Timbermen and others that provide a strong foundation for success."
"The start-up funds provided by the Verso Forest Certification Grant will help us reach out to landowners who already have responsible forest management plans and offer them a more accessible path to affordable certification," said SRI Executive Director Don Peterson. "We're anxious to get underway and are committed to seeking additional funding from other sources to make sure we're able to continue the terrific certification opportunities that Verso's initial two-year funding provides."
Jeff Rothschild’s machines at Facebook had a problem he knew he had to solve immediately. They were about to melt.
The company had been packing a 40-by-60-foot rental space here with racks of computer servers that were needed to store and process information from members’ accounts. The electricity pouring into the computers was overheating Ethernet sockets and other crucial components.
Thinking fast, Mr. Rothschild, the company’s engineering chief, took some employees on an expedition to buy every fan they could find — “We cleaned out all of the Walgreens in the area,” he said — to blast cool air at the equipment and prevent the Web site from going down.
That was in early 2006, when Facebook had a quaint 10 million or so users and the one main server site. Today, the information generated by nearly one billion people requires outsize versions of these facilities, called data centers, with rows and rows of servers spread over hundreds of thousands of square feet, and all with industrial cooling systems.
They are a mere fraction of the tens of thousands of data centers that now exist to support the overall explosion of digital information. Stupendous amounts of data are set in motion each day as, with an innocuous click or tap, people download movies on iTunes, check credit card balances through Visa’s Web site, send Yahoo e-mail with files attached, buy products on Amazon, post on Twitter or read newspapers online.
A yearlong examination by The New York Times has revealed that this foundation of the information industry is sharply at odds with its image of sleek efficiency and environmental friendliness.
Most data centers, by design, consume vast amounts of energy in an incongruously wasteful manner, interviews and documents show. Online companies typically run their facilities at maximum capacity around the clock, whatever the demand. As a result, data centers can waste 90 percent or more of the electricity they pull off the grid, The Times found.
To guard against a power failure, they further rely on banks of generators that emit diesel exhaust. The pollution from data centers has increasingly been cited by the authorities for violating clean air regulations, documents show. In Silicon Valley, many data centers appear on the state government’s Toxic Air Contaminant Inventory, a roster of the area’s top stationary diesel polluters.
Plant technology upgrade in Izmir enables local production and export of innovative packages, including Tetra Gemina® Aseptic and Tetra Prisma® Aseptic
Tetra Pak marking its 40th year of operations in Turkey, inaugurates a new laminator at its packaging material factory in Izmir, Turkey. The new VT laminator will increase production capacity by 20%, delivering innovative packages with shorter lead time to customers in the Turkey and Caucasus, and enabling export to the region.
The new laminator, which begins production in January 2013, boosts production capacity from 5 billion packs to approximately 6 billion. It is capable of laminating all types and sizes of Tetra Pak packages, including Tetra Prisma® Aseptic, Tetra Gemina® Aseptic and Tetra Brik® Aseptic packages with Helicap caps.
Tetra Pak Turkey & Caucasus Managing Director Francis Goodenday said: “In an increasingly competitive world, Tetra Pak recognizes the need to offer our customers the very best products, technology and service. This investment will enable us to meet our customers’ needs in a continuously growing, dynamic market by providing them with faster lead times, innovative packages and all the advantages of local supply and support.”
Smurfit Kappa Group plc announces that it has agreed to acquire Orange County Container Group for a total cash consideration of US$340 million (c. €260 million).
OCCG is a private corrugated and containerboard manufacturer with operations in Northern Mexico and the Southern United States (“US”). OCCG employs 2,800 people (2,000 of whom are employed in Mexico), and is expected to generate US$53 million of EBITDA for the full year (“FY”) 2012. OCCG’s strong strategic fit with SKG’s existing businesses is expected to deliver at least US$14 million of synergies by the end of year 2.
The US$340 million cash consideration will be funded from the Group's existing cash resources. It is anticipated that the Transaction will complete in the fourth quarter of 2012 subject to customary completion conditions and regulatory approval, and is expected to be EPS accretive on completion.
Pactiv LLC announced today that Pactiv Canada Inc. has acquired the assets of Interplast Packaging, Inc. (http://www.interplast.net). Based in Terrebonne, Quebec, Canada, Interplast produces custom-labeled Recycled PET (RPET) egg cartons for customers throughout North America.
“Interplast’s family of RPET cartons enhances our existing line of molded fiber egg cartons and offers an environmental and sustainable alternative, particularly for packers and retailers of premium label eggs,” said Pactiv President and CEO, John McGrath. “Much like we have done in other food packaging segments, Pactiv will now be able to offer solutions in multiple materials to the egg packaging market, providing this customer base with the opportunity for increased value.”
The Conference Board Consumer Confidence Index, which had declined in August, improved in September to 70.3 -- up from 61.3 in August.
The Expectations Index increased to 83.7 from 71.1. The Present Situation Index rose to 50.2 from 46.5 last month.
"The Consumer Confidence Index rebounded in September and is back to levels seen earlier this year (71.6 in February 2012),” said Lynn Franco, director of economic indicators at The Conference Board. “Consumers were more positive in their assessment of current conditions, in particular the job market, and considerably more optimistic about the short-term outlook for business conditions, employment and their financial situation. Despite continuing economic uncertainty, consumers are slightly more optimistic than they have been in several months."
Consumers' appraisal of present-day conditions improved in September. Those claiming business conditions are "good" edged up to 15.5% from 15.3%, while those saying business conditions are "bad" declined to 33.3% from 34.3%. Consumers' assessment of the labor market was also more upbeat. Those stating jobs are "plentiful" rose to 8.3% from 7.2%, while those claiming jobs are "hard to get" edged down to 39.9% from 40.6%.
A holiday preview report released Tuesday by the International Council of Shopping Centers said that sales are forecasted to rise 3% during the traditional November-December 2012 holiday period.
Additionally, ICSC said it anticipates that the other two measures of U.S. industry holiday sales – shopping-center sales and GAFO-store sales – will increase slightly as well.
However, the group cautioned that this year’s season comes with a bit more uncertainty than usual because of the increased crosscurrents—a softening in the economy, improving housing prices and markets, rising gasoline prices, a presidential election and the looming $500 billion in automatic spending cuts to the federal budget and tax increases slated for January 1, 2013.
For years traditional media have been complaining that the migration of time and audiences to the Web was forcing companies to trade offline dollars for (as Jeff Zucker famously said) “digital dimes.” The CPMs for print and TV were and usually still are multiples higher than for digital. But leaner organizations and new business models may help old media learn new tricks in the end. Tablets will be lynchpin of revenue growth. According to a new report from eMarketer, magazine publishers will see their digital revenues climb sufficiently to offset most but not all the losses from a declining print ad economy.
The new report projects that in 2012, magazine ad revenue will see print income decline 3.14% to $14.19 billion and see digital ad revenue increase 15.5% to $3.14 billon. The overall drop for magazines will net out to -2.6%. But that gap will narrow in coming years. Even as print ad revenue bottoms out around 2015 and 2016 to just over $15 billion, continued double digit increases in digital revenues will keep the magazine industry growing at just under 1% a year. eMarketer figures include b2b, consumer, local and Sunday magazines.
eMarketer analysts see tablets as one of the best opportunities for magazine brands to recapture the lost income from print. The company projects that more than half of Internet users will use tablets by 2015, 133.5 million. Monetizing tablet audiences is the industry’s biggest challenge and opportunity in coming years to making up for print declines, the research firm says. Citing Pew Internet & American Life research, the report suggests that a minority of tablet users are willing to pay regularly for content. Convincing advertisers to move more of their budget into tablets is a critical necessity for magazines.
Metso will supply Chenming Jilin, part of Shandong Chenming Paper Holdings Ltd., with the relocation and rebuild of a paper machine for the company’s new mill site in Jilin Province, China. The value of the order will not be disclosed. A typical market value of this type of a relocation and rebuild project ranges from EUR 10 to 20 million.
“The main target of the project is to increase production by improving the efficiency of the paper making line and by increasing the drying capacity of the paper machine,” says Metso’s Sales Manager Jukka Vuorela.
A paper machine of Chenming Jilin will be relocated within Jilin City from the current mill site to the company’s new mill site. Metso will supervise the dismantling and packing of the paper machine line and supervise the installation and start-up of the relocated equipment. Metso’s delivery will also include a rebuild of the relocated PM 12. The start-up of the relocated and rebuilt machine is scheduled for the second half of 2013.
The order is included in Metso’s Pulp, Paper and Power third quarter 2012 orders received.
The paper machine to be relocated is the 6.95-m-wide (wire) PM 12 paper machine. The modernization will include forming and drying section modifications and a press section rebuild with a new SymBelt shoe press. Originally the PM 12 produces coated wood-containing LWC (light weight coated) paper grades and after the rebuild the target is to also produce other new paper grades.
Metsä Tissue, Metsä Group’s tissue and cooking paper business, is to commence statutory negotiations in its Finnish units. The negotiations are part of company-wide organisational restructuring targeted to improve profitability.
The statutory negotiations announced today will concern white-collar personnel in Finland, excluding frontline sales teams. Roughly 150 employees will be involved in the process and the maximum headcount reduction is not expected to exceed 40. Metsä Tissue’s Finnish offices are based in Espoo and Mänttä.
“Increasing competition and continuous tightening of EU regulation pose additional challenges for Metsä Tissue. Additionally, the Finnish government’s stricter national adaptation of EU directives concerning areas such as waste taxation and landfill regulations is a major threat to our competitiveness. By restructuring and reorganising our operations, we aim to secure our future competitiveness on the growing tissue and cooking paper market,” says Metsä Tissue’s CEO Mika Joukio.
While it won’t be quite as jolly as it was last year, Deloitte is predicting a solid-enough holiday, with total sales expected to climb between 3.5% and 4%, reaching the $920 billion to $925 billion range. That compares with an actual 5.9% increase in November through January spending, somewhat higher than Deloitte’s prediction.
“When we looked at the last few years, we saw we had been somewhat pessimistic,” Alison Paul, vice chairman, Deloitte LLP and retail & distribution sector leader, tells Marketing Daily. “Consumers continue to be resilient, even more resilient than we expect them to be, and to ignore our best prognostications.”
Much rosier, however, are the gains the consulting firm anticipates in non-retail channels, with Deloitte forecasting a jump of between 15 and 17% in non-store sales, with three-quarters coming from online shopping, and the balance from catalogs and interactive TV.
In a move that takes a step closer to making it easier to encourage advertisers to place ads in digital editions, The Economist is implementing a rate base of 50,000 digital-only subscribers paying an average of about $106 per sub. The guarantee will take effect in January 2013.
The rate base only applies to North American digital edition subscribers on iPad, iPhone and Android products and excludes replicas, e-readers, website subscribers and multi-user licenses.
"We know that the agency community has been asking for it," says David Kaye, vice president of advertising for The Economist. "They're frustrated with digital being lumped in with print. We also believe that transparency is important and it's difficult to get at with so many places for the audience to be engaging with the brand. It's not a perfect solution, but it's a step in the right direction."
Other steps would include performance-related metrics, numbers that agencies are definitely interested in seeing, but are not as easily guaranteed, says Kaye.
Total European shipments of all Graphic Papers was down 2.2% in August and is down 3.8% year-to-date.
Total European shipments of Newsprint was down 0.2% in August and is down 3.6$ y-t-d.
Total European shipments of SC-Magazine was down 1.6% in August and is down 4.0% y-t-d.
Total European shipments of Coated Mechanical Reels was down 7.6% in August and is down 6.4% y-t-d.
Total European shipments of Uncoated Mechanical (Improved & Others) was up 2.5% and is down 4.0% y-t-d.
Total European shipments of Coated Woodfree was down 2.9% in August and is down 2.4% y-t-d.
Total European shipments of Uncoated Woodfree was up 0.3% in August and is down 2.7% y-t-d.
It happened first when Johanna Skibsrud’s The Sentimentalists won the Scotiabank Giller Prize, and it is happening again with the publication (by the same small Nova Scotia press) of Stephen Marche’s Love and the Mess We’re In: The Canadian literary avant-garde is boldly retreating to a bucolic past where paper is sacred and digital technology makes no impression whatsoever.
“This is a book you cannot read on a Kindle,” the author says proudly, brandishing the artifact in question during an interview in Toronto. “It’s not possible to do. This is a physical book, and the experience of holding it in your hands is integral to its reality.”
The thing that makes Marche’s third novel so resistant to digitization is its form. Between the covers is a poignant, fractured narrative of adultery and madness that is sometimes laid out in parallel columns like a script, sometimes in typographic patterns like concrete poetry, and sometimes like flowing waves set sideways. Designed by Andrew Steeves of Gaspereau Press, it revives the kind of black-and-white formal experimentation that flourished in the dying days of hot type 50 years ago – as does the unconventional, non-linear text, which picks up where the experimenters at Coach House Press left off in 1973.
In occupying the minds of online shoppers, social media is the 1%
Social media may be the shiny object for marketers. But consumers aren't as enamored with social when it comes to prompting purchases. In fact, 39 percent of new customers who make purchases on e-commerce sites are led there by paid or organic search links, and 30% percent of transactions completed by repeat customers begin with a click on an email from the retailer.
Those are the key findings of a study of 77,000 online transactions over a two-week period conducted by Forrester Research and GSI Commerce, eBay's e-commerce services unit. Social media darlings such as Facebook and Pinterest, meanwhile, proved to be far less powerful drivers to consumers' wallets. Fewer than 1% of purchases examined in the study could be traced to social media activity.
One fifth of both new and repeat customers who arrived at e-commerce sites via one touchpoint did so by direct visit. When multiple touchpoints were involved, 12% of new customers used organic or paid search and 17% of repeat customers opened an email.
Oil fell to the lowest level in seven weeks after a report showed rising U.S. stockpiles and the Federal Reserve Bank of Philadelphia President Charles Plosser said a new stimulus plan probably won’t boost economic growth.
Futures slid as much as 1.1 percent, extending yesterday’s 0.6 percent decline. The American Petroleum Institute said crude supplies increased 335,000 barrels, a third weekly gain, while Citigroup Inc. cut its global demand forecasts. Bond purchases announced by the Fed this month probably won’t spur expansion or hiring, Plosser said in a speech yesterday. Oil surged to $100.42 a barrel on Sept. 14, its highest this year, after the Federal Open Market Committee said it will undertake a third round of quantitative easing.
“The quantitative easing euphoria has eased,” Ole Hansen, senior manager of trading advisory at Saxo Bank A/S, said by phone from Copenhagen. “Renewed worries, especially in Spain, are putting the focus back onto global growth and the potential for subdued demand for oil.”
Crude for November delivery fell as much as $1.04 to $90.33 a barrel in electronic trading on the New York Mercantile Exchange and was at $90.73 at 11:01 a.m. London time.
The American Forest & Paper Association released its August 2012 U.S. Containerboard Statistics Report last week.
Containerboard production rose 2.2 percent over July 2012 and was flat when compared to the same month last year. The month over month average daily production increased 2.2 percent. The containerboard operating rate for August 2012 gained 2.1 points over July 2012, from 95.4 percent to 97.5 percent.
The American Forest & Paper Association released its August 2012 Kraft Paper Sector Report last week.
Total Kraft paper shipments were 133,000 tons, a decrease of 3.6 percent compared to the prior month. Total inventory was 77,800 tons this month. Both unbleached and bleached Kraft shipments decreased year over year.
The American Forest & Paper Association released its August 2012 U.S. Recovered Fiber Monthly Report on Friday, Sept. 21.
According to the report, total U.S. industry consumption of recovered paper in August was 2.56 million tons, 6 percent higher than July 2012. Year-to-date total consumption in 2012 is 4 percent lower than during the same period last year.
U.S. exports of recovered paper, as reported by the U.S. Census Bureau, increased 5 percent in July compared to June, led by a 14 percent increase in Mixed Papers exports. Year-to-date exports of recovered paper in 2012 are 6 percent lower than during the same period in 2011.
The American Forest & Paper Association has released its August 2012 Printing-Writing Paper Report.
According to the report, total printing-writing paper shipments decreased 5 percent in August compared to August 2011. All four major printing-writing grades posted single-digit decreases compared to last August. U.S. purchases of printing-writing papers also decreased, down 6 percent in August. Total printing-writing paper inventory levels decreased 5 percent from last month, primarily due to double-digit decreases in mechanical-grade paper inventories. Additional key findings include:
Shipments of coated free sheet papers decreased year-over-year, but August shipments reached the highest level since October 2011.
Shipments of uncoated free sheet papers down year-over-year, the sixth consecutive single-digit year-over-year decrease.
Uncoated mechanical paper inventories dropped sharply.
Inventory of coated mechanical papers also dropped and hit the lowest point since December 2007.
Maxim magazine is cutting the paid circulation it guarantees advertisers from 2.5 million to 2 million next year, a 20% drop, and reducing its publishing frequency to 10 issues next year from 11 this year. Last year Maxim published 12 issues.
Maxim President Ben Madden said the magazine continues to occupy a solid position among men's monthlies. "We're falling all the way to No. 1," Mr. Madden said. (Or to a tie, at least: ESPN The Magazine also promises advertisers paid circulation of 2 million, Mr. Madden added.)
With the circulation cut, Maxim will abandon a rate base it has maintained since 2001, when it was a white-hot challenger to established men's magazines. Many publishers have been reevaluating the benefits and costs of maintaining larger circulations, particularly as digital media competes for advertising and consumers. Established magazines that head the other way have become exceptions.
There are benefits to maintaining large circulation, but that's not the only factor, Mr. Madden added. "It's about being the most efficient and the best."
Maxim has been working on efforts to expand on digital platforms, where it had an average of 79,447 individually paid subscriptions in the first half, as well as in areas such as events. Maxim is hosting 70 events this year, a spike from about 50 last year and the number will expand next year, Mr. Madden said. The title also expects to publish two Salute to the Military newsstand specials next year following the publication of one over the summer and another last year.
Golf publication Fairways + Greensis set to rebrand itself as GolfGetaways, cementing an editorial change to the niche travel market and coinciding with a new digital effort built around apps for Apple and Nook devices.
The changes will officially occur when its next issue hits newsstands and app stores on November 6.
Editorially, the name change signifies a commitment to the golf travel market the magazine had been moving toward for the last two years. With golf equipment and instructional markets already packed, and closing of American Express’ Travel + Leisure Golf in 2009, the editor-in-chief Vic Williams says the shift happened easily.
“We’ve discovered that golf travel is really a strong niche for us to pursue,” Williams says. “It was a combination, where it kind of happened naturally and our ad base was almost exclusively resorts and destinations. So to give it a more cohesive editorial and advertising mix, we migrated that way.”
Between the move to a more associative brand name and the offer of digital access, Williams expects to see a 15 to 20 percent bump in audience for the short-term.
Linking marketing activities to sales performance has become increasingly important for B2B marketers. A new study shows that doing so is more effective with a bit of support from marketing automation tools.
Generally speaking, B2B marketers tend to track such traditional marketing metrics as leads generated, or they also track ROI-focused measure like leads conversion rates. According to the 2012 Lenskold Group / The Pedowitz Group Lead Gen Marketing Effectiveness Study, companies that use marketing automation with either measurement type will improve their marketing outcomes. But those using ROI measures outperform their traditionally focused counterparts.
The study, based on an online survey of 373 B2B marketers at companies with revenues of between $5 million and $50 million, found that marketing automation improves lead generation efforts overall. Adding marketing automation helped increase the quantity of leads generated for 61% of respondent, the quality of leads passed to sales for 60% of them, and the lead-to-closed-sale conversion for 40%. Even revenue per sale increased, for 28% of respondents.
However, companies that use ROI metrics to track marketing performance in combination with marketing automation improve their marketing outcomes significantly over those that use traditional metrics. The study showed gaps of 25% or more between the two groups in percentage of leads accepted to sales, quality of leads, conversions, and revenue per sale. The gap was a full 50% in terms of total marketing revenue contribution. Sixty-nine percent of respondents that track ROI-focused metrics—versus only 19% of marketers who use traditional metrics—saw total marketing revenue contribution improve as a result of implementing marketing automation.
Oil dropped from the highest close in almost a week as renewed discord among European leaders on measures to stem the region’s debt crisis outweighed concern that tensions in the Middle East may disrupt crude supplies.
New York futures fell as much as 1.7 percent after German Chancellor Angela Merkel and French President Francois Hollande disagreed over closer integration of Europe’s banking system at the weekend. Iran, OPEC’s third-largest oil producer, will defend itself if attacked by Israel, according to excerpts of a CNN interview with Iranian President Mahmoud Ahmadinejad scheduled for broadcast today.
“European leaders are spending more time bickering amongst themselves than solving their massive problems,” Michael Hewson, a London-based analyst at CMC Markets, said by phone. “Unless there’s a shocker out of the Middle East, I don’t see anything but downward pressures on oil.”
Oil for November delivery declined as much as $1.55 to $91.34 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.63 at 11:50 a.m. London time. It rose 47 cents to $92.63 on Sept. 21, the highest close since Sept. 18.
The government of Nova Scotia has reached a new agreement to reopen the shuttered NewPage Port Hawkesbury paper mill, one day a Vancouver company's bid to buy the plant collapsed, Premier Darrell Dexter announced late Saturday.
Dexter announced the revised deal with Pacific West Commercial Corp., which has offered $33 million for the 50-year-old facility, during a news conference at the provincial legislature.
He said the agreement means the money the provincial government has spent in an effort to restart the mill should be repaid in as little as 12 years. That includes a $124.5 million aid package announced last month and $36.8 million that the government has spent so far to keep the mill in a so-called hot idle state in order to quickly resume operations.
"My government has worked for a year to restart the mill," Dexter said.
"We didn't do it because it was popular. We did it because it was the right thing to do."
Pacific West Commercial announced late Friday that an unfavourable tax ruling earlier this month from the Canada Revenue Agency made it impossible to ensure the economic viability of the Cape Breton mill.
But Dexter said Saturday that the government and the company resumed negotiations later in the night and eventually came up with a revised agreement.
"We were not prepared to support something that was backward-looking," he said.
"The paper industry is going through change, but there's always going to be a paper industry and this is one of the most high-tech mills anywhere in the world."
“I am very pleased –for the employees of the mill, members of the community, and the mill’s many suppliers and customers – to be able to announce that the issues that yesterday prevented the mill from restarting have been overcome. Many people have worked extremely hard to arrive at this moment, and we will all continue to work hard together over the coming years to ensure that Port Hawkesbury remains the highest quality, most competitive paper mill of its kind in North America.
Starting next week, we intend to call all employees back to work.
The UARB has advised us that it has extended the date for filing of the required amendments to its previous order so that the matter can be dealt with on an expedited basis next week. We are pleased that NSPI has agreed to support that application.
It is our plan to take ownership Sept 28th, and for paper to begin to roll off the machines in the very first days of October. Our sales team has alerted customers and we are taking orders now.
I really want Nova Scotians to know how hard their government leaders - both provincially and municipally - have worked to ensure there is a future for this world class mill and its people. It’s been our goal since day one and it’s what they deserve.” Ron Stern Pacific West Commercial Corporation
A provincial funding package considered vital to resume operations at the NewPage Port Hawkesbury paper mill is not in danger of unravelling despite delays in announcing details of the deal, Nova Scotia's natural resources minister said Thursday.
Charlie Parker said an announcement on a revamped funding deal for Pacific West Commercial Corp., which has proposed to buy the idled Cape Breton mill for $33 million, has been delayed.
Last Friday, Parker said details of the government's revised $124.5 million fund would be announced early this week.
"I guess we had hoped that things would come together perhaps a little sooner than they did," Parker said Thursday.
"We're hopeful that as soon as possible we'll announce the details of that restructuring."
Parker said it was unclear when that would happen. He said negotiations were ongoing with Pacific West Commercial and government lawyers were in the final stages of reviewing the deal.
Valassis recently received two Gold Ink Awards from Printing Impressions magazine, sponsor of the 2012 Annual Gold Ink Awards competition. Recognized as North America's most prestigious print competition, the Gold Ink Awards honor printing excellence. This is the 17th year Valassis has received Gold Ink awards. The winning submissions, chosen from the 1,000 printed pieces across 48 categories that were entered in this year's competition, exhibited superior color quality, technical difficulty and overall visual effect.
"We are honored to once again be recognized with these premier printing awards," said Ron Goolsby, Valassis Chief Operating Officer. "Our clients rely on us to provide formats and graphics that appeal to consumers. We greatly appreciate their trust in our ability to help them reach and engage consumers. These awards are reflective of our strong commitment to producing exemplary print promotions for our clients."
The following winners were printed at the company's Anderson Printing Division (APD) in Livonia, Mich. and were recognized in the Newspaper Insert category:
Bronze – Cabela's: APD Press Team: Jerry Gogola, Greg Spehar, Joe Gossett, John Zehel, Jim Heaney
Pewter – McDonald's: APD Press Team: Mark Passmore, Daniel Dood, Branden Chatham, Michael Monette
Sonoco Recycling, LLC, a unit of Sonoco and one of the largest packaging recyclers in North America, has completed $2 million in upgrades at the Onslow County, N.C., materials recovery facility (MRF), allowing the facility to process a higher volume of recyclables.
"Onslow County is one of the premier coastal counties of North Carolina and environmental stewardship has always been of the utmost importance," said Scott Bost, solid waste director, Onslow County. "With that in mind, we are extremely pleased to partner with Sonoco Recycling to provide long-term recycling capabilities to the citizens of the Onslow County area. Sonoco Recycling's expertise and many years of experience in the recycling industry will continue to move the County forward with efficient and sustainable waste management for Onslow County."
Ray Howard, general manager, Sonoco Recycling, agrees. "In the year that we've been here, we've found the Onslow community to be very progressive in the areas of sustainability and recycling. We are excited to provide them with expanded recycling capabilities and help the County continue to move forward in these areas."
Howard continued, "In addition to new equipment, the Company also added an education room, and has been providing tours to approximately three classes of students per week. Currently, the tours are open to students of all ages, including first grade through high school seniors."
Twin Rivers Paper Company, a leader in lightweight specialty packaging, label and publishing papers, expands its reach in the label market with its Alliance® WS in 60 lb. Designed for large glass and plastic containers used in beverage, condiment and food applications, this paper offers customers a label substrate that brings excellent printability and runnability throughout the supply chain.
“Our goal is to provide our food and beverage customers with a label paper that makes their brand stand out, while ensuring consistent quality and durability from the converter to the consumer,” says Dave Deger, Director of Business Development and Marketing.
Alliance® WS 60 is part of a comprehensive portfolio of wet-strength solutions. Products also include full and partial wet-strength labels with basis weights of 37, 39, 44, 47 and 51 lb. With a bias towards co-development, Twin Rivers offers an experienced technical team and cutting-edge research labs, providing the expertise and manufacturing know-how to develop the right label solution.
The Association of American Publishers, the national trade association for the US book and journal publishing industry, today recognized the release of the Congressional International Anti-Piracy Caucus 2012 Country Watch List and applauded IAPC’s work to promote improved protection and enforcement of creative industries’ intellectual property rights with key US trading partners.
IAPC is chaired by Senators Sheldon Whitehouse (D-RI) and Orrin G. Hatch (R-UT) and Representatives Bob Goodlatte (R-VA) and Adam B. Schiff (D-CA).
“The AAP thanks Senators Whitehouse and Hatch, Representatives Goodlatte and Schiff and all Caucus members for their commitment to upholding the rights of American content creators and for acknowledging our industries’ contributions to the economy and the fabric of global culture,” said Tom Allen, President and CEO, AAP.
“Every sector of the US publishing industry is affected by physical and digital piracy, with Canada and China among our greater concerns. It is imperative that those who learn, enjoy and value US published works recognize that threats to intellectual property rights will divert publishers’ investments in content and innovation.”
Sealed Air Corporation, a global leader in food safety and security, facility hygiene and product protection, today announced it has received the 2012 Clean Air Excellence Award from the United States Environmental Protection Agency (EPA). The award is in recognition of the ReNew® Air Scrubber program, an inventive solution for air pollution remediation. This award was given as part of the Clean Air Technology category, one of five categories the EPA has recognized since it launched its Clear Air Excellence Awards program 11 years ago.
ReNew technology, which is part of Sealed Air’s Diversey business, is used in the rendering process to remove volatile organic compounds (VOCs) from the air. ReNew Air Scrubber program is helping organizations create a safer working environment for plant workers, lower the total cost to operate, save water and improve the odor profile of processing facilities. Today, it is the number one solution for air pollution remediation at rendering plants. Customers include 10 of the top 12 rendering companies in the U.S. representing more than 59 scrubber installations.
Rite Aid Corporation today reported improved financial results for its fiscal second quarter ended Sept.1, 2012.
Revenues for the 13-week quarter were $6.2 billion versus revenues of $6.3 billion in the prior year second quarter. Revenues decreased 0.6 percent primarily as a result of a decrease in pharmacy same store sales and store closings.
Same store sales for the quarter were flat over the prior year 13-week period, consisting of a 1.4 percent increase in front end sales offset by a 0.7 percent decrease in pharmacy sales. Pharmacy sales included an approximate 750 basis point negative impact from new generic introductions. The number of prescriptions filled in same stores increased 4.0 percent over the prior year period, which includes the benefit of additional prescriptions resulting from the Walgreens/Express Scripts dispute. Prescription sales accounted for 67.5 percent of total drugstore sales, and third party prescription revenue was 96.5 percent of pharmacy sales.
Net loss was $38.8 million or $0.05 per diluted share compared to last year’s second quarter net loss of $92.3 million or $0.11 per diluted share. The decrease in net loss year over year resulted from an increase in Adjusted EBITDA and decreases in LIFO, store closing and impairment and depreciation and amortization charges.
The Retail Industry Leaders Association (RILA) issued the following statement in response to an announcement that the U.S. Maritime Alliance and the International Longshoremen’s Association have agreed to a 90-day extension of the collective bargaining agreement due to expire on Sept. 30.
“The 90-day extension is welcomed news for retailers because it ensures that a work stoppage at the ports will not interfere with the flow of goods during the critical holiday season,” said Kelly Kolb, VP for government affairs. “Ports play a critical role in the supply chain and a potential disruption would be harmful to the retail industry as it would lead to lost sales and aggravated customers.”
RILA will continue to closely monitor the progress of negotiations and strongly urge the parties to reach a long-term agreement as soon as possible in order to remove the threat of a devastating work stoppage at the East and Gulf Coast ports.
Next Issue Media, the joint venture formed by Condé Nast, Hearst, Meredith, News Corp. and Time Inc. to market digital magazines, is sweetening the deal for its unlimited package, which gives subscribers access to every title on the newsstand, with 31 new titles. This brings the total number of titles available to unlimited subscribers to 72.
The new titles available to unlimited subscribers include Cosmopolitan, Country Living, Details, Eating Well, Elle Décor, Every Day with Rachael Ray, Family Circle, Family Fun, Food Network Magazine, Golf World, Good Housekeeping, Harper’s Bazaar, HGTV Magazine, House Beautiful, Ladies’ Home Journal, Living the Country Life, Marie Claire, Midwest Living, More, O, The Oprah Magazine, Redbook, Road & Track, Seventeen, Successful Farming, Teen Vogue, Town & Country, Traditional Home, Veranda, W, Woman’s Day and Wood.
The new titles are currently only available for iPad, but Next Issue is working to make Android-compatible versions available soon. The first group of 41 titles is already available for Android tablets running Honeycomb version 3.0 or Ice Cream Sandwich version 4.0, with a screen resolution of 1024x600 or 1280x800.
Subscription pricing remains the same. “Unlimited Basic,” offering access to all monthly and biweekly titles, costs $9.99 per month; “Unlimited Premium,” offering access to all 72 titles in the catalog, including weekly titles, costs $14.99 per month.
Wal-Mart Stores Inc. will stop selling all Kindle products from Amazon.com Inc. Wal-Mart follows Target Corp., which made the decision to cease carrying the line of mega-popular e-readers and tablets earlier this year.
“Wal-Mart Stores made a business decision to not carry current Amazon products beyond our purchase commitments and existing inventory,” a spokeswoman tells Internet Retailer. “Our customers trust us to provide a broad assortment of products at everyday low prices, and we approach every merchandising decision through this lens. We will continue to offer our customers a broad assortment of tablets, e-readers and accessories at a variety of great price points. This decision is consistent with our overall merchandising strategy.”
The Kindle Fire and the newly released Kindle Fire HD are not just e-readers but full-fledged tablet computers. They come with the Amazon shopping app pre-installed and in a position of prominence. These devices facilitate sales of merchandise through Amazon.com’s mobile commerce channel—every Kindle Fire in the hands of a consumer gives Amazon an edge in online sales competition, says Nikki Baird, managing partner at Retail Systems Research LLC.
As Meredith’s Sales Guarantee Program is coming up on its first year in the market, EVP and president of sales Dick Porter is pleased with the way the initiative has worked to this point. Specific details are unavailable at the moment, but at worst he says, the program is expanding; at best, it’s at the head of a new trend in marketing accountability.
“Is the world of marketing going to want less accountability than they have today, exactly the same amount, or more accountability?” Porter asks. “I’m guessing it’s going up. So for Meredith, the mantra is ‘innovation in accountability.’”
Meredith announced it would offer the program (originally titled “The Meredith Engagement Dividend”) in July of 2011. Partnering with Nielsen’s Homescan analytics, the publisher guarantees a minimum level of ROI for the advertiser based on the purchasing habits of monitored households. If the mutually agreed-upon standards aren’t met, the advertiser gets free space.
Kimberly-Clark was announced as Meredith’s first major partner in the enterprise in November of last year, but nine others joined in what Porter termed a “pilot” year. The initial experiment was limited to 10, but Meredith will widen the pool going forward.
Domtar Corporation today announced the launching of an interactive, educational site The Forest Academy. The tool, introduced a few months ago, has reached a milestone of 25,000 visitors. The Forest Academy builds on Domtar's original youth education website "Tree World" that had been developed in the 1990s. It provides elementary school students with fun, informative games about trees and forest ecology,
"We're thrilled that teachers and parents are finding the new site to be a useful and engaging learning tool," notes Pascal Bossé, Domtar Vice-President Communications and Investor Relations. "We put a lot of effort into creating the site's top quality educational content, but the flash programming of the games is what makes it fun for adults and kids to learn, and what makes The Forest Academy so unique."
In addition to the games, teachers will find a faculty manual with a wealth of information about trees and forest ecology. For more information, please visit http://www.theforestacademy.com.
Bloomsbury was founded in 1986 on the principle of publishing books of the highest quality. In India it will continue this tradition for fiction, non-fiction, academic, business and education with both Indian and international authors.
In November 2012, we will publish the first Wisden India Cricketers Almanac 2012, followed in December by the spectacular Return of a King: The Battle for Afghanistan by William Dalrymple, whose previous books have been No. 1 bestsellers in India. On our fiction list, ManilSuri's bold and controversial new novel The City of Devi will be published in January 2013. Bloomsbury has an exceptional list of South Asian writers including Kamila Shamsie, Romesh Gunesekera, Rajesh Parameswaran, Roshi Fernando, Jaspreet Singh and Tishani Doshi.
Bloomsbury India's authors include the international bestselling writers J.K. Rowling, Khaled Hosseini and Elizabeth Gilbert; Booker Prize winners Margaret Atwood and Howard Jacobson; Nobel Prize winner Nadine Gordimer; Orange Prize winners Madeline Miller and Anne Michaels, cookery books by the Michelin starred chefs Heston Blumenthal, Atul Kochhar and Raymond Blanc and the bestselling Anthony Bourdain. Bloomsbury India will distribute both UK and US imprints including the critically acclaimed and popular Arden Shakespeare. A rigorous academic list will focus on business, economics and management.
AAA’s Fuel Gage Report as of 9/21/12
National Unleaded Regular:
Current Average - $3.833/gallon
Month Ago Average - $3.716/gallon
Year Ago Average - $3.570/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Current Average - $4.114/gallon
Month Ago Average - $4.000/gallon
Year Ago Average - $3.886/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 9/21/12
American Dollar to Canadian Dollar = 1.026890
American Dollar to Chinese Yuan = 0.158567
American Dollar to Euro = 1.300969
American Dollar to Japanese Yen = 0.012785
American Dollar to Mexican Peso = 0.078059
Oil advanced in New York as optimism that central bank stimulus will revive the global economy fanned speculation that crude’s biggest weekly decline in more than three months was excessive.
November futures rose as much as 1.2 percent after front- month prices slid 7.2 percent in the four days through yesterday, when the October contract expired. The Financial Times reported that Spanish and European Union officials were working on plans to trigger bond purchases by the European Central Bank. Global equities are trading less than 1 percent below this year’s peak, reached on Sept. 14 after the Federal Reserve announced another round of quantitative easing.
“Oil is caught between the pull of excess supply over the next few months, and the push of quantitative easing and hopes for an improvement in growth from the various stimulative programs,” said Guy Wolf, a strategist at London-based commodities broker Marex Spectron Group Ltd. “We think it is likely to remain volatile for a while longer.”
Crude for November delivery advanced as much as $1.06 to $93.48 a barrel in electronic trading on the New York Mercantile Exchange and was at $92.96 at 10:58 a.m. London time. It climbed 12 cents yesterday to $92.42. The October contract expired at $91.87, down 11 cents.