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Darden izvršni direktor i predsjednik odstupit će, tvrtka podijeliti uloge

Darden izvršni direktor i predsjednik odstupit će, tvrtka podijeliti uloge



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Dardenov izvršni direktor koji je odlučio prodati Red Lobster odstupit će kasnije 2014. nakon što tvrtka pronađe zamjenu

Darden, predsjednik uprave i predsjednik Clarence Otis, Jr. odstupit će sa svojih mjesta nakon što tvrtka pronađe zamjenu.

Clarence Otis Jr., trenutačno glavni izvršni direktor i predsjednik Darden -a, odstupit će s kraja ove godine, objavila je tvrtka u ponedjeljak. Otis će ostati na mjestu izvršnog direktora ili do imenovanja nasljednika, ili do 31. prosincasv, što god prije nastupi.

Odmah na snagu, tvrtka je imenovala glavnog nezavisnog direktora Charlesa A. Ledsingera mlađeg kao neovisnog neizvršnog predsjednika uprave.

Ranije ove godine, nakon što je Darden prodao Red Lobster - potez koji je aktivist, investitor tvrtke Starboard Value, smatrao nerazumnim - tvrtka je pozvana da podijeli pozicije predsjednika uprave i predsjednika, nazivajući Dardenovu odluku da odustane od Red Lobstera korporativna birokracija koja je pokazala izuzetno loše vodstvo. ”

Tijekom Otisova mandata, Darden je u 2014. godini narastao s 5,2 milijarde dolara godišnje prodaje na više od 8,7 milijardi dolara godišnje prodaje. Međutim, Otis je bio kritiziran zbog onoga što su ulagači smatrali kratkovidnom odlukom o prodaji Red Lobstera, što je rezultiralo gubitkom tržišne vrijednosti od 1 USD milijarde za tvrtku.

"Budući da je prodaja crvenog jastoga dovršena i napredak u renesansi robne marke Olive Garden i drugim strateškim prioritetima u tijeku, ovo je pravo vrijeme za moj odlazak", rekao je Otis. “Uvjeren sam da će oni, pod vodstvom našeg odbora i menadžerskog tima, nastaviti napredovati u mjerama koje poduzimamo kako bismo osnažili performanse restorana i dodatno povećali vrijednost dioničara.”

Za najnovija ažuriranja hrane i pića posjetite našu Vijesti o hrani stranica.

Karen Lo suradnica je urednice časopisa The Daily Meal. Pratite je na Twitteru @appleplexy.


Danone se ulaže investitorima i premješta izvršnog direktora

Danone je podijelio svoje uloge izvršnog direktora i predsjednika, ali to nije dovoljno da umiri aktiviste ulagače.

Div mliječne i dječje hrane Danone rekao je da će Emmanuel Faber odstupiti s mjesta izvršnog direktora u pokušaju ublažiti pritisak dioničara koji su pozvali novu upravu da oživi najvećeg svjetskog proizvođača jogurta.

Danone je rekao kako će razdvojiti pozicije predsjednika i izvršnog direktora, koje je gospodin Faber obnašao posljednje tri godine. Nakon što tvrtka pronađe novog izvršnog direktora, gospodin Faber će postati neizvršni predsjednik.

Danone pati na tri fronta. Zamjene bez mlijeka ne nadoknađuju usporavanje jogurta. U međuvremenu je potražnja za flaširanom vodom oslabila kako se restorani zatvaraju zbog pandemije, dok prodaja adaptiranih mliječnih proizvoda slabi zbog usporavanja nataliteta.

Danone zapošljava oko 700 ljudi u svom poslu s dječjom hranom u Irskoj, preko operacija u Macroomu, Wexfordu i Dublinu.

"Ovo nije čista pauza", napisao je Bruno Monteyne, analitičar iz Sanford C. Bernsteina. Situacija riskira ili dovesti do novog izvršnog direktora kojeg kontrolira Faber, ili do drugog zastoja s ulagačima dalje, rekao je.

Bluebell Capital Partners, jedan od dioničara koji je vodio kampanju za potres menadžmenta, rekao je kako najava označava korak u pravom smjeru, ali ono što Danoneu doista treba je vanjsko vodstvo.

"Trebao bi postojati vanjski kandidat, netko tko nije povezan s prošlošću", rekao je direktor ulaganja Bluebell Giuseppe Bivona. “Dobro je podijeliti ulogu predsjednika i izvršnog direktora, ali očito ono što želimo, ono što tvrtka zaslužuje, je neovisni predsjednik, što očito neće biti slučaj.”

Tvrtka je rekla kako odbor jednoglasno podržava gospodina Fabera, koji će nastaviti upravljati Danoneom do dolaska novog izvršnog direktora.

Čitaj više

Sve veći zbor dioničara, uključujući Artisan Partners Asset Management i Causeway Capital Management, pozvao je na obnovu uprave posljednjih tjedana. Pritisak na gospodina Fabera narastao je jer su dionice Danonea izgubile četvrtinu vrijednosti 2020., a prodaja je pala prvi put u više od 30 godina.

Danoneov odbor također je imenovao Gillesa Schneppa za potpredsjednika, uz Cecile Cabanis, bivšu glavnu financijsku direktoricu tvrtke. Uloga gospodina Schneppa kao glavnog neovisnog direktora prenijet će se na Jean-Michela Severina, koji također djeluje kao čelnik odbora za upravljanje.

Analitičari su rekli da te smjene daju Faberu više ovlasti, jer je prošle godine tražio da g. Cabanis i g. Schnepp postanu novi članovi uprave.


Mark McGettrick otići će u mirovinu Jim Chapman imenovan za nasljednika na mjestu glavnog financijskog direktora

RICHMOND, Va., 9. listopada 2018. / PRNewswire / - Dominion Energy (NYSE: D) danas je objavio da će Mark F. McGettrick, izvršni potpredsjednik i glavni financijski direktor, otići u mirovinu 1. siječnja 2019. godine, ograničivši na 38 -godišnja karijera u tvrtki. Od 1. studenog 2018. McGettrick će odstupiti s mjesta glavnog financijskog direktora. James R. & quotJim & quot Chapman, stariji potpredsjednik-Mergers & amp Acquisitions i rizničar, naslijedit će McGettricka na mjestu financijskog direktora. McGettrick će pomagati Chapmanu tijekom dvomjesečne tranzicije.

Thomas F. Farrell, II, predsjednik, predsjednik i glavni izvršni direktor, rekao je:

& quotDominion Energy dioničari, kupci i zaposlenici imali su velike koristi od desetljeća izvrsnog pružanja usluge Marku McGettricku. Kao šef naše proizvodne jedinice, vodio je izgradnju u Virginiji koja je pomogla poboljšati pouzdanost električne usluge koju Dominion Energy pruža našim komunalnim korisnicima u Virginiji i Sjevernoj Karolini. Kao financijski direktor, Mark je predvodio i nadzirao ogroman rast kapitala u svim našim tvrtkama. U vrijeme dok je bio financijski direktor, naša se imovinska baza gotovo udvostručila, a godišnja stopa dividende više nego udvostručila. Mark je bio izvanredan u svakom pogledu i nedostajat će nam.

& quotOve su godine Mark i Jim Chapman zajedno radili na dovršenju naših inicijativa za poboljšanje kredita-prodajom udjela u kapitalu, dugom za projekt u Cove Pointu i sporazumima o prodaji neke sporedne imovine. Nastavit će suradnički odnos do kraja godine kako bi osigurali uspješno prenošenje dužnosti i održali kohezivnu i koordiniranu komunikaciju s našim analitičarima i investitorima. & Quot

McGettrick se tvrtki pridružio 1980. Tijekom svoje karijere obnašao je razne upravljačke pozicije u dizajnu distribucije, računovodstvu, financijskom planiranju, korisničkoj službi i proizvodnji. Imenovan je predsjednikom uslužne tvrtke 2002. godine i glavnim izvršnim direktorom operativne jedinice za proizvodnju 2003. U lipnju 2009. promaknut je u glavnog financijskog direktora, gdje su njegove odgovornosti uključivale riznicu, računovodstvo, poreze, odnose s ulagačima, upravljanje rizicima. , poslovno planiranje i financijske analize.

"Jim Chapman dolazi kao financijski direktor s bogatim i dubokim iskustvom u financijskoj industriji", rekao je Farrell. & quotJimov jedinstveni skup znanja i spretnosti bio je potpuno prikazan u našim nedavnim akvizicijama Carolina Transmisije plina, Questar Corporation i većeg udjela u Iroquoisu. Njegova promocija dio je dugogodišnjeg plana nasljedstva za popunjavanje vrhunskih radnih mjesta u Dominion Energy. & Quot

Chapman (49) je došao u Dominion Energy 2013. godine nakon više od 20 godina u investicijskom bankarstvu i korporativnim financijama, uglavnom povezanim s komunalnim i energetskim sektorom. Među svojim ulogama, bio je upravni direktor i voditelj Asia Pacific Power & amp Utilities Investment Banking u Barclays plc, kao i slične visoke uloge u Barclaysu i njegovoj prethodnici, Lehman Brothers u New Yorku i u inozemstvu. Chapman je diplomirao povijest i političke znanosti na Sveučilištu Auburn i magistrirao poslovnu školu na Sveučilištu Virginia u Darden School of Business.

Chapman je svoju trenutnu dužnost preuzeo u veljači 2016. Nakon što postane glavni financijski direktor tvrtke, očekuje se da će zadržati svoju ulogu blagajnika.


Pregled poslovanja - DR I Stub

Nakon izdvajanja ili prodaje, DRI će nastaviti raditi kao restoran s potpunom uslugom kroz svojih 1.469 restorana smještenih u SAD-u i Kanadi. Tvrtka će posjedovati i djelovati kroz sedam robnih marki restorana, uključujući Olive garden, LongHorn Steakhouse i SRG koji uključuje The Capital Grille, Bahama Breeze, Seasons 52, Eddie V's i Yard House.

Maslinski vrt (približno 62% od ukupno 13 FG sales): Olive Garden restoran je s potpunom uslugom inspiriran talijanskom kulturom i djeluje u SAD -u i Kanadi. Prvi restoran Olive Garden otvoren je 1982. godine. Dana 25. studenog 2013. maslinik je imao 828 restorana u SAD -u i 6 restorana u Kanadi. Svakim restoranom Olive Garden obično upravlja generalni direktor.

Brend restorana ima različit meni za večeru i ručak. Osim toga, jelovnik se razlikuje ovisno o lokaciji u kojoj restoran radi, na temelju preferencija potrošača, cijena i odabira, kao i manje porcije dječjeg jelovnika po nižim cijenama. Jelovnik vrta Olive Garden sastoji se od raznovrsne talijanske hrane, koja uključuje svježe sastojke i vinsku kartu koja je uključivala širi asortiman uvoznih talijanskih vina. Osim toga, jelovnik se sastoji od suhih kolača i drugih juha od predjela, štapića od salate i češnjaka, pečenih tjestenina, pirjanih specijaliteta s piletinom, plodova mora i svježeg povrća, mesa s roštilja i raznih slastica.

Cijene ulaznica za večeru kreću se od 10 do 20 USD, a cijene za ručak od 7 do 17 USD. Prosječni ček po osobi bio je u rasponu od 16,25 do 16,75 USD tijekom 13. FY. Olive Garden oglašava svoju marku putem svog nacionalnog mrežnog televizijskog oglašavanja, dopunjenog kabelskim, lokalna televizija i digitalno oglašavanje. U nastojanju da poveća broj posjetitelja latinoameričkih potrošača, Olive Garden nastavio je razvijati oglašavanje na španjolskom jeziku.

LongHorn Steakhouse (približno 22% od ukupne prodaje u FY 13): Restorani LongHorn Steakhouse restorani su s punom uslugom i poslužuju hranu u klasičnoj američkoj zapadnoj atmosferi. DRI je 2007. kupio LongHorn Steakhouse. Od 25. studenog 2013. LongHorn biftek imao je 445 restorana koji su radili u SAD -u. LongHorn restorani nalaze se u 38 država, od kojih je većina u istočnoj polovici SAD -a.

Jelovnici LongHorn Steakhouse razlikuju se ovisno o lokacijama, željama, cijenama i odabiru, kao i manjem porcijskom jelovniku za djecu s nižom cijenom. Jelovnici s cijenama večera kreću se od 12 do 23 USD, a cijene menija za ručak od 7 do 15 USD. Prosječna čekovna cijena tijekom 13. fiskalne godine iznosila je približno 18,5 do 19,0 USD, a alkoholna pića činila su 9,6% prodaje LongHorn's Steakhousea.

Grupa specijaliziranih restorana (otprilike 17% od ukupne prodaje krstova od 13 FG): DRI SRG u vrijeme akvizicije RARE Hospitality International Inc (RARE) za podršku rada restorana The Capital Grilles, Seasons 52 i Bahama Breeze. Kasnije su se i Eddie V's i Yard House pridružili grupi specijaliziranih restorana. Grupa specijaliziranih restorana portfelj je malih i srednjih robnih marki punih usluga.

Velika rešetka: Capital Grille poznat je po suhim odležavajućim odrescima, a poznat je i po svježim plodovima mora i kulinarskim specijalitetima koje su stvorili kuhari. Restorani se nalaze u velikim metropolitanskim gradovima u Sjedinjenim Državama. Capital Grille nudi nagrađivanu vinsku kartu s više od 350 odabira, personaliziranu uslugu, ugodnu atmosferu poput kluba i premijerne privatne blagovaonice.

Restoran nudi zaseban meni za ručak i večeru, koji varira ovisno o geografskim razlikama u preferencijama potrošača, cijenama i odabiru. Većina večera na jelovniku stoji od 28 do 51 USD, a većina stavki za ručak kreće se od 12 do 39 USD. Alkoholna pića činila su približno 29,8% prodaje u 13. fiskalnoj godini. Prosječni ček po osobi iznosio je otprilike 70,0 do 72,5 USD.

Bahamski povjetarac: Restoran nudi hranu, piće i ambijent koji se nalazi na karipskim otocima. Jelovnik restorana uključuje prepoznatljivu hranu s Karipskog mora, piletinu, odreske i prepoznatljiva pića. Restoran nudi jelovnik za ručak i večeru. Većina cijena menija za ručak kreće se od 7,5 do 16,5 dolara, a većina večera kreće se od 9 do 23 dolara. Alkoholna pića činila su 22,1% prodaje restorana. Prosječni ček po osobi bio je otprilike u rasponu od 23,25 do 23,75 USD.

Sezona 52: Marka Seasons 52 predstavljena je 2003. Seasons 52 je svježi roštilj i vinski bar sa sezonski inspiriranim jelovnikom i međunarodnom vinskom kartom u ambijentu za odrasle. Svoje poslovanje održava kroz privatne blagovaonice, kuharski stol i piano bar.

Sezona 52 nema jelovnik koji ima više od 475 kalorija. Sezona 52 ima drugačiji jelovnik i za ručak i za večeru. Izbornik se razlikuje ovisno o razlikama u preferencijama potrošača, cijenama i odabiru. Prosječni ček po osobi bio je otprilike u rasponu od 40,25 do 41,25 USD. Alkoholna pića doprinijela su 26,9% prodaje u sezoni 52.

Eddie V: Otvoreni su restorani Eddieja V nadahnuti iz velikih klasičnih restorana u New Orleansu, San Franciscu i Bostonu. Restoran stavlja naglasak na vrhunske morske plodove, USDA glavno goveđe meso i kotlete te svježe ostrige. Jelovnik Eddieja V razlikuje se za večeru na temelju zemljopisnih razlika u preferencijama potrošača, cijenama i odabiru. Cijene jelovnika za večeru kreću se od 18 do 49 USD. Prosječni ček po osobi bio je otprilike u rasponu od 87 do 89 USD.

Dvorišna kuća: Yard House nudi suvremenu američku kuhinju s receptima inspiriranim kuharom i etničkim okusima s širokim rasponom točenih piva i drugih pića. Većina cijena ručka u Yard Houseu kreće se od 9 do 17 USD, a cijene večere od 9,0 do 38,5 USD. Alkoholna pića činila su 39,2% prodaje restorana.

DRI ima širok raspon diferenciranih i dobro uspostavljenih marki. Ključ uspjeha u tome uključuje, između ostalog, izvrsnost upravljanja robnom markom, izvrsnost poslovanja restorana, lanac opskrbe, upravljanje talentima i informacijsku tehnologiju. Kako bi nastavila budući rast, tvrtka mijenja organizacijsku strukturu kako bi bolje iskoristila postojeće iskustvo i stručnost te dodaje novu stručnost u dodatnim područjima koja su ključna za budući uspjeh.

Tvrtka je započela agresivniju promotivnu kampanju kako bi pobijedila konkurenciju, a također i stekla tržišni udio. Tvrtka je poduzela inicijative usredotočujući se na Specialty Restaurant Group, zgradu prodaje na razini poduzeća, digitalni angažman gostiju i zaposlenika, zdravlje i wellness te centre izvrsnosti. Kako bi zadržao snažnu važnost robne marke i ojačao iskustvo i lojalnost gostiju, DRI napreduje s višegodišnjim programom za izgradnju i korištenje jedinstvene digitalne tehnološke platforme. Tvrtka koristi svoju stručnost za povećanje SSS -a i povećanje broja restorana u svakom od svojih postojećih brandova. Što se tiče troškova, tvrtka se usredotočila na identificiranje i provođenje transformacijskih mogućnosti višegodišnjeg smanjenja troškova. U FG14 DRI planira provesti tri transformacijske inicijative koje uključuju, automatiziranje opskrbnog lanca, značajno smanjenje korištenja energije, vode i sredstava za čišćenje u restoranima te optimiziranje troškova rada u restoranima.

U želji da iskoristi svoju tržišnu poziciju, svoj brand, svoju stručnost i drugu imovinu, tvrtka se planira pozabaviti nekim promjenama u potrošačkoj potražnji i konkurentnoj dinamici u restoranskoj industriji. DRI je izradio četiri strateška plana, prvo, plan odvajanja Crvenog jastoga, drugo, planove koji uključuju promjene u raspodjeli kapitala, treće, povećanje usredotočenosti na operativnu troškovnu učinkovitost i na kraju plan koji uključuje promjene u naknadama menadžmenta i planovima poticaja.

Najnovije ažuriranje zarade: drugo tromjesečje koje završava 24. studenog 2013

Ukupna prodaja nastavak poslovanja iznosila je 2,1 milijardu dolara u usporedbi s 2,0 milijardi dolara tijekom prethodnog tromjesečja, što predstavlja rast od 5% u odnosu na prethodnu godinu. Ovaj rast prvenstveno je posljedica neto novih dodataka od 99 restorana u usporedbi s tromjesečjem prethodne godine i rasta SSS -a od 4% u odnosu na prethodnu godinu za Group Specialty Restaurant Group, djelomično kompenziran padom od 1% u odnosu na prethodnu godinu u mješovitom SSS -u Olive Garden, Red Lobster i LongHorn Steakhouse . Tijekom tromjesečja ukupne marže operativne dobiti tvrtke pale su za približno 140 baznih bodova u odnosu na tromjesečje prethodne godine. To je prvenstveno posljedica slabog SSS -a, marže na razini trgovine i većih općih i administrativnih troškova.

Vrt maslina: Prodaja za tromjesečje iznosila je 869 milijuna dolara, što je povećanje od 2% u odnosu na prethodni kvartal. Povećanje je prvenstveno posljedica 25 neto novih restorana otvorenih u posljednjih 12 mjeseci. Povećanje od otvaranja nove trgovine djelomično je nadoknađeno zbog pada američkog SSS -a od 0,6%. Tijekom tromjesečja operativna dobit i operativna dobit u postotku od prodaje porasle su zbog nižih troškova restorana i prodajnih, općih i administrativnih troškova koji su djelomično nadoknađeni povećanjem troškova hrane i pića, troškova rada i troškova amortizacije.

Crveni jastog: Prodaja za tromjesečje iznosila je 561 milijun dolara, što je povećanje od 5% u odnosu na prethodni kvartal. Povećanje je prvenstveno posljedica prihoda od 46 novih neto restorana i povećanja YOY SSS -a od 5%. Na temelju postotka prodaje, manji troškovi hrane i pića, troškovi rada u restoranima te troškovi amortizacije bili su veći u odnosu na tromjesečje prethodne godine, dok su prodajni, opći i administrativni troškovi bili manji.

LongHorn steakhouse: Prodaja u ovom tromjesečju iznosila je 320 milijuna dolara, što je povećanje od 17% u odnosu na isti period prethodne godine. Povećanje prodaje potaknuto je povećanjem prihoda od 46 neto novih restorana i snažnim povećanjem SSS -a. Za tromjesečje, prema postotku prodaje, manji troškovi hrane i pića, troškovi restorana i troškovi amortizacije bili su veći u odnosu na tromjesečje prethodne godine, dok su prodajni, opći i administrativni troškovi bili manji.

Grupa specijaliziranih restorana: Prodaja u ovom tromjesečju iznosila je 291 milijun dolara, što je povećanje od 21% u odnosu na prethodni kvartal prethodne godine. Povećanje je prvenstveno posljedica povećanja SSS -a za 7% u Capital Grille -u, 6% na Bahama Breezeu, 6% u Eddieju V, 1% u Yard Houseu i 1% u 52. sezoni. Rast prodaje za Grupu također je odražavao prihod od četiri nova restorana u The Capital Grilleu, četiri u Bahama Breeze, deset u Seasons 52, dva u Eddieju V i sedam u Yard Houseu.

S obzirom na kontinuiranu mekoću prodaje i trendove u robnim markama, tvrtka sada očekuje ukupni rast prodaje u rasponu od 4% do 5%. DRI je smanjio očekivanja SSS -a za 14. fiskalnu godinu u rasponu od negativnih 4% do 5% kod crvenog jastoga i negativnih 1% do 2% u maslinovom vrtu, te pozitivnih 2% do 3% u LongHorn SteakHouseu, u usporedbi s ranijim očekivanje ravnog SSS -a na mješovitoj osnovi. Tvrtka sada očekuje da će usporediva prodaja u industriji ove godine pasti za 1%, što je za oko 50 do 100 baznih bodova manje od očekivanog. Uz niža očekivanja prodaje, DRI očekuje da će razrijeđena neto zarada po dionici pasti između 15% i 20%. Primarni razlog za smanjenje procjena FG 14 je zbog prilagodbi prema dolje u očekivanjima Crvenog jastoga za godinu. Tvrtka procjenjuje efektivnu poreznu stopu tijekom 14. fiskalne godine na približno 17%, što je za oko 400 baznih bodova niže od efektivne porezne stope iz prethodne godine.

Profil prihoda i marže

Prodaja nastavak poslovanja tijekom 13. financijske godine iznosila je 8,6 milijardi dolara u usporedbi s 8,0 milijardi dolara u 12. financijskoj godini, što predstavlja rast od 8% u odnosu na prethodnu godinu. Rast je prvenstveno potaknut dodavanjem 104 neto nova restorana u vlasništvu tvrtke i 40 restorana Yard House nabavljenih u tom razdoblju. Tijekom tog razdoblja SRG -ov miješani SSS bio je 2%, djelomično je nadoknađen negativnim 1% pomiješanim SSS -om za Olive Garden, Red Lobster i LongHorn Steakhouse.

Prodaja maslinovog vrta u 2013. godini iznosila je 3,7 milijardi dolara, što je povećanje od 3% u odnosu na prethodnu godinu. Povećanje je prvenstveno potaknuto prihodima od 36 neto novih restorana koji su djelomično nadoknađeni 2% YOY smanjenjem američkog SSS -a. Pad američkog SSS-a prvenstveno je posljedica smanjenja broja gostiju u istom restoranu za 3% djelomično nadoknađeno povećanjem prosječnog čeka za 1% u odnosu na prethodnu godinu. Prosječna godišnja prodaja po restoranu za Olive Garden iznosila je 4,6 milijuna dolara u 13. financijskoj godini u usporedbi s 4,7 milijuna dolara u 12. godini.

Prodaja Red Lobstera pala je 2% YOY na 2,6 milijardi dolara, prvenstveno zbog pada američkog SSS -a za 2%, djelomično kompenziranog prihodom od jednog neto novog restorana. Pad američkog SSS-a prvenstveno je posljedica smanjenja broja gostiju u istom restoranu u SAD-u za 2 % u kombinaciji s padom prosječnog čeka za goste od 0,4 %. Prosječna godišnja prodaja po restoranu za Red Lobster iznosila je YOY.

Prodaja LongHorn Steakhousea iznosila je 1,2 milijarde USD u 13. financijskoj godini, što je povećanje od 10% u odnosu na prethodnu godinu, prvenstveno zahvaljujući prihodu od 44 neto nova restorana u kombinaciji s 1% povećanjem SSS -a. Povećanje SSS-a prvenstveno je posljedica povećanja broja gostiju u istim restoranima u kombinaciji s povećanjem prosječnog čeka za 0,1%. Prosječna godišnja prodaja po restoranu za LongHorn Steakhouse iznosila je 3,0 milijuna dolara tijekom godine.

Prodaja Grupe specijaliziranih restorana iznosila je 968 milijuna dolara u 13. financijskoj godini, što je povećanje od 58% u odnosu na prethodnu godinu. Povećanje je prvenstveno posljedica akvizicije Yard Housea i novih restorana. Tijekom tog razdoblja Seasons 52 dodalo je 8 novih restorana, Yard House dodao je 4 nova restorana, The Capital Grille dodao je 3 nova restorana, Bahama Breeze je dodao 3 nova restorana, a Eddie V’s 1 novi restoran. Tijekom 13. fiskalne godine, SSS je porastao 3% na The Capital Grille, 1% u 52. sezoni i 0.2% na Bahama Breezeu.


Ažuriranja uživo

Strategija AT & ampT -a za povećanje profita također uključuje potencijalno smanjenje broja radnih mjesta, čemu se snažno usprotivio sindikat koji predstavlja preko 100.000 AT & ampT radnika.

"Plan koji je AT & ampT danas objavio nešto je što bi samo menadžer hedge fondova mogao voljeti", rekao je Chris Shelton, čelnik američkih komunikacijskih radnika. Grupa je rekla da će "pomno pratiti" AT & ampT dok procjenjuje moguće rezove.

U rujnu je Elliott Management zatražio od tvrtke da prestane s novim akvizicijama, da poveća dividende i otkup dionica te da poboljša svoju učinkovitost smanjenjem radnika i rasprodajom podjela s lošim rezultatima poput DirecTV -a. Fond je također rekao da traži mjesta u upravi AT & ampT -a. Dvije su strane posljednjih tjedana razgovarale o posredovanju u postizanju sporazuma.

Elliott Management također je doveo u pitanje sposobnost AT & ampT -a da upravlja svojim najnovijim vlasništvom, WarnerMedia, tvrtkom koja stoji iza CNN -a, filmskog studija Warner Bros. i HBO -a. AT & ampT prošle je godine kupio medijskog diva - tada nazvanog Time Warner - u pokušaju da pronađe novi rast i da se razlikuje od svog glavnog rivala, Verizona.

Prošlog je mjeseca Elliott Management objavio da je preuzeo 3,2 milijarde dolara udjela u AT & ampT -u, odnosno oko 1 posto preostalih dionica. Telekomunikacijski gigant najvjerojatnije je najveća tvrtka koju je fond preuzeo, a njegov ograničeni udio znači da je imao manje pregovaračke poluge nego u prethodnim kampanjama.

Potezi AT & ampT -a rješavaju većinu briga Uprave Elliott. Hedge fond nije dobio izravna mjesta u upravnim odborima, ali AT & ampT će u narednim danima imenovati novog direktora koji ima odobrenje Elliott Managementa, kazale su dvije osobe upoznate sa tom temom, koje nisu dale svoja imena jer plan nije ipak objavljen.

Investicijska grupa također je ciljala Johna Stankeyja, čelnika WarnerMedije čije ga je ovog mjeseca postavljenje za glavnog operativnog direktora AT & ampT -a dovelo u red da naslijedi gospodina Stephensona. Navodeći promociju, Elliott Management je s neodobravanjem primijetio da bi on "sada također bio odgovoran za dodatnih 145 milijardi dolara prihoda kao predsjednik i C.O.O. cijele tvrtke. ”

U to je vrijeme Elliott Management izrazio zabrinutost zbog nedostatka iskustva u vođenju medijskog poslovanja i upravljanja DirecTV -om. Gospodin Stankey je većinu svoje karijere proveo u telefonskom poslu. (AT & ampT je rekao da razmatra kandidate za izvršnog direktora WarnerMedije.)

Predanost gospodina Stephensona da ostane do 2020. pomak je u odnosu na prethodni plan. Razmišljao je o odlasku sljedeće godine, ali njegova spremnost da ostane dulje odgodit će bilo kakvo povećanje gospodina Stankeyja. Stephenson bi najranije mogao naslijediti 2021.

U intervjuu je gospodin Stephenson naglasio da odbor nije odredio datum njegova umirovljenja. "Jedna stvar koju je odbor rekao je da moram provesti ovaj plan u djelo", rekao je. Ostaje li on dalje od toga "uključuje mnoge čimbenike", dodao je.

Od vjerojatnosti da će ga naslijediti Stankey, gospodin Stephenson je rekao: "Ako u narednim godinama izvrši ovaj plan, očito mora biti jedan od primarnih kandidata na listi."

Osim plana dobiti, AT & ampT je rekao da će procijeniti svoje bezbrojne podjele kako bi vidio što više ne odgovara njezinoj glavnoj djelatnosti. Ove je godine prodao nekoliko manjih odjela i neke nekretnine koje su zajedno generirale 6 milijardi dolara kapitala. AT & ampT je rekao da sada ima za cilj prodati više imovine koja bi mogla generirati između 5 i 10 milijardi dolara.

U ovom trenutku to možda ne uključuje jednu od njegovih najvećih divizija, DirecTV, bolesnu satelitsku uslugu. Gospodin Stankey rekao je da usluga ostaje vitalna za njenu strategiju, koja uključuje ciljano oglašavanje i HBO Max.

Više pojedinosti o HBO Maxu, uključujući njegovu cijenu, bit će otkriveno na prezentaciji investitora u utorak popodne na parceli Warner Bros. u Burbank, Kalifornija.


Darden Nominirani

Četiri nova kandidata za Darden ’s su Gregory Burns, bivši izvršni direktor lanca restorana O 𠆜harley ’s Jeffrey Fox, predsjednik tvrtke za upravljanje kupcima Convergys Corp, bivši ured Office Depot Inc. i izvršni direktor AutoZone Inc. Steve Odland i Enrique Silva, izvršni direktor restoranima s brzom hranom Checkers.

Darden je na zatvaranju u New Yorku porastao 0,9 posto, na 47,75 dolara. Dionice tvrtke sa sjedištem u Orlandu na Floridi ove su godine pale 12 posto.

Operater restorana danas je potvrdio svoju prognozu prilagođene dobiti od čak 2,30 USD po dionici za ovu fiskalnu godinu. Analitičari procjenjuju 2,23 dolara, prosjek projekcija koje je sastavio Bloomberg.

Darden je također objavio preliminarne fiskalne rezultate u prvom tromjesečju. Prodaja u istim trgovinama porasla je 2,8 posto za LongHorn i pala 1,3 posto u Olive Gardenu. Tvrtka koja posjeduje oko 1.500 restorana izvijestit će o punoj zaradi i prodaji 12. rujna.


Darden, pod pritiskom, odvojiti ili prodati crvenog jastoga

(Reuters) - Darden Restaurants Inc DRI.N rekao je da će izdvojiti ili prodati svoj lavadski lanac Red Lobster, pokleknuvši pod pritiskom hedge fonda Barington Capital Group, te upozorio da će zarada ove godine pasti više nego što se očekivalo zbog slabe potražnje.

Barington, koji predstavlja dioničare koji posjeduju više od 2 posto Dardena, i neki analitičari s Wall Streeta tvrdili su da Dardenov potez nije bio dovoljno agresivan.

"Iako je današnja najava prvi korak prema poboljšanju fokusa i operativnom izvršavanju u Red Lobster and Olive Gardenu, plan koji je Darden danas najavio smatramo nepotpunim i neodgovarajućim", rekao je James Mitarotonda, predsjednik i izvršni direktor Baringtona.

Barington iz New Yorka kaže da je Darden postao prevelik i složen da bi se mogao natjecati s izravnim rivalima, poput Cheesecake Factory CAKE.O i Brinker International's EAT.N Chili's Grill & amp Bar. Tvrtka je također pod pritiskom popularnih lanaca ograničenih usluga poput Chipotle Mexican Grill CMG.N, koji kradu kupce.

Barington već mjesecima tjera tvrtku da se podijeli na dva dijela: jedno poduzeće za upravljanje svojim zrelim lancima Olive Garden i Red Lobster, a drugo za rastuće robne marke poput LongHorn Steakhouse, Seasons 52, Capital Grille i tri druga.

Hedge fond također je pozvao Darden, najvećeg američkog operatera restorana s punim uslugama, da istraži stvaranje povjereničkog ulaganja u nekretnine (REIT) kako bi se "otključala vrijednost" njegovih posjeda.

Barington je rekao da bi te radnje mogle potaknuti Dardenove dionice na između 71 i 80 dolara. Dionice su pale na 4,9 posto na 50,34 dolara u podnevnom trgovanju na njujorškoj burzi.

Na konferencijski poziv s investicijskim analitičarima zašto je tvrtka zadržala Olive Garden, izvršni direktor Dardena Clarence Otis rekao je da lanac doprinosi snažnom novčanom toku i da je značajan dio tvrtke. Olive Garden povijesno je pridonio polovici Dardenovog ukupnog prihoda, ali se u posljednje vrijeme borio s povećanjem prodaje u etabliranim restoranima.

Otis je rekao da je Darden pregledao potencijal za REIT i utvrdio da značajni troškovi i drugi čimbenici ne čine ovu opciju održivom.

“To nije nešto za što mislimo da ima smisla u budućnosti. Mislimo da je plan koji smo zacrtali plan koji najbolje stvara vrijednost za dioničare ”, rekao je.

Analitičar Janney Capital Markets Mark Kalinowski dao je plan mješoviti pregled.


Ažuriranja uživo

Otac Finn, katolički svećenik koji savjetuje crkvene skupine o pitanjima ulaganja i predsjednik je Međuvjerskog centra za korporativnu odgovornost, rekao je da pitanje vodstva nije njegova primarna briga, ali je zaključio da bi mu prijedlog za podjelu uloge vjerojatno donio sastanak s najvišim vodstvom banke.

Upalilo je. Bank of America pristala je ocu Finnu dati ono što je doista želio - izvještaj koji detaljno opisuje što je pošlo po zlu u Bank of America tijekom hipotekarne krize. Zauzvrat, otac Finn je rekao da je pristao odustati od svog prijedloga o podjeli najviših pozicija.

Iako to pitanje nije dospjelo na glasačke listiće na godišnjoj skupštini, zastupničke savjetodavne tvrtke Institutional Shareholder Services i Glass Lewis pozvale su dioničare banke da glasaju protiv članova odbora za korporativno upravljanje uprave zbog jednostrane odluke o kombiniranju naziva.

Uvažavajući opseg nezadovoljstva dioničara, banka je odlučila staviti to pitanje na posebno glasovanje i započela kampanju.

Glavni igrač u tim naporima je glavni neovisni direktor banke, Jack O. Bovender Jr., bivši izvršni direktor zdravstvene zaštite i povjerenik Sveučilišta Duke. Opisao ga je kolega u banci kao savršenog južnjačkog gospodina, gospodin Bovender obilazio je ulagače, objašnjavajući zašto je odbor učinio da gospodin Moynihan bude i predsjednik i izvršni direktor.

Gospodin Bovender ipak nije uspio pridobiti sve. U prošlomjesečnom razgovoru rekao je Institucionalnim dioničarskim službama kako je pristao preuzeti vodeću ulogu u banci samo ako nijedan drugi član uprave ne želi ući.

Gospodin Bovender je govorio "jezikom u obraz", rekla je osoba upoznata s tim pitanjem. No očito savjetodavna tvrtka nije smatrala da je tako, nazvavši njegovu anegdotu "posebno govorećom".

"Iako bi dioničarima trebalo biti drago što je Bovender ušao u ovaj vakuumski vakuum prihvativši ulogu glavnog direktora", piše u svom izvješću, "dovodi u pitanje prihvaćanje odbora od strane pojedinca bez relevantnog iskustva u industriji."

S I.S.S. and Glass Lewis recommending that the jobs of chief executive and chairman be separated, the bank most likely lost as much as 30 percent of the vote because certain shareholders vote automatically with the proxy firms, people briefed on the matter said.

In trying to win over other investors, the bank has had to navigate somewhat unfamiliar territory. Each large investor approaches these votes differently. Some firms consider the opinions of their portfolio managers and analysts, who recommend whether to buy the bank’s shares. Others allow only their corporate governance committees to weigh in.

Bank of America cannot even lobby its largest shareholder, BlackRock, directly. Because BlackRock is partly owned by another bank, PNC Financial Services, the giant asset manager has to outsource its vote to an independent fiduciary so as not to run afoul of the Bank Holding Company Act.

A BlackRock spokesman declined to name the outside fiduciary, citing “company policy.”

Last week, Bank of America got help from Mr. Buffett, who said in a television interview that Mr. Moynihan deserved both titles.

Then, Mr. Frank voiced support for the combined roles, calling Mr. Moynihan “one of the more constructive” bank leaders in helping shape recent financial regulation.

Mr. Frank is not a Bank of America shareholder. But his endorsement could persuade some unions or progressive-minded investors to break from the California funds and back the bank’s position.

Mr. Frank said he volunteered to speak publicly after discussing it with his neighbor in Newton, a Boston suburb, who works for the bank in communications and public policy. Mr. Frank, who recently joined the board of Signature Bank, a small commercial bank in New York, said the most important oversight of financial companies comes not from its directors but from regulators.


Darden CEO rebuffs plan to put Red Lobster sale to vote

(Reuters) - Darden Restaurants Inc , under scrutiny from two activist investors over a plan to sell or spin off its Red Lobster chain, on Friday resisted pressure put the divestiture of the struggling seafood restaurants to a shareholder vote. Shares in Orlando-based Darden were up 2.9 percent to $50.73 in early trading after it also reported fiscal third-quarter results in line with its previously lowered expectations. Still, the results showed a severe deterioration at Red Lobster, which accounts for an estimated 30 percent of revenue at Darden, whose other chains include Olive Garden and the Capital Grille. Darden announced plans on December 19 to spin off or sell its 705-restaurant Red Lobster chain. The company said the transaction would not require a shareholder vote and could close in the fiscal year beginning May 26. Activist investors Starboard Value LP and Barington Capital Group are pressing Darden to move more boldly to improve performance at the company, the biggest U.S. operator of full-service restaurants. Starboard, which owns about 5.5 percent of Darden shares, is soliciting support for its bid to hold a special shareholder meeting to vote on Darden's Red Lobster plan. Darden, which canceled its analyst and investor meeting slated for later this month, said it prefers to have one-on-one discussions with investors. "We believe that shareholders should continue to engage directly with the company and should not view a special meeting as a substitute for that ongoing two-way engagement," Darden Chief Executive Officer Clarence Otis said on a conference call on Friday. The activists' calls for more robust interventions gained urgency after Darden warned earlier this month that closely watched same-restaurant sales at Red Lobster and Olive Garden, its marquee chains, had fallen sharply in the latest quarter due in part to severe winter weather. Darden said on Friday that sales at established restaurants tumbled 8.8 percent at Red Lobster and 5.4 percent at Olive Garden in the third quarter ended February 23. Red Lobster suffered double-digit percentage declines in customer visits in each month of the latest quarter, chalking up nine straight months of falling traffic. Darden's quarterly net income was down 18 percent to $109.7 million, or 82 cents per share. Barington, which represents a group of shareholders that holds more than 2 percent of Darden shares, wants the company to split its businesses. One company would operate the mature Olive Garden and Red Lobster chains. The other would own brands like LongHorn Steakhouse, Seasons 52, Capital Grille and three others. It also is pushing Darden to explore creating a publicly traded real estate investment trust (REIT) to "unlock the value" of its property holdings, which it has valued at about $4 billion before leakage costs. Barington also wants Darden's board to split the chairman and CEO roles. Otis has been CEO since November 2004 and chairman since November 2005. Otis orchestrated Darden's acquisitions of LongHorn Steakhouse, Capital Grille, Eddie V's and Yard House. Barington and other critics say those moves led to a lack of focus, bloated operating costs and roughly 18 months of market share losses at its three biggest brands. (Reporting by Lisa Baertlein and Aditi Shrivastava Editing by Savio D'Souza and Chizu Nomiyama)

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PG&E to Sell San Francisco Headquarters for $800 Million

(Bloomberg) -- PG&E Corp. has reached a deal to sell its iconic San Francisco headquarters to real estate joint-venture Hines Atlas for $800 million as the utility giant moves to cut costs after it emerged from bankruptcy last year.PG&E, which plans to move to Oakland next year, needs approval from state regulators to sell the 1.7 million-square-foot (158,000-square-meter) complex, which includes 77 Beale Street and 245 Market Street, according to a statement Monday.The sale comes as office markets around the globe have been battered by the coronavirus pandemic. One broker estimated in 2019 that PG&E’s headquarters could bring in more than $1 billion. The utility giant is one of the most high-profile companies to leave San Francisco for Oakland, a less expensive city located across San Francisco Bay.Nearly a dozen bids were submitted for the property, according to a person familiar with the matter. That level of interest suggests real estate investors are willing to bet on a rebound for office demand in the city.“It’s a fantastic bet on San Francisco,” said J.D. Lumpkin, executive managing director at commercial real estate brokerage Cushman & Wakefield in San Francisco, who wasn’t involved in the deal. “While San Francisco has taken its lumps through Covid, perhaps more than other cities, there’s a lot of evidence that we will rebound over the next two or three years.”PG&E didn’t immediately respond to a request for comment about the bids. The company’s shares rose as much as 2.1% Monday.Unlike some other large property sales in San Francisco since the pandemic, the complex will require a substantial amount of renovation. It also doesn’t have a tenant in place, so the buyers will have to fill it in a few years once the redevelopment is finished.Also See: KKR Said to Buy $1.08 Billion San Francisco Dropbox OfficesSan Francisco’s overall office vacancy rate in the first quarter shattered the previous record high hit during the dot-com bust at the turn of the century, according to CBRE Group Inc. That’s pushed rent down and weighed on the value of buildings.The sale price is about $200 million less than expected, Citigroup Inc. utility analyst Ryan Levine wrote in a research note Monday. That raises the prospect that PG&E may need to raise equity this year, he said.Offset BillsPG&E intends to distribute about $400 million from its gain on the sale to customers over five years to offset bill increases as it invests in safety and operational improvements. In an added benefit, most PG&E workers will have shorter commutes to their new office, the company said.CBRE’s San Francisco Capital Markets team brokered the deal.PG&E filed for bankruptcy in early 2019 after collapsing under liabilities from wildfires sparked by its equipment. Though the company exited Chapter 11 last year, it remains burdened by about $42 billion of debt, raising concerns about its financial durability and ability to make the investments required to fire-proof its grid.Hines is one of the biggest private real estate investors and managers in the world, according to its website. Hines Atlas is a joint venture between Hines and another investor, a Hines spokesman said. He declined to name the other investor.(Adds details of bid beginning in fourth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Fed's balance sheet could reach $9 trillion by end of 2022, NY Fed report projects

(Reuters) -The Federal Reserve's ongoing asset purchases could lead the central bank's portfolio to grow to $9.0 trillion by the end of 2022, according to projections https://www.newyorkfed.org/medialibrary/media/markets/omo/omo2020-pdf.pdf released by the New York Fed on Monday. Reserve balances could peak at $6.2 trillion by the end of 2022 and then steadily decline, according to the forecasts, issued as part of an annual report conducted by the markets team at the New York Fed. The Fed's portfolio could hold steady through 2025 if proceeds from maturing securities are reinvested.

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It’s an annoying fact of life. I have some sobering news for you. According to a study, you’ll spend an average of 2 years of your life waiting in lines. You’ll also feel less anxious waiting in a single line as opposed to multiple lines.

Boom in Chinese Firms Listing in the U.S. Comes to a Sudden Halt

(Bloomberg) -- At least three Chinese companies have put their plans to list in the U.S. on hold, heralding a slowdown in what’s been a record start to a year for initial public offerings by mainland and Hong Kong firms.A bike-sharing platform, a podcaster and a cloud computing firm are among popular Chinese corporates holding off plans for a U.S. float, put off by recent market declines, souring investor sentiment toward fast-growth companies and lackluster debuts by peers like Waterdrop Inc.Hello Inc., Ximalaya Inc. and Qiniu Ltd. are postponing plans to take orders from investors, even though the three had filed paperwork with the Securities and Exchange Commission well over two weeks ago. In the U.S., companies can kick off their roadshows two weeks after filing publicly and most typically stick to that timetable.“The recent broad market selloff, combined with the correction of the IPO market since the beginning of last month when some new issuers tanked during their debuts, may make the market conditions less predictable for newcomers who are ‘physically’ ready -- meaning they have cleared all regulatory hurdles for IPO -- to get out of the door,” said Stephanie Tang, head of private equity for Greater China at law firm Hogan Lovells. “Some participants may choose to monitor the market for more stable conditions.”The delays throw a wrench in a listings flood by Chinese and Hong Kong companies in the U.S. that already reached $7.1 billion year-to-date -- the fastest pace on record -- after booming in 2020. Demand for IPOs surged as a wave of global stimulus money, ultra-low interest rates and rallying stock markets lured investors despite Sino-American tensions and the continued risk of mainland stocks being kicked off U.S. exchanges.READ: Stock Market’s Million Little Dramas Come Down to a Supply GlutThe S&P 500 Index capped its biggest two-week slide since February on Friday amid mounting investor concern over inflation and its impact on tech and other growth stocks. China’s CSI 300 Index remains in a technical correction, having fallen more than 10% from a February peak, while the Nasdaq Golden Dragon China Index, which tracks Chinese companies listed in the U.S., has slumped 30% from its high that month.‘Less Predictable’Hello, which offers a bike-sharing platform plus electric scooters for sale, has delayed its planned launch and is still undecided on its prospective valuation given rising investor caution about new shares, Bloomberg News has reported. It had been planning to raise between $500 million and $1 billion in the offering, although the final number will depend on valuations, according to one person with knowledge of the matter.Online podcast and radio services startup Ximalaya and enterprise cloud services provider Qiniu have put their listings on hold after beginning to gauge investor interest at the end of April, people with knowledge of the matter said, asking not to be identified as the information isn’t public.The sounding out of investors, or pre-marketing process, generally comes after filing for an IPO and before formal order-taking in a roadshow. Hello declined to comment while Qiniu didn’t immediately respond to an emailed request for comment. Ximalaya’s IPO process is ongoing and the company will seek public listing at an appropriate time depending on market conditions, it said in response to questions.Weak DebutsThe poor performance of recent Chinese debutants has also sapped investor confidence. Insurance tech firm Waterdrop has plunged 40% from its offer price since going public earlier this month. Onion Global Ltd., a lifestyle brand platform, has fallen about 9% below its IPO price.In fact, almost 59% or specifically 20 of the 34 Chinese firms that have listed in the U.S. this year are under water, data compiled by Bloomberg show, among them the two largest IPOs -- e-cigarette maker RLX Technology Inc. and online Q&A site Zhihu Inc. Of the ones that listed in 2020, just 40% are trading below their IPO prices.The recent volatility in global markets has spooked U.S. companies as well. They have also been delaying floats or facing weak debuts.For some, the current challenges faced by Chinese listing hopefuls are likely to be transitory, with the hotly-anticipated IPO of ride-hailing giant Didi Chuxing Inc., which has filed confidentially for a multibillion-dollar offering, set to prove the real test of investor appetite for the China story.“There is a natural strong growth in China which international investors will still want to invest in over the longer term,” said Gary Dugan, chief executive officer at the Global CIO Office in Singapore.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

China Braces for $1.3 Trillion Maturity Wall as Defaults Surge

(Bloomberg) -- Even by the standards of a record-breaking global credit binge, China’s corporate bond tab stands out: $1.3 trillion of domestic debt payable in the next 12 months.That’s 30% more than what U.S. companies owe, 63% more than in all of Europe and enough money to buy Tesla Inc. twice over. What’s more, it’s all coming due at a time when Chinese borrowers are defaulting on onshore debt at an unprecedented pace.The combination has investors bracing for another turbulent stretch for the world’s second-largest credit market. It’s also underscoring the challenge for Chinese authorities as they work toward two conflicting goals: reducing moral hazard by allowing more defaults, and turning the domestic bond market into a more reliable source of long-term funding.While average corporate bond maturities have increased in the U.S., Europe and Japan in recent years, they’re getting shorter in China as defaults prompt investors to reduce risk. Domestic Chinese bonds issued in the first quarter had an average tenor of 3.02 years, down from 3.22 years for all of last year and on course for the shortest annual average since Fitch Ratings began compiling the data in 2016.“As credit risk increases, everyone wants to limit their exposure by investing in shorter maturities only,” said Iris Pang, chief economist for Greater China at ING Bank NV. “Issuers also want to sell shorter-dated bonds because as defaults rise, longer-dated bonds have even higher borrowing costs.”The move toward shorter maturities has coincided with a Chinese government campaign to instill more discipline in local credit markets, which have long been underpinned by implicit state guarantees. Investors are increasingly rethinking the widely held assumption that authorities will backstop big borrowers amid a string of missed payments by state-owned companies and a selloff in bonds issued by China Huarong Asset Management Co.The country’s onshore defaults have swelled from negligible levels in 2016 to exceed 100 billion yuan ($15.5 billion) for four straight years. That milestone was reached again last month, putting defaults on track for another record annual high.The resulting preference for shorter-dated bonds has exacerbated one of China’s structural challenges: a dearth of long-term institutional money. Even before authorities began allowing more defaults, short-term investments including banks’ wealth management products played an outsized role.Social security funds and insurance firms are the main providers of long-term funding in China, but their presence in the bond market is limited, said Wu Zhaoyin, chief strategist at AVIC Trust Co., a financial firm. “It’s difficult to sell long-dated bonds in China because there is a lack of long-term capital,” Wu said.Chinese authorities have been taking steps to attract long-term investors, including foreign pension funds and university endowments. The government has in recent years scrapped some investment quotas and dismantled foreign ownership limits for life insurers, brokerages and fund managers.But even if those efforts gain traction, it’s not clear Chinese companies will embrace longer maturities. Many prefer selling short-dated bonds because they lack long-term capital management plans, according to Shen Meng, director at Chanson & Co., a Beijing-based boutique investment bank. That applies even for state-owned enterprises, whose senior managers typically get reshuffled by the government every three to five years, Shen said.The upshot is that China’s domestic credit market faces a near constant cycle of refinancing and repayment risk, which threatens to exacerbate volatility as defaults rise. A similar dynamic is also playing out in the offshore market, where maturities total $167 billion over the next 12 months.For ING’s Pang, the cycle is unlikely to change anytime soon. “It may last for another decade in China,” she said.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Battered Bitcoin claws back losses as oil rallies on recovery hopes

Consumer-related stocks helped tip London markets into the green, following two weeks of drops, helped by a weekend of Covid restrictions being eased. “It seems investors have had a good weekend and have realised how many other people have also been enjoying newly reinstated opportunities,” said Danni Hewson, financial analyst at AJ Bell. “From cinemas to restaurants, shops to bingo halls, real life has translated into share gains for companies like Primark owner Premier Foods, The Restaurant Group and the Rank Group.” The domestically-focused FTSE 250 index added 84.31 points to close at 22,483. Gambling company Rank Group led the leaderboard, rising 14.2p to 196.2p, followed by Mr Kipling’s parent Premier Foods, which gained 6p to 107.6p. Joining them in the top 10 was Frankie & Benny’s owner The Restaurant Group, which added 6.4p to 128.4p, as well as pub chain Wetherspoon. Similar types of blue-chip companies helped push the FTSE 100 to close in positive territory, though gains were tempered by miners which mostly fell after China’s commodity price warnings. Meanwhile, stocks globally struggled for momentum as investors awaited key US inflation readings for guidance on monetary policy. London’s benchmark FTSE 100 edged up 33.54 points to close at 7,051.59 Catering company Compass Group led the charge, up by 43p at £15.82. Gambling firms Entain and Flutter Entertainment also finished in the top 10, gaining 35.5p to £16.14 and 270p to £13.20 respectively. They were followed by hotel owners Intercontinental Hotels Group and Whitbread, which rose 98p to £49.22 and 59p to £31.50, respectively. Heavyweight oil stocks also performed well as oil prices extended Friday’s rally and climbed higher after Iran said that gaps remain in negotiations aimed at reaching a deal to end US sanctions on its crude. Iran said there are still differences around the timing of when countries will return to compliance with the original 2015 nuclear agreement, allaying some concern about a rapid ramp-up in the Persian Gulf nation’s output. While the market is anticipating the Islamic Republic’s supply will pick up again by late summer, the demand recovery will be strong enough to absorb it, according to Goldman Sachs. The bank expects Brent futures to hit $80 (£57) a barrel in the next few months. Royal Dutch Shell added 10.4p to £13.50, while BP rose 4.2p to 316.4p. Dominating the bottom of the rankings and dragging on the index, however, were miners including Fresnillo, Antofagasta, BHP and Evraz. RBC also cut its price target on Chilean miner Antofagasta. Elsewhere among companies, shares of FTSE 250 software firm Kainos fell 25p to £13.87 despite saying its annual pre-tax profit more than doubled in an eleventh consecutive year of growth, surging 124pc to £57.1m in the year through March. Revenue grew by 31pc to £234.7m while booking rose 6pc.

Exclusive-HSBC CEO says Bitcoin not for us

LONDON (Reuters) -HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers, because they are too volatile and lack transparency, its Chief Executive Noel Quinn told Reuters. Europe's largest bank's stance on cryptocurrencies comes as the world's biggest and best-known, Bitcoin, has tumbled nearly 50% from the year's high, after China cracked down on mining the currency and prominent advocate Elon Musk tempered his support. It marks it out against rivals such as Goldman Sachs, which Reuters in March reported had restarted its cryptocurrency trading desk, and UBS which other media said was exploring ways to offer the currencies as an investment product.

U.S. Treasury deputy chief sees G7 backing for 15%-plus global minimum tax

WASHINGTON (Reuters) -U.S. Treasury Deputy Secretary Wally Adeyemo said he expects strong backing from G7 peers for Washington's proposed 15%-plus global minimum corporate tax, which should help solidify support in the U.S. Congress for domestic corporate tax legislation. "My sense is that you're going to see a lot of unified support amongst the G7 moving forward," Adeyemo told Reuters on Monday after France, Germany, Italy and Japan made positive comments about the Treasury's proposal.

First Warning Sign in Global Commodity Boom Flashes in China

(Bloomberg) -- One pillar of this year’s blistering commodities rally -- Chinese demand -- may be teetering.Beijing aced its economic recovery from the pandemic largely via an expansion in credit and a state-aided construction boom that sucked in raw materials from across the planet. Already the world’s biggest consumer, China spent $150 billion on crude oil, iron ore and copper ore alone in the first four months of 2021. Resurgent demand and rising prices mean that’s $36 billion more than the same period last year.With global commodities rising to record highs, Chinese government officials are trying to temper prices and reduce some of the speculative froth that’s driven markets. Wary of inflating asset bubbles, the People’s Bank of China has also been restricting the flow of money to the economy since last year, albeit gradually to avoid derailing growth. At the same time, funding for infrastructure projects has shown signs of slowing.Economic data for April suggest that both China’s economic expansion and its credit impulse -- new credit as a percentage of GDP -- may already have crested, putting the rally on a precarious footing. The most obvious impact of China’s deleveraging would fall on those metals keyed to real estate and infrastructure spending, from copper and aluminum, to steel and its main ingredient, iron ore.“Credit is a major driver for commodity prices, and we reckon prices peak when credit peaks,” said Alison Li, co-head of base metals research at Mysteel in Shanghai. “That refers to global credit, but Chinese credit accounts for a big part of it, especially when it comes to infrastructure and property investment.”But the impact of China’s credit pullback could ripple far and wide, threatening the rally in global oil prices and even China’s crop markets. And while tighter money supply hasn’t stopped many metals hitting eye-popping levels in recent weeks, some, like copper, are already seeing consumers shying away from higher prices.“The slowdown in credit will have a negative impact on China’s demand for commodities,” said Hao Zhou, senior emerging markets economist at Commerzbank AG. “So far, property and infrastructure investments haven’t shown an obvious deceleration. But they are likely to trend lower in the second half of this year.”A lag between the withdrawal of credit and stimulus from the economy and its impact on China’s raw material purchases may mean that markets haven’t yet peaked. However, its companies may eventually soften imports due to tighter credit conditions, which means the direction of the global commodity market will hinge on how much the recovery in economies including the U.S. and Europe can continue to drive prices higher.Some sectors have seen policy push an expansion in capacity, such as Beijing’s move to grow the country’s crude oil refining and copper smelting industries. Purchases of the materials needed for production in those sectors may continue to see gains although at a slower pace.One example of slowing purchases is likely to be in refined copper, said Mysteel’s Li. The premium paid for the metal at the port of Yangshan has already hit a four-year low in a sign of waning demand, and imports are likely to fall this year, she said.At the same time, the rally in copper prices probably still has a few months to run, according to a recent note from Citigroup Inc., citing the lag between peak credit and peak demand. From around $9,850 a ton now, the bank expects copper to reach $12,200 by September.It’s a dynamic that’s also playing out in ferrous metals markets.“We’re still at an early phase of tightening in terms of money reaching projects,” said Tomas Gutierrez, an analyst at Kallanish Commodities Ltd. “Iron ore demand reacts with a lag of several months to tightening. Steel demand is still around record highs on the back of the economic recovery and ongoing investments, but is likely to pull back slightly by the end of the year.”For agriculture, credit tightening may only affect China’s soaring crop imports around the margins, said Ma Wenfeng, an analyst at Beijing Orient Agribusiness Consultant Co. Less cash in the system could soften domestic prices by curbing speculation, which may in turn reduce the small proportion of imports handled by private firms, he said.The wider trend is for China’s state-owned giants to keep importing grains to cover the nation’s domestic shortfall, to replenish state reserves and to meet trade deal obligations with the U.S.No DisasterMore broadly, Beijing’s policy tightening doesn’t spell disaster for commodities bulls. For one, the authorities are unlikely to accelerate deleveraging from this point, according the latest comments from the State Council, China’s cabinet.“Internal guidance from our macro department is that the country won’t tighten credit too much -- they just won’t loosen further,” said Harry Jiang, head of trading and research at Yonggang Resouces, a commodity trader in Shanghai. “We don’t have many concerns over credit tightening.”And in any case, raw materials markets are no longer almost entirely in thrall to Chinese demand.“In the past, the inflection point of industrial metal prices often coincides with that of China’s credit cycle,” said Larry Hu, chief China economist at Macquarie Group Ltd. “But that doesn’t mean it will be like that this time too, because the U.S. has unleashed much larger stimulus than China, and its demand is very strong.”Hu also pointed to caution among China’s leaders, who probably don’t want to risk choking off their much-admired recovery by sharp swings in policy.“I expect China’s property investment will slow down, but not by too much,” he said. “Infrastructure investment hasn’t changed too much in the past few years, and won’t this year either.”Additionally, China has been pumping up consumer spending as a lever for growth, and isn’t as reliant on infrastructure and property investment as it used to be, said Bruce Pang, head of macro and strategy research at China Renaissance Securities Hong Kong. The disruption to global commodities supply because of the pandemic is also a new factor that can support prices, he said.Other policy priorities, such as cutting steel production to make inroads on China’s climate pledges, or boosting the supply of energy products, whether domestically or via purchases from overseas, are other complicating factors when it comes to assessing import demand and prices for specific commodities, according to analysts.(Updates copper price in 11th paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Gold Price Futures (GC) Technical Analysis – Big Challenge for Gold Bulls at $1899.20 Retracement Level

The direction of the August Comex gold futures market on Monday is likely to be determined by trader reaction to the major 50% level at $1899.20.


And Smith does not appear to be letting up. In a recent statement, he declared that Darden's cession of three seats was not good enough.

"We view the Company's decision to nominate nine of twelve director candidates as a transparent tactic designed to manipulate and maintain the problematic status quo majority following the 2014 Annual Meeting," Smith said in last week's statement. "This is yet another example of the Board attempting to make an easy decision. Rather than working toward the best possible Board for shareholders, the Board is only willing to offer representation for vacancies created by retiring directors. It is clear that such token Board change is not sufficient given the depth of the value destruction and the abominable corporate governance that this Board has overseen. That this Board would think that the retirement of just two independent directors would erase years of poor performance and oversight demonstrates once again that this Board is out of touch with reality and unwilling to take responsibility for its mistakes or to make the difficult decisions that are necessary to benefit shareholders."


Gledaj video: Javna debata o godišnjem izveštaju Zaštitnika građana za 2015. (Kolovoz 2022).