Paperclips Blog | Oil Drops on Europe Debt and Rising Dollar Results

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• 05.17.2013

  Hearst Magazine International Announces Launch of Totally Global Media

  Hearst Magazines International, a unit of Hearst Magazines, today announced the launch of Totally Global Media. TGM is a worldwide advertising platform comprised of Hearst Magazines’ websites and Hearst’s international publishing partner websites that offers quality content from brands including Harper’s BAZAAR, Esquire, ELLE and Cosmopolitan as well as highly-trafficked, pure-play digital sites such as Digital Spy in the U.K. and Yoka.com in China.

  
  

  With offices in New York and London, TGM is a centralized marketing solution for brands looking to leverage digital and cross-platform programs in multiple regions of the world, with a portfolio that offers 200 million unique visitors per month in more than 20 countries. Hearst Magazines International’s publishing partners include industry leaders Burda Media, Televisa Publishing + Digital, Groupe Marie Claire, Rogers Communications and more. 

  
  

  “TGM is a one-stop-shop for global marketers,” said Gina Garrubbo, senior vice president of Totally Global Media. “We’re developing and managing custom, multi-country digital and cross-platform advertising and marketing programs with global appeal, translated for local markets, all with a single buy and one point of communication—it is streamlined and highly efficient.”

  
  
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• 05.17.2013

  PRIMIR Publishes New Study: "Impact of Integrated Marketing on the Printing Industry"

  PRIMIR, the Print Industries Market Information and Research Organization, at NPES today announced that its latest study, "Impact of Integrated Marketing on the Printing Industry," has been released. The research, conducted by InfoTrends, provided exclusively to PRIMIR members, identifies marketing trends in integrating various media into marketing campaigns and discusses print's role in integrated marketing. The research report also identifies the key vertical markets where integrated marketing plays an essential role for promotion.

  
  

  The research report provides real-world insights into the ability of printers to transform themselves into providers and drivers of integrated marketing. It also outlines how manufacturers of equipment, software, consumables and supplies can provide support to their printer customer base. 

  
  

  According to the PRIMIR study, integrated marketing spend in 2011 was $15 billion in the top five vertical markets: automotive, retail, food and beverage, financial services, and healthcare. Based on projected growth at an average of 11 percent CAGR (compound annual growth rate), integrated marketing spend will reach $25 billion in 2016. The fastest growing market—financial services—is projected to increase at approximately 18 percent CAGR over the five-year timespan.
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• 05.17.2013

  J.Vilaseca Earns ISO 50001:2011, Energy Management System

  Spanish specialty papermaker J.Vilaseca has recently obtained the certification ISO 50001—an international standard for energy management and efficiency. J.Vilaseca's main objective with the procurement and implementation of this standard is to establish systems and processes to improve energy efficiency, reducing energy consumption and costs, as well as offsetting the current energy problems:

  • Shortage of current sources

  • Infrastructure vulnerability to future energy supply problems

  • Political instability in countries of supply

  • Energy price volatility

  • External energy dependence

  • To honor the company's commitment to the reduction of greenhouse gas emissions

  "Obtaining this certification highlights the concern and commitment from J.Vilaseca for combating climate change while also confirms the company's strategy investment to social responsibility and respect and preserve the environment," the company said in a statement.

  
  
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• 05.17.2013

  "Mr. Corrugated" Stars in Promotional Campaign for Corrugated Packaging in Europe

  The UK's Confederation of Paper Industries (CPI) Corrugated Sector said that it is backing an innovative and high-profile Europe-wide campaign promoting the major economic and environmental advantages to the supply chain of Corrugated Packaging.

  
  

  The European Federation of Corrugated Board Manufacturers (FEFCO) has created a video featuring brand ambassador "Mr. Corrugated". The video focuses on the ‘five easies’ of shelf ready packaging (SRP) for retailers — it’s easy to identify, easy to open, easy to get on shelf, easy to access and easy to flatten and recycle — as well as its core message.

  
  

  The video can be viewed at: www.mrcorrugated-film.eu.

  
  

  The animated character’s portrayal of corrugated’s economic, protective, recyclable and renewable qualities in a fun way will reinforce the fundamental benefits that this versatile packaging can provide for logistical operations in a wide range of industry sectors.

  
  

  CPI’s Director of Packaging Affairs, Andy Barnetson, said, “FEFCO’s campaign featuring 'Mr. Corrugated' is very clever and appealing, and is sure to make an impact. The video is great at effectively communicating the message that environmental concerns and economical packaging are not incompatible.”
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• 05.17.2013

  Consumers Will Pay More to “Go Green” Researchers Say

  As the 76 million former flower children of the Baby Boom generation start to pass the baton of supermarket domination to their 79 - 92 million tattooed Millennial successors, both massive consumer groups have a message for CPG companies: 'We want green packaging.'

  
  

  Of course, above all else, shoppers want to buy high-value products in packages that are attractive and functional - that keep food safe and fresh yet make them accessible and easy to use. But recent studies have shown that green packaging is high on the priority list for today's food and beverage consumers.

  
  

  What makes packaging 'green'? Definitions and standards vary. According to the Sustainable Packaging Alliance, green packaging meets the following four criteria: it is effective, makes efficient use of raw materials, generates minimal waste that can’t be recycled and is safe.

  
  

  When a shopper thinks two products have equal value and appeal, they frequently select the one they think is packaged in a more environmentally sensitive way, according to a recent report by New-Jersey based marketing company Perception Research Services. According to the study, 36 percent of consumers were likely to choose environmentally friendly packaging, which is a 29 percent increase over 2010 figures. And more than 50 percent of consumers said they were willing to pay more for green packaging, while more than 30 percent said they bought more of a product if its package was labeled "recyclable" or "made from recycled material."
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• 05.17.2013

  Crude Rises on Stimulus Speculation

  West Texas Intermediate crude rose on speculation that central banks will bolster stimulus after more Americans than projected filed for unemployment benefits and U.S. consumer prices decreased.

  
  

  Futures climbed 0.9 percent as Labor Department figures showed that jobless claims exceeded all forecasts in a Bloomberg survey of economists. The U.S. cost of living fell in April for a second month. St. Louis Federal Reserve President James Bullard said last month that persistent disinflation may require the central bank to provide additional stimulus. The dollar slid after the U.S. economic headlines, bolstering oil.

  
  

  “The market came roaring back after what were bearish headlines,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “Negative news is being taken as a sign that the easy-money policies of the central banks will continue.”

  
  

  WTI oil for June delivery advanced 86 cents to settle at $95.16 a barrel on the New York Mercantile Exchange. The volume of all contracts traded was 28 percent above the 100-day average at 3:34 p.m.
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• 05.17.2013

  Stable Economic Fundamentals Keep Consumer Spending Outlook on Track

  The Deloitte Consumer Spending Index (Index) dipped slightly in April, primarily due to an increase in the tax rate, while other economic fundamentals remain steady. The Index tracks consumer cash flow as an indicator of future consumer spending.

  
  

  "Despite a minor backslide in April, the Index has remained stable over the past six months, staying at a level that typically indicates sustained consumer spending in the near term," said Daniel Bachman , senior U.S. economist, Deloitte Services LP. "The employment picture continues to improve gradually, with revisions in the last two months reflecting stronger growth than initially reported. The retail sector – the largest private sector employer – added 29,000 jobs in April, bolstering confidence in the industry and the broader economy, even as the effects of the sequester and tax increases continue to impact consumers."
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• 05.17.2013

  Bow Wow Wow! Hundreds of Paper Dogs Hit New York City

  NYCxDesign, New York's city-wide celebration of cutting edge design is underway and has attracted the most unlikely of guests - hundreds of paper dogs.

  
  

  An exhibition of customised paper dogs has arrived in the city following an ambitious international design exchange, with the pooches flying in from artists' studios around the world including New Zealand, Argentina, Sweden and South Korea.

  
  

  Over 100 artists from around the world, including US artists Jimi Crayon, Oliver Hibert , Tatiana Arocha and Banksy's right-hand man, Inkie have given 120 dogs a new coat and set them loose in the Big Apple. Created by British design house, Lazerian, and supported by British paper mill, James Cropper , the designs include an homage to New York hot dog sellers by Spanish design company, Munye&Co complete with ketchup logos.

  
  

  

  
  
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• 05.17.2013

  AAA Fuel Gage & Exchange Rates

  AAA Fuel Gage 5/17/13
  National Unleaded Regular:
  Current Average - $3.618/gallon
  Month Ago Average - $3.519/gallon
  Year Ago Average - $3.722/gallon
  Highest Recorded Average - $4.114/gallon on 7/17/08
  Diesel:
  Current Average - $3.884/gallon
  Month Ago Average - $3.949/gallon
  Year Ago Average - $4.025/gallon
  Highest Recorded Average - $4.845/gallon on 7/17/08

   

  Current Exchange Rates as of 5/17/13

  American Dollar to Canadian Dollar = 0.975250
  American Dollar to Chinese Yuan = 0.162737
  American Dollar to Euro = 1.286015
  American Dollar to Japanese Yen = 0.009764
  American Dollar to Mexican Peso = 0.081206

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• 05.17.2013

  WTI Fluctuates; Poised for First Weekly Drop in a Month

  West Texas Intermediate crude headed for the first weekly decline in a month after U.S. consumption of gasoline and distillate fuels dropped.

  Futures fluctuated in New York after rising yesterday by the most in six days. U.S. gasoline consumption shrank 1.2 percent last week and demand for distillate fuels, including heating oil and diesel, decreased 2.4 percent, Energy Department data show. WTI may drop next week amid concern that weaker economic growth will reduce fuel use, according to a Bloomberg News survey.

  “We still expect renewed downside pressure,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said in an e-mail. “Demand is yet to improve ahead of summer” in the U.S. and Europe, he said.

  WTI for June delivery was at $95.35 a barrel, up 19 cents, in electronic trading on the New York Mercantile Exchange at 10:27 a.m. London time.

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• 05.17.2013

  American Forest & Paper Association Releases April 2013 Paperboard Statistics Report

  The American Forest & Paper Association released its April 2013 U.S. Paperboard Report today.

  Total boxboard production increased by 1.7 percent compared to April 2012 and increased 2 percent from last month. Unbleached Kraft Boxboard production decreased over the same month last year but increased compared to last month. Total Solid Bleached Boxboard & Liner production increased compared to April 2012 and increased compared to last month. The production of Recycled Boxboard increased compared to April 2012 but decreased when compared to last month.

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• 05.17.2013

  American Forest & Paper Association Releases April 2013 Kraft Paper Sector Report

  The American Forest & Paper Association released its April 2013 Kraft Paper Report today.

  Total Kraft paper shipments were 133 thousand tons, an increase of less than 1 percent compared to the prior month. Bleached Kraft paper shipments increased year-over-year 10.3 percent, but the 3.1 percent year-over-year decline in the larger category of Unbleached Kraft paper shipments was enough to bring overall Kraft paper shipments down 1.2 percent year-over-year. Total month-end inventory decreased 7.1 percent to 66.5 thousand tons this month compared to March 2013 month-end inventories.

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• 05.17.2013

  American Forest & Paper Association Releases April 2013 Containerboard Statistics Report

  The American Forest & Paper Association released its April 2013 U.S. Containerboard Statistics Report today. 
   
  Containerboard production dropped 1.5 percent over March 2013 but rose 4.2 percent over the same month last year.  The month-over-month average daily production increased 1.8 percent.  The containerboard operating rate for April 2013 gained 1.5 points from March 2013, from 92.8 percent to 94.3 percent.

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• 05.17.2013

  Nordstrom Reports First Quarter 2013 Earnings

  Nordstrom, Inc. today reported earnings per diluted share of $0.73 for the first quarter ended May 4, 2013, representing a 4.3 percent increase from $0.70 for the same quarter last year. Net earnings were $145 million compared with $149 million for the same quarter last year.

  Total Company net sales of $2.7 billion for the first quarter increased 4.8 percent compared with net sales of $2.5 billion during the same period in fiscal 2012. Total Company same-store sales increased 2.7 percent compared with the same period in fiscal 2012, on top of last year’s same-store sales increase of 8.5 percent.

  First quarter performance was consistent with the lower end of the Company’s expectations as lower than planned sales volume was mitigated by the Company’s management of inventory and expenses. While in the first two months of the quarter the Company experienced particularly soft sales trends in seasonal merchandise and geographically in the Northeast, Mid-Atlantic and Midwest regions, overall sales trends showed improvement in April.

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• 05.16.2013

  Bookstats 2013 Now Available

  BookStats Volume 3, the most comprehensive survey capturing the size and scope of the US book publishing industry in calendar year 2012, is now available for purchase.

  Some highlights of this year’s report:
  Trade publishing (general-interest fiction and non-fiction for adults, children and young adults and religion) experienced significant growth since 2011
  eBooks are now fully embedded in the format infrastructure of Trade book publishing
  Consumers love to read and want books in all the formats available to them

  Since its debut edition covering 2008-2010, BookStats has been a co-production of the Association of American Publishers and the Book Industry Study Group. Volume 3 captures net revenue and units for all key publishing categories, sectors, formats and main genres, providing a five-year historical track that encompasses the digital transition. It also examines trends in publishers’ sales channels including retail, institutional and other categories.

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• 05.16.2013

  Orient Paper, Inc. Reports First Quarter 2013 Results

  Orient Paper, Inc., a leading manufacturer and distributor of diversified paper products in North China, today announced unaudited financial results for the first quarter ended March 31, 2013.

  Key Highlights for First Quarter 2013:
   •Financial impact from Chinese New Year and a 20-day suspension of production due to government environmental inspection were in line with Company's expectations  
  •Progress on schedule for tissue paper business expansion
  •First quarter dividend payment of $0.0125 per share
  •2013 guidance on net income and EPS unchanged

  Mr. Zhenyong Liu, Chairman and Chief Executive Officer of Orient Paper, commented, "We are pleased that our facilities passed the rigorous governmental inspection as we are committed to a business model that complies with the governmental initiative of building an environment-friendly operation."

  Mr. Liu added, "Despite the challenges and the financial impact of the Chinese New Year and a 20-day suspension of production due to government environmental inspection in this quarter, we are pleased that our cash position has continued to improve, supported by the Company's ability to generate cash consistently and maintain a competitive cost structure."

  "With demand slowly picking up, as reflected in a slight sequential increase of the average selling price of corrugating medium paper, raw material prices trending towards a normalized level, and the ramp up of our new production line PM6, we reiterate our commitment to our net income guidance for 2013," continued Mr Liu.

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• 05.16.2013

  Consolidated Graphics Reports Financial Results For The Quarter And Year Ended March 31, 2013

  Consolidated Graphics, Inc. today announced financial results for its fourth quarter and year ended March 31, 2013.

  Revenue for the March 2013 quarter increased to $251.0 million, compared to $250.6 million for the same quarter last year due to a .5% same-store sales increase, excluding election related business. Adjusted Operating Income increased 115% for the quarter to $12.8 million or 5.1% of revenue, compared to $6.0 million or 2.4% of revenue last year. Adjusted Net Income increased 167% to $7.6 million for the quarter, compared to $2.9 million for the prior year. Adjusted Diluted Earnings Per Share for the March quarter increased 182% to $.79, compared to $.28 last year. Adjusted EBITDA increased 22.9% to $30.7 million for the quarter and Free Cash Flow was $32.4 million.

  Largely due to $12.6 million in charges related to the withdrawal from certain multi-employer pension plans and impairment of goodwill, operating loss for the March 2013 quarter was $.2 million. The March 2012 quarter operating loss was $8.3 million and included charges for withdrawing from certain multi-employer pension plans and asset impairments. Net loss for the March 2013 quarter was $.3 million or $.03 diluted loss per share, compared to a net loss of $5.9 million or $.57 diluted loss per share in the prior year.

  Revenue for the fiscal year ended March 31, 2013 increased to $1,048 million, compared to $1,045 million in the prior year and Adjusted Operating Income increased 7.4% to $54.6 million.

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• 05.16.2013

  Cascades Makes Moving Easy

  Cascades is launching its new line of moving boxes made in Québec from corrugated board containing 80% recycled materials—just in time for July 1st! Whether you are packing up a large house or a small apartment, you can now purchase boxes in small quantities, which until now have been available only to companies for industrial packaging.

  Renowned for their strength and assorted sizes designed specifically for moving, Cascades offers peace of mind to thousands of tenants and new home-owners, by delivering just the right number and sizes of boxes needed straight to their door! The boxes are available in standard sizes commonly used by moving companies: 1.5 ft3, 2 ft3, 3 ft3, 4 ft3, and 5 ft3.

  “We are pleased to make these boxes available to the general public. Thanks to these boxes, we have built a strong reputation with many customers in the industrial sector. In addition to our offer of customized home delivery, we are proud to be offering a quality product at very competitive costs: $0.93 to $1.89 per package depending on the format,” explained Marc-André Dépin, President and Chief Executive Officer of Norampac, a division of Cascades.

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• 05.16.2013

  WTI Crude Declines as Fuel Demand Drops Amid Economic Weakness

  West Texas Intermediate fell for the fifth time in six days amid signs of economic weakness in the U.S. and Europe that threaten fuel demand.

  Futures slid as much as 1.1 percent in New York. U.S. industrial production dropped the most in eight months in April, manufacturing in the New York region unexpectedly shrank in May and the euro-area economy contracted more than forecast in the first quarter. A report today will probably show U.S. housing starts slipped from an almost five-year high in April, according to a Bloomberg survey. A measure of U.S. fuel consumption fell by 584,000 barrels a day last week to 18.5 million barrels a day, Energy Information Administration data showed yesterday.

  “It doesn’t look tight in the oil market for the coming five years,” Torbjoern Kjus, a senior oil analyst at DNB ASA in Oslo, said by telephone. “Spare capacity will rise, and I expect prices to continue to trend lower.”

  WTI for June delivery lost as much as $1.07 to $93.23 a barrel in electronic trading on the New York Mercantile Exchange and was at $93.56 at 11:03 a.m. in London.

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• 05.16.2013

  Bertelsmann records significant profit hike in Q1/2013

  Bertelsmann recorded a positive business performance in the first three months of the year, increasing both its operating result and net profit to record levels. With consolidated revenues from continuing operations stable at €3.63 billion (previous year: €3.66 billion), first-quarter operating EBIT increased from €279 million in the previous year to €303 million in Q1/2013. The international media company thus achieved a return on sales of 8.3 percent (previous year: 7.6 percent). Net income improved by 43 percent to €207 million (previous year: €145 million). The increase in earnings was driven by increased profitability in almost all the core businesses, and gains from the acquisition of full ownership in the music rights company BMG, which was completed at the end of March.

  Thomas Rabe, Chairman and CEO of Bertelsmann, said: “Bertelsmann made a successful start to the year. In a challenging market environment, our businesses again expanded their high profitability over the past few months. The results are at record levels. We also began the year with significant strides in implementing our growth strategy. In recent weeks, we have strengthened two growth platforms with the acquisition of full ownership in BMG and the takeover of the financial services provider Gothia. We are also confident that we will complete the combination of our book publishing group Random House with Penguin early in the second half of the year – since February, we have received important regulatory approvals in the U.S., Europe and other markets. These three transactions will result in considerable overall growth for Bertelsmann in 2013.”

  Judith Hartmann, Chief Financial Officer of Bertelsmann, said: “We are pleased with the positive development in the first three months, but the economic conditions remain challenging. The successful placement of RTL shares in May gives us additional financial flexibility for reshaping the Group. Bertelsmann continues to generate high cash flow from operations.”

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• 05.16.2013

  Kohl's Corporation Reports First Quarter Financial Results

  Kohl’s Corporation today reported results for the quarter ended May 4, 2013.
    
  ($ in millions)                           2013              2012         Change 
  Sales                                        $  4,199         $  4,243         (1.0)% 
  Comparable store sales             (1.9)%            0.2  %          -
  Net income                                  $  147            $  154          (4)% 
  Diluted earnings per share      $  0.66         $  0.63            5  % 

  Kevin Mansell, Kohl's chairman, president and chief executive officer, said, “After a slow start, sales improved considerably in April as the weather finally improved in our most weather-sensitive regions. Despite the lower than expected sales, we outperformed our earnings guidance as gross margin results and expense management were better than expected. Our inventory levels are consistent with our expectations."

  Kohl’s ended the quarter with 1,155 stores in 49 states, compared with 1,134 stores at the same time last year. The Company opened nine new stores during the first quarter of 2013 and expects to open three new stores and remodel 30 stores in the Fall.

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• 05.16.2013

  Macy's, Inc. Reports First Quarter Earnings

  Macy's, Inc. today reported higher sales and earnings for the first quarter of 2013, the 13-week period ended May 4, 2013. Based on the ongoing momentum in our business, as well as confidence in our future performance, the company also announced a 25 percent increase in its dividend on common stock and a $1.5 billion increase in its share repurchase authorization.

  Earnings for the quarter were 55 cents per diluted share, an increase of 28 percent compared with 43 cents per diluted share in the same period last year. Comparable sales grew by 3.8 percent from the first quarter last year.

  Sales in the first quarter of 2013 totaled $6.387 billion, an increase of 4.0 percent, compared with sales of $6.143 billion in the same period last year. On a comparable sales basis, Macy's, Inc.'s first quarter sales were up 3.8 percent in 2013 over 2012.

  Macy's, Inc.'s operating income totaled $435 million or 6.8 percent of sales for the first quarter of 2013, compared with $391 million or 6.4 percent of sales for the same period in 2012.

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• 05.16.2013

  Latest Commercial Printing Demographics Show 1,200 Fewer Establishments

  The Commerce Department recently released the latest edition of County Business Patterns data about the number of US business establishments in 2011. Those data indicated that commercial printing establishments declined -4.1% compared to 2010. The biggest percentage declines were in establishments with 500 to 999 employees (between about $90 million to $200 million in sales), which fell by -11.5%, and establishments with 10 to 19 employees (about $1.5 million to $3.5 million) which fell -6.7%.

  

  The reason for the declines are numerous, from outright closure, and also acquisition or merger. Establishments can shift sizes, of course. Usually, troubled printing establishments don’t die without a protracted downward spiral. They decrease in size over time, and then, even after production stops, they still may have a few employees on the books to handle final administrative tasks like final tax returns and official dissolution.
   
  Companies can also increase their size, as there was an increase in establishments with 1000+ employees, probably a consolidation process for that particular company. Sometimes the increase is statistically meaningless, such as a company right on the edge of an employee size interval going from 998 employees to 1001. The increase is meaningful to those four employees, but not meaningful from a total market perspective.

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• 05.15.2013

  100 million pounds of e-waste recycled in Wisconsin since landfill ban

  More than 100 million pounds of e-waste has been collected in Wisconsin since it began a statewide ban on disposing consumer electronics in landfills three years ago, state officials told The Associated Press.

  "It definitely adds up when you think about how many electronics we use now and how often we replace them," said Sarah Murray, coordinator of the E-Cycle Wisconsin program, to the AP.

  Televisions are at the top of the list of electronic waste, according to the report.

  A recent survey by the Wisconsin Department of Natural Resources found that Wisconsin residents own about 7 million TVs, or about three per household, the report said. More than 24 million pounds of old TVs were collected in Wisconsin in the year ending June 30, 2012.

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• 05.15.2013

  Sappi Fine Paper North America Receives 2013 Gold SABRE Award for the successful campaign, The Standard 5

  Sappi Fine Paper North America is pleased to announce that the company along with leading global public relations and communications firm, Burson-Marsteller received a 2013 Holmes Report Gold SABRE award. The successful campaign, The Standard 5 was recognized for its outstanding accomplishment in the Industry Sector category of Business-to-Business: Chemicals & Industrials.

  As the world's largest and most sought after awards competition for the public relations industry, the SABRE Awards celebrate superior achievement in branding and reputation communications. Winning campaigns across North America, EMEA and the Asia-Pacific region demonstrate the highest level of creativity, integrity and effectiveness in their respective categories.

  "It is an honor to be selected as the winner of a Gold SABRE award among a roster of outstanding campaigns," said Patti Groh, director of marketing and communications, Sappi Fine Paper North America. "Over the course of five months, The Standard 5 creatively incorporated events, social media, print, print-activated media such as augmented reality and QR codes as well as cause-related marketing — all into one campaign. The impact of this campaign has far outlasted our expectations and Sappi still receives regular requests for The Standard 5 from designers around the world over a year after its launch."

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• 05.15.2013

  HBG Sales Up 14.9% in First Quarter

  Revenue at Lagardère Publishing rose 6.6% in the first quarter ended March 31 compared to the first period of 2012, with sales up to 419 million euros. Sales were driven by a strong performance at its U.S. subsidiary, Hachette Book Group, where revenue in the quarter increased 14.9%. HBG had a string of bestsellers in the quarter, including books by James Patterson, David Baldacci and Brad Meltzer. E-book sales did well in the quarter and accounted for 34% of trade book sales at the end of the period, up from 30 a year ago.

  E-book sales also were strong in the U.K. and accounted for 31% of adult net sales in the quarter compared to 24% in the first quarter of 2012. For all of Lagardere, e-book sales accounted for 12.4% of sales, up from 9.5% a year ago.

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• 05.15.2013

  KP Tissue and Kruger Products Report First Quarter 2013 Results

  May 14, 2013 - KP Tissue Inc., which holds a limited partnership interest in Kruger Products L.P. ("KPLP"), releases the financial results for KPT and KPLP for the first quarter of 2013. KPLP is Canada's leading manufacturer of quality tissue products for household and commercial use.

  KPT was created to acquire, and its business is limited to holding, a limited partnership interest in KPLP. As of March 31, 2013, KPT held a 16.9% interest in KPLP, accounted for as an investment on the equity basis. The financial results presented for KPT represent its holding in KPLP during the first quarter of 2013. The following discussion and analysis, unless identified specifically as representing the financial results of only KPT, relates entirely to the financial results of KPLP. Accordingly, the results of KPLP apply to KPT only to the extent of its holding in KPLP.

  On April 15, 2013, KPLP paid a distribution to its partners. Following the reinvestment by the partners of KPLP of a portion of such distribution pursuant to KPLP's distribution reinvestment plan, KPT held a 16.9% interest in KPLP.

  Q1 2013 Highlights
  Revenue of $221.8 million in Q1 2013, compared to $216.2 million in Q1 2012, an increase of 2.6 percent year over year
  EBITDA of $25.1 million in Q1 2013 (including $1.8 million of TAD Project start-up costs) compared to $27.2 million in Q1 2012 (including $0.8 million of TAD Project start-up costs), a decrease of 7.8 percent year over year
  Net income of $11.7 million in Q1 2013 compared to $0.4 million in Q1 2012, an increase of $11.3 million year over year

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• 05.15.2013

  Mayr-Melnhof Announces Results for the 1st Quarter 2013

  During the first quarter of 2013 the Mayr-Melnhof Group stood up firmly in an environment marked by stagnating volumes and significantly intensified competition in the main market Europe. Our cartonboard mills as well as folding carton plants recorded overall high capacity utilization, whereby sales and volumes in both divisions could be maintained at the same or above the level of the comparative period. However, at EUR 38.4 million, operating profit of the Group was EUR 4.8 million or 11.1 % below the previous year. This decline was exclusively due to cartonboard production, since the folding carton business achieved an increase in profit compared to the previous year. Loss in volume owing to the planned rebuild of a key aggregate in the cartonboard mill Neuss and lower average sales prices were the major reasons for the reduction in margins at MM Karton.
   
  Looking to the future, there are actually no indications for a recovery in the development of demand, which has slowed progressively since the beginning of the year. Our customers' planning and the visibility remain short-term, the costs of raw materials largely unchanged. Against this background, we intend to safeguard the prices of our products as best as possible and to continue to increase our share in consolidated as well as growing markets in order to secure the long-term profitability of our Group.

  At EUR 496.7 million, the Group's consolidated sales again reached the previous year’s level (1Q 2012: EUR 494.9 million). Lower average prices for cartonboard could be countered by an increase in volume.
   
  Operating profit amounted to EUR 38.4 million and was thus EUR 4.8 million or 11.1 % below the comparative value of the previous year (1Q 2012: EUR 43.2 million). The decrease chiefly results from rebuild-related non-recurring expenses and lower cartonboard prices.

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• 05.15.2013

  WTI Crude Near Two-Week Low; Europe Probes Oil Pricing

  West Texas Intermediate crude fell for a fifth day in its longest run of declines since October. Antitrust regulators are questioning European oil companies about possible manipulation of prices.

  Futures traded near their lowest closing level in almost two weeks in New York. Crude inventories gained 1.1 million barrels last week, the industry-funded American Petroleum Institute said yesterday. A government report today may show stockpiles climbed 450,000 barrels, according to a Bloomberg survey. Royal Dutch Shell Plc, BP Plc, Statoil ASA and Platts said they’re being investigated after the European Commission conducted raids on their offices in three countries.

  “The world will remain well-supplied,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “Higher prices lately have triggered a boost to capacity that will continue to outpace slack post-crisis demand growth.”

  WTI for June delivery fell as much as 77 cents, or 0.8 percent, to $93.44 a barrel and was at $93.63 in electronic trading on the New York Mercantile Exchange at 11:15 a.m. London time.

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• 05.15.2013

  Meredith Acquires Parenting and Babytalk Brands From Bonnier

  Meredith Corporation announced today it has acquired Parenting and Babytalk magazines and their related digital assets from The Bonnier Corporation.

  Under the agreement, the readers of Parenting will receive Parents magazine effective with the September issue. Similarly, readers of Babytalk will receive American Baby magazine effective with the September issue. The companion digital site, www.Parenting.com, will operate as a part of the Parents network of digital media.

  Both Parents and American Baby magazines will include popular editorial features and columns from Parenting and Babytalk to ensure that readers are being super-served with great editorial content that reflects the best of the combined products.

  Financial terms were not disclosed, and the acquisitions will not have a material effect on Meredith's financial performance.

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• 05.15.2013

  Resolute Officially Inaugurates Power Island Producing Green Energy at Thunder Bay Pulp and Paper Operation

  Resolute Forest Products Inc. today officially inaugurated a major power island producing green energy at its pulp and paper operation located in Thunder Bay, Ontario. The power island includes a refurbished and upgraded woodwaste boiler and a new 65-megawatt condensing turbine. Approved by Resolute in early 2011, the C$65 million project took just over 21 months to complete.

  "The power island is a strategic addition to Resolute's Thunder Bay facility," stated Richard Garneau, President and Chief Executive Officer. "It will reduce the mill's energy costs as well as maximize our local woodlands, sawmill, pulp and paper, and energy operations by fully utilizing forest-based biomass to produce green electricity."

  The green power produced will be sold to the Ontario grid under a power purchase agreement between Resolute and the Ontario Power Authority.

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• 05.14.2013

  Non-Profit Initiates Next Stage of its Mission to Stop Greenwashing

  Two Sides today announced the next stage of its nationwide initiative to urge major U.S. banks, utilities and telecommunication companies to end the use of misleading marketing claims about the sustainability of print and paper. Phase Two will include a second round of communication intended to initiate productive discussion with senior management in the target industries, reminding them of their responsibility to adhere to best practices for environmental marketing as outlined in the U.S. Federal Trade Commission’s recently revised Green Guides.
   
  Last year, Two Sides contacted senior bank, utility and telecom executives, encouraging them to follow the yet-to-be-released FTC Green Guides, which say that environmental marketing claims should not exaggerate environmental impacts and must be substantiated.   While some responded positively, many of the nation’s top banks, utilities and telecoms continue to tell their customers that switching to online billing and communication is better for the environment than print and paper with no verifiable or credible supporting evidence.  With the release of the updated Green Guides in October 2012, the FTC made it official that that unqualified environmental language would be viewed as deceptive marketing, strengthening the Two Sides call for change.
   
  “Two Sides has no desire to cause unnecessary negative publicity for these companies or to undermine their cost-saving and efficiency reasons for driving customers towards e-billing, but claims that print and paper are environmentally unfriendly need to stop,” says Two Sides President Phil Riebel. “Rather than call these respected companies out publicly with greenwashing complaints, we’d much prefer to amicably work with them behind the scenes to help develop messaging that meets the Green Guides standards for environmental marketing,” he says. “However, we’re prepared to use the strongest means necessary to put an end to the use of unsupported environmental claims that are potentially damaging to the paper, printing and mailing sectors which support millions of U.S. jobs.”   
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• 05.14.2013

  Quad Soon to Be Colombia's Top Commercial Printer

  Quad/Graphics-Bogota will become Colombia's largest commercial printer in terms of production capacity after it installs a new, highly productive 64-page web offset press this year.

  Designed for high-quality, high-page-count print work, the single-web Goss Sunday 4000 will be the largest, fastest offset press in Colombia, capable of printing up to 64 pages with each rotation of its printing cylinders. The press, scheduled to start up in the second half of July, will allow the printer to greatly expand its production of magazines, catalogs and retail inserts for customers in Colombia and other Latin American nations, according to Tony Scaringi, Quad/Graphics' President & General Manager of Latin America.

  "Colombia's economy continues to grow and this new press will enable Quad/Graphics to quickly meet the print needs of marketers, retailers and publishers who are also growing in Colombia," Scaringi said, noting the nation's Gross Domestic Product increased by a better-than-expected 4 percent in 2012. "No other press in Colombia can match its speed and quality."

  In addition to magazines, catalogs and retail inserts, the versatile press is well-suited for printing books and telephone directories. It will also allow the Bogota plant to increase exports to Central American nations and the Caribbean. Installation will begin in May and be completed in the July.

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• 05.14.2013

  China Shengda Packaging Group Reports First Quarter 2013 Results

  China Shengda Packaging Group Inc., a leading Chinese paper packaging manufacturer, today announced its financial results for the three months ended March 31, 2013.

  Mr. Daliang Teng, Chief Executive Officer of China Shengda Packaging Group commented, "Our revenues for the three months ended March 31, 2013 declined slightly to $27.1 million from $28.5 million for the same period of last year mainly due to the decline in overall sales volume, reflecting continued challenges in macro environment faced by our customers. However, we are pleased to see our gross margin continue to improve, increasing approximately 34 basis points from the same period of last year and 18 basis points sequentially. We are also excited to announce that the construction of our paper mill is finally near its completion and we expect production to commence by the end of the second quarter of 2013."

  First Quarter 2013 Financial Highlights:
  •Revenues decreased by 4.8% to $27.1 million for the first quarter of 2013, mainly due decrease in sales volume.
  •Gross profit decreased by 3.1% to $5.3 million for the first quarter of 2013 from $5.5 million for the same period of 2012. Gross margin increased by 34 basis points to 19.5% for the first quarter of 2013.
  •Net income attributable to the Company's common stockholders decreased by $0.6 million, or 43.3%, to $0.9 million for the first quarter of 2013 from $1.5 million for the same period of 2012.

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• 05.14.2013

  Appleton Papers Announces Company Name Change to Appvion, Inc.

  Appleton Papers announced today that the company changed its name to Appvion, Inc. The new name reflects the company's heritage of innovation in applying chemistry to paper and microencapsulation as a means to create value for its customers.

  Commenting on the name change, Appvion's chairman, president and chief executive officer, Mark Richards , said, " Charles Boyd founded our company 106 years ago today with the belief that he could add value to paper by applying coatings to it. Since then, company employees have used their ingenuity and ability to adapt their expertise to new opportunities to prove that Mr. Boyd's idea was sound, profitable and enduring.

  "Our company's success has been based on using applied chemistry to increase the performance of paper. More recently our expertise in microencapsulation has enabled us to partner with companies like Procter & Gamble to enhance the performance and value of a growing range of consumer and industrial products."

  Richards added that while producing thermal, carbonless, security and other specialty coated papers will continue to be an important part of the company's product offering, adopting the name Appvion reflects the company's entry into diverse new markets and makes it clear that paper won't be the only component of the company's future success.

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• 05.14.2013

  Domtar to Make $20 Million in Upgrades to Hawesville Mill in Kentucky

  Governor Steve Beshear [May 9] announced Domtar Paper Company LLC plans to upgrade and add equipment at its Hawesville facility (Kentucky), retaining 452 jobs and investing up to $20 million in capital improvements.

  “Domtar Paper is making a solid commitment to growing its success here in the Commonwealth,” said Gov. Beshear. “This partnership will lead to the retention of 452 jobs and an investment of $20 million near Hawesville, two extremely good reasons to mark this as a time for celebration.”

  Domtar Paper operates 13 mills across the world, including the Hawesville Mill, a large pulp and paper facility. The Hancock County plant makes approximately 80,000 tons of market hardwood pulp, which is used for paper production, and about 600,000 tons of printing grade paper each year.

  The company plans to upgrade existing equipment and invest up to $10 million to construct a new conveyor system, which will allow Domtar to transport its product directly between the plant and the nearby Ohio River. The system is expected to lower operating expenses, reduce greenhouse gases and help retain the existing 452 jobs at the facility.

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• 05.14.2013

  Fortress Paper Announces First Quarter 2013 Results

  Fortress Paper Ltd. reported 2013 first quarter EBITDA loss of $2.6 million. Excluding corporate costs, combined EBITDA loss of the three business segments Fortress operated in during the first quarter of 2013 was $0.3 million in the three months ended March 31, 2013. The recently discontinued Specialty Papers Segment contributed $10.5 million EBITDA, while the Dissolving Pulp Segment and the Security Paper Products Segment generated EBITDA losses of $8.7 million and $2.1 million, respectively. Corporate costs contributed to EBITDA loss in the amount of $2.3 million.

  Fortress reported a net loss (including discontinued operations) of $12.4 million, or diluted loss per share of $0.85 for the first quarter of 2013 on sales of $99.7 million. In the fourth quarter of 2012, the Company reported a net loss of $4.2 million or diluted loss per share of $0.29 on sales of $96.1 million, and for the first quarter of 2012 net loss of $10.7 million or diluted loss per share of $0.75 on sales of $61.4 million.

  The Fortress Specialty Cellulose mill is still considered to be in ramp up mode working towards full capacity and operating efficiencies. Although market prices for dissolving pulp improved in the first quarter of 2013, our sales in one quarter are typically secured by the end of the previous quarter. The combination of the lower realized dissolving pulp prices and challenges experienced at the mill contributed to disappointing results in the first quarter of 2013.

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• 05.14.2013

  WTI Crude Trades Near One-Week Low on U.S. Stockpiles

  West Texas Intermediate crude traded near the lowest level in more than a week on forecasts that U.S. supplies climbed to the highest since at least 1931 amid production the IEA said is “transformative” for world markets.

  Futures fluctuated in New York, after declining a third day yesterday, on speculation that rising supplies will counter signs of an economic recovery. Crude inventories probably increased 450,000 barrels to 396 million in the week ended May 10, according to a Bloomberg News survey before Energy Department data tomorrow. Growth in North American production will be as significant for markets as China’s economic boom, the International Energy Agency said.

  “Supply-demand is skewed to the oversupply side,” said Michael Poulsen, an analyst at Global Risk Management in Middelfart, Denmark. “There is currently a lot of spare capacity, and global crude overproduction. The multi-decade high in U.S. supply will keep weighing on WTI.”

  WTI for June delivery was at $94.99 a barrel, down 18 cents, in electronic trading on the New York Mercantile Exchange at 11:05 a.m. London time.

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• 05.14.2013

  Ahlstrom's Board of Directors sign new demerger plan relating to Coated Specialties business in Brazil

  Ahlstrom Corporation's Board of Directors have today signed a new demerger plan related to Coated Specialties, Ahlstrom's Label and Processing business in Brazil, and cancelled the previous Coated Specialties demerger plan. Under the signed demerger plan, all the assets and liabilities contained in the Ahlstrom Group, that belong to the Coated Specialties business in Brazil, will be transferred to Munksjö Oyj through a partial demerger. The demerger is part of the process through which Ahlstrom's Label and Processing business and Munksjö AB will be combined.

  The signing of the new demerger plan and cancellation of the previous one were needed since Ahlstrom and Munksjö will not be able to receive all relevant regulatory approvals before May 27, 2013, when the demerger decision made by Ahlstrom's Extraordinary General Meeting of the Shareholders expires. As announced before, Ahlstrom expects to complete the demerger of the Label and Processing business in Brazil during the second half of 2013. Ahlstrom will later this month publish a separate invitation to a new Extraordinary Shareholders' Meeting, which is required to obtain approval for the new Coated Specialties demerger plan.

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• 05.14.2013

  Glatfelter Announces 5% Price Increase for Its Filtration Papers

  Glatfelter, a global supplier of specialty papers and fiber-based engineered materials, today announced price surcharges of five percent for all beverage filtration papers, effective immediately. The announcement comes as a result of high energy and raw material costs.

  Martin Rapp, Vice President and General Manager for Glatfelter's Composite Fibers Business Unit said, "With the exception of electricity which cost remains relatively flat in Europe, the cost for all raw materials and energy has continued to rise gradually in the last 18 months. This has put immense pressure on margins at a time when additional capacity is needed to support long term growing demand."

  "We understand that this price increase is difficult for our customers, but the current economics are not sustainable. We have made extensive efforts in the last years to reduce our overall costs and increase efficiency in an attempt to mitigate the impact of these escalating costs on our customers. However, we have been unable to counterbalance the full impact of rising input costs in the last years."

  Mr. Rapp continued, "Realistically, I do not see any relief from input cost inflation in the near-term, but we are talking and working with our customers to find ways of reducing the impact of these changes within the global supply chain."

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• 05.14.2013

  Ahlstrom committed to further investments in the new Munksjö

  Ahlstrom Corporation has today signed an amendment agreement with EQT, the principal owner of Munksjö, related to the proposed combination of Ahlstrom's Label and Processing business area and Munksjö AB, to create Munksjö Oyj, a leading manufacturer of specialty papers. The amendment agreement covers an additional equity investment in Munksjö Oyj and the net debt position of Ahlstrom's Label and Processing business in Europe (LP Europe) and Munksjö AB as per March 31, 2013. The agreement also details the consequences of the commitments that Ahlstrom and Munksjö AB have provided to address the competitive concerns of the European Commission with respect to the abrasive backings and pre-impregnated decor paper businesses that are part of the planned combination.

  To strengthen the balance sheet and to address the consequences of the remedy proposal made to the EU Commission, the parties have agreed to make an equity investment in the new Munksjö Oyj totalling approximately EUR 28.5 million, in addition to the previously agreed EUR 100 million. The equity investment will be made by Ahlstrom, EQT and the shareholders of Munksjö AB through Munksjö AB. Ahlstrom has increased its original commitment by EUR 16.0 million to EUR 78.5 million and EQT has increased its original commitment by EUR 1.0 million to EUR 13.5 million by subscribing and paying for additional new shares in Munksjö Oyj. Munksjö AB's commitment amounts to EUR 11.5 million.

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• 05.14.2013

  IP Announces Price Increase

  Effective with orders shipped on or after June 17, 2013, we will increase prices on our IP C2S publishing grades as follows:  IP Courtland C2S (All Finishes & Weights) $1.50/cwt

  All other standard differentials, upcharges, and shipping policies for all products will apply. If you have any questions regarding these changes, please call your International Paper sales representative.

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• 05.14.2013

  Ahlstrom introduces its expanded interleaved Sterile Barrier Systems offering

  Ahlstrom, a global high performance fiber-based materials company, introduces its expanded interleaved Sterile Barrier Systems (SBS) offering, Ahlstrom Reliance® Tandem. This expansion introduces SMS (Spunbond-Meltblown-Spunbond) technology into our offering. The company aims to better meet customers' needs and provide unique SBS solutions.
   
  Ahlstrom's sterile barrier systems are a trusted and an integral part of the central sterilization department in hospitals. Previously, our interleaved offering consisted of crepe and wetlaid technologies. To help our customers stay ahead, Ahlstrom now offers a complete interleaved portfolio with the introduction of SMS into our Ahlstrom Reliance® Tandem portfolio. Ahlstrom Reliance® Tandem utilizes our newest technology, SMS, in combination with our existing technologies to provide the optimal combination of sterile barrier system sheets for sequential wrapping.
   
  Ahlstrom Reliance® Tandem or interleaving is the concept of combining two layers of SBS sheets, each offering specialized performance for sequential wrapping. The two layers are used together to offer a high degree of flexibility in terms of performance, technology and cost for different applications.
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• 05.13.2013

  Grainger Reports April 2013 Sales Results

  Grainger today reported sales results for the month of April 2013.  Daily sales increased 8 percent versus April 2012, and included 3 percentage points from volume, 2 percentage points from price, 2 percentage points from acquisitions and 2 percentage points from the timing of the Easter holiday, partially offset by a 1 percentage point decline from foreign exchange.  The month of April 2013 had 22 selling days versus 21 selling days in April 2012.  The 2013 second quarter will have 64 selling days, the same as the 2012 second quarter. 
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• 05.13.2013

  comScore: Online sales up 13% in Q1

  E-commerce sales grew 13% year-over-year to $50.2 billion, marking the fourteenth consecutive quarter of positive year-over-year growth and tenth consecutive quarter of double-digit growth, according to comScore. It was also just the second quarter on record to surpass $50 billion in spending.
   
  The survey also revealed that nearly half (48%) of time spent in the retail category occurred on mobile devices, with smartphones (34%) outpacing tablets (14%).
   
  "The first quarter of 2013 was fairly strong for online retailers, with total e-commerce sales surpassing $50 billion for only the second time on record," said comScore chairman Gian Fulgoni. "While the year-over-year growth rate of 13% remained healthy, it was a point or two below that of the preceding quarters. One potential explanation for this mild deceleration is the payroll tax increase, which went into effect in 2013 and which removed some disposal income from Americans' wallets.”
   
  Fulgoni added that, as long as job growth continues and consumer sentiment remains positive, the outlook for e-commerce in 2013 remains bright.
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• 05.13.2013

  Forest Industry Demonstrates Ongoing Commitment to Boreal Agreement

  Forest companies belonging to the Forest Products Association of Canada (FPAC) today announced their ongoing commitment to the landmark Canadian Boreal Forest Agreement (CBFA) by agreeing to dedicate more than $4 million to implementation over the next two years.  Companies will also work with their environmental partners to raise additional resources to redouble efforts aimed at moving the historic accord forward.

   The commitment comes as the CBFA is about to celebrate its third anniversary and work is accelerating right across the country on the twin pillars of  protecting the environment including threatened woodland caribou while ensuring a viable forest products industry.   The agreement first signed on May 18, 2010 by Canadian companies and conservation groups is the largest and most complex deal of its kind ever reached anywhere in the world.
   
  “Our member companies are truly committed to this deal and have agreed to this additional  contribution of funds to ensure the CBFA can be implemented effectively.” says the President and CEO of FPAC, David Lindsay.  “We fully intend to continue the dedicated and hard work now underway to achieve the ambitious goals of the agreement to protect both the ecological values of the boreal while allowing for continued economic development in the communities which depend on the forest.
   
  Lindsay says the additional $4 million will further help the scientific rigour, planning, mapping and consultations across the boreal.  This commitment is in addition to the hundreds of people in the forest industry already dedicated to CBFA implementation.

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• 05.13.2013

  Crude Shipments Seen at Six-Month High as OPEC Output Expands

  Crude-oil shipments jumped to a six-month high as Asian demand will probably lead the Organization of Petroleum Exporting Countries to expand output, according to Morgan Stanley.

  Bookings of oil tankers from the Middle East, the largest loading region, rose 27 percent from last week to 79 million barrels, 55 percent above the prior four-week average, Fotis Giannakoulis, a New York-based analyst at the investment bank, said in an e-mailed report today. Asia-bound cargoes accounted for two-thirds of the charters, he said.

  The hires helped rates for very large crude carriers on eastbound voyages rise 22 percent last week, reaching $10,000 a day for the first time in three months, according to Giannakoulis. Seasonal demand accounted for most of the increase, with spot bookings in the last four weeks down 14 percent compared with a year ago, he said.

  “Crude chartering activity increased sharply last week to the highest level in over six months,” Giannakoulis said in the report. “OPEC production is likely on the rise, with Far East flows driving the incremental demand.”

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• 05.13.2013

  BPA: Digital circulation up 2.8%

  About a third (33.8%) of the b-to-b and consumer publications audited by BPA Worldwide reported digital circulation for the second half of last year, the organization said. A total of 520 print titles reported digital circulation for the six-month period ended Dec. 31, a 2.8% increase over the year-earlier period. BPA Worldwide said digital circulation now accounts for about 22% of its audited qualified circulation.
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• 05.13.2013

  Patagonia Commits ‘$20 Million & Change’ in Venture Funding

  Patagonia yesterday launched an internal fund to invest in environmentally responsible startups focused on clothing, food, water, energy and waste.
   
  In a May 6 letter announcing the in-house venture fund, called $20 Million & Change, Patagonia founder Yvon Chouinard — a long-time advocate of corporate environmental stewardship — said the company intends to help “like-minded, responsible start-up companies bring about positive benefit to the environment.”
   
  The fund’s name, Chouinard says, is a nod to the starting amount, $20 million, with the ability to grow and “change the way business is done.”
   
  The company has not yet identified startups to invest in; a Patagonia spokesperson tells Environmental Leader that most funding will be in the $500,000 to $5 million range and will include equity investments and minority and majority partnerships, as well as joint ventures.
   
  With the launch of this fund, the company has also reorganized Patagonia and its other businesses within a new holding company called Patagonia Works. Chouinard says Patagonia Works is dedicated to using business to help solve the environmental crisis.
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• 05.13.2013

  USPS: Q2 $1.9 billion loss highlights continued urgent need for comprehensive legislation

  The U.S. Postal Service ended the second quarter of its 2013 fiscal year (Jan. 1 – March 31) with a net loss of $1.9 billion. The Postal Service continues to grow revenue and reduce expenses by using the tools available to it under existing law. However, without passage of comprehensive legislation to provide the Postal Service with a workable business model for today’s marketplace, large quarterly financial losses will continue.

  "To return the Postal Service to solvency requires a comprehensive approach, which is reflected in our updated Five-Year Business Plan," said Postmaster General and CEO Patrick Donahoe. "The plan provides an achievable roadmap to restore financial stability and preserve affordable mail service for the American public. The major elements of the plan must be pursued and executed within a short window of opportunity to avoid unsustainable losses and potentially becoming a long-term burden to the American taxpayer."

  The Postal Service needs to save $20 billion annually by 2016. Many of the savings cannot be achieved without the following legislative action: Require a USPS Health Care Plan (resolves the Retiree Health Plan prepayment issue); Refund the FERS overpayment and adjust the FERS payment schedule; Adjust delivery frequency (six-day package/five-day mail delivery); Streamline the governance model; Allow USPS the authority to expand products and services; Require a defined contribution retirement plan for future postal employees; Provide instructions to arbitrators to consider USPS’s financial condition in interest arbitration awards; Reform workers’ compensation

  The Postal Service has already reached its debt limit of $15 billion. It also has defaulted on $11.1 billion due for retiree health benefits in 2012 and also expects to default on an additional $5.6 billion on September 30, 2013. In addition, the Postal Service owes an estimated $17 billion on future workers’ compensation claims. "These obligations of nearly $50 billion and continuing losses highlight the need for immediate legislative reform to give us the latitude to execute on our Five-Year Plan and improve our ability to repay these obligations and return to profitability," said Chief Financial Officer Joe Corbett.

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