*American Dollar to Canadian Dollar = 0.738152 *American Dollar to Chinese Yuan = 0.152983 *American Dollar to Euro = 1.100898 *American Dollar to Japanese Yen = 0.008852 *American Dollar to Mexican Peso = 0.055235
National Average Price for Regular Unleaded *Current: $1.728 *Month Ago: $1.827 *Year Ago: $2.343 National Average Price for Diesel *Current: $1.975 *Month Ago: $2.079 *Year Ago: $2.887
Crude oil prices reversed early losses on Friday, with Brent on track for its first weekly gain in a month, as strong U.S. gasoline demand and hopes of OPEC action outweighed concerns over fundamental oversupply. Brent crude futures were trading at $36.09 a barrel at 1100 GMT (06:00 a.m. EST), up 80 cents from their last close and an intra-day low of $34.73. U.S. West Texas Intermediate (WTI) crude futures were up 75 cents at $33.82. The gains, if they hold, would mark the third consecutive daily increase for Brent and the fifth for U.S. benchmark WTI.
Meredith Corp. is pulling the plug on More magazine after nearly 19 years of publication. The April issue will be its last. The title aimed at older, affluent readers tried to go more upscale in the past year but failed to click with enough advertisers. In the age of the Photoshopped stars, Jamie Lee Curtis made history in 2002 by posing for the cover without makeup or airbrushing. Katie Holmes also ditched her makeup for the magazine’s February issue. But the publicity and goodwill it reaped by featuring celebrities ages 40 and up was not enough to keep the magazine going. “After a comprehensive review, Meredith Corporation has decided to discontinue publishing More magazine, effective following the April 2016 issue, deciding rather to invest and align its resources against more profitable activities,” the company said in a statement.
Sales of £4,468m declined 2% in underlying terms. Good growth in Pearson VUE, Connections Education and Wall Street English in China was more than offset by declines in US Higher Education, UK Qualifications and South Africa. Deferred revenues grew 8% in underlying terms. Adjusted operating profit of £723m was down 2% in underlying terms due to revenue mix and an operating loss in our Growth segment partly offset by Penguin Random House.
For the full year 2015, JCPenney reported net sales of $12.6 billion compared to $12.3 billion in 2014, a 3.0 % increase. Comparable store sales rose 4.5 % for the year. For the year, gross margin increased 120 basis points to 36.0 % from 34.8 % in the prior year. SG&A decreased $218 million or 270 basis points compared to the prior year. Adjusted EBITDA was $715 million, a $435 million or 155 % improvement from last year. Adjusted net loss improved $463 million to $315 million, or $(1.03) per share for the year.
Avery Dennison Corporation announced today that its board of directors has elected President and Chief Operating Officer Mitchell R. Butier as president and chief executive officer, effective May 1, 2016, and nominated him for election to the board at the company’s upcoming Annual Meeting of Stockholders on April 28, 2016. Current Chairman and CEO Dean Scarborough will serve as the Executive Chairman of the company’s board of directors. “Mitch has worked in various businesses and regions across Avery Dennison and in roles of increasing responsibility, including chief financial officer and president and chief operating officer,” said Dean Scarborough. “He has been a close thought partner of mine and has been at the center of our most successful business strategies. Most recently, he has been the driver behind increasing the higher-value market segments of our portfolio. Just as important, Mitch is a champion of the values, integrity and high ethical standards that define Avery Dennison.”
Packaging Corporation of America announced today that its Board of Directors has authorized the repurchase of an additional $200 million of the company’s outstanding common stock. The company completed repurchases under its previously-announced authorization earlier this month. Repurchases may be made from time to time in open market or privately negotiated transactions in accordance with applicable securities regulations. The timing and amount of repurchases will be determined by the company in its discretion based on factors such as PCA’s stock price and market and business conditions.
• Excellent financial performance Significant profit improvements across all business units Underlying operating profit of €957 million, up 25% Underlying earnings of 133.7 euro cents per share, up 25% Cash generated from operations of €1,279 million, up 24% Return on capital employed of 20.5% • Capital projects delivering growth Completed major projects delivering to plan, contributing incremental €50 million to underlying operating profit in 2015 Strong capital investment pipeline: €450 million in major projects approved and in progress • Ongoing portfolio optimisation and refinement Acquisitions totalling €94 million to enhance product offering in Consumer Packaging Closure of six operations and sale of a further four operations to optimise cost structures and refine product mix • Significant progress made against our five-year sustainable development commitments • Recommended full year dividend of 52.0 euro cents per share, up 24%
Now in their 12th year, the Manufacturing Leadership Awards honor manufacturing companies and individual manufacturing leaders that are shaping the future of global manufacturing. Winning projects are chosen by a panel of expert judges for results that enabled the manufacturers to set themselves apart from their competitors and that have delivered clear and compelling value, return on investment, and other tangible outcomes. Made from wood fiber, Envi Card Stock is an environmentally preferable replacement for plastics and PVC materials often used in retail gift card. The product is durable and prints crisply using standard offset printing techniques. Envi Card Stock is Forest Stewardship Council (FSC) Certified and tested to be repulpable/recyclable, and can simply be tossed into the mixed bin after use.