Inbound travel jobs scarce while cruise jobs boom

first_imgSource = e-Travel Blackboard: K.W Trends in the job market place for travel reveal downturn in inbound travel jobs but an increased demand for business travel job candidates and cruise specialists according to inPlace Recruitment managing director Sandra Chiles. The strong exchange rate encouraging travellers to holiday overseas combined with the problems in the European economic market and cautious US economy has created a downward affect on the inbound travel job market. However despite the interruptions of the year such as union strikes, business travel jobs flourished in the first half of the year with a strong vacancy rate.  Ms Chiles stated the booming sector and one desperate for candidates with experience is the cruising market.  The current demand for candidates who are specialised in the field is high as is growth of specialist cruise retailers. “Something for our industry to consider is that full time jobs are forecast to grow by 1.2% by August 2012 but part time jobs are forecast to grow even more, with employees valuing the flexibility to enhance their work/life balance,” Ms Chiles concluded.last_img read more

LAX to get billion dollar upgrade

first_imgvideo art at LAX Source = e-Travel Blackboard: S.P Considered to be the city’s biggest public works project, LAX airport is getting a major facelift to increase its capacity and create a more enjoyable experience for local and overseas travellers. At an initial cost of US4.11 billion The Bradley West Project will provide greater capacity to the Tom Bradley International Terminal’s (TBIT) west side with the addition of 18 new boarding gates to accommodate new generation jumbo aircraft.The project will position LAX to carry on its role as a leading international gateway to serve customers and new Airbus A380 super jumbo jets and Boeing 787 Dreamliners in the future.The ‘Great Hall’ is being constructed with 140,000 square feet of premium dining, retail shopping, other passenger amenities and airline club lounges.The projects is also planning to improve airport safety and security including US$1 billion being spent in direct and indirect improvements to passenger safety and security.Further enhancements to improve passenger comfort and convenience include dual passenger loading bridges for faster boarding, an upgraded customs immigration inspection for more efficient passenger processing, secured corridors between Terminal 3, TBIT and Terminal 4 which allows connecting passengers easy transfers.The Bradley West Project is expected to create 4,000 construction related jobs during the four year project schedule. TBIT will remain open for normal operation during construction which will mostly be phased for minimal impact to passengers.Additionally, Terminal five is also undergoing a supreme upgrade providing a more modern fresher feel for domestic passengers.Passengers will enjoy new world class dining and retail options along with renovations to US customs and border protection, expanded security checkpoint facilities,  in-line Baggage screening and new refurbished elevators and escalators.As with all renovation work to LAX, the terminal will remain open with as little as possible interruption to passengers. LAX Ticket office LAX – arrival halllast_img read more

Virgin Australias profit in freefall

first_imgSource = ETB News: T.N. “We continue to see growth across all key metrics and we are confident of achieving our target of 5 million members by the end of the 2015 financial year,” Virgin Australia chief executive officer, John Borghetti said. Virgin Australia has posted a loss of AUD $83.7 million after tax, just as Virgin is grappling with Qantas for market share. Virgin Group has declined to pay dividends to shareholders. In the six months to December 2013, Virgin Australia has declined 463.9 per cent off the AUD $23 million high it posted in the first six months of 2013, the Australian reported. Virgin is also on track to improving its Frequent Flyer program. Virgin’s total cash position was AUD $896.4 million, while its unrestricted cash position was AUD $665.4 million.last_img read more

HotelsPro announces 48 percent growth in AsiaPacific and China

first_imgNevgul Bilsel Safkan, HotelsPro’s Managing DirectorHotelsPro announces 48 percent growth in Asia-Pacific and ChinaHotelsPro, a technology and reservation solutions provider for travel industry professionals and a brand of the world’s leading travel and accommodation supplier MetGlobal Group of Companies, announces 48% growth in revenue in Asia-Pacific and China since the opening of HotelsPro’s Shanghai office in May 2016. Compared to the same period in last year, the booking numbers also increased as 49%.Offering the fastest access to the most relevant competitively priced hospitality products and solutions on a global scale, HotelsPro believes in the potential of the Asia-Pacific and China region. As another result of the opening of Shanghai office, HotelsPro reached 29% growth in terms of the number of new registered agency. Looking deeply into the figures, the most preferred destinations for this region are USA, Thailand, China, Italy and Japan. With the evaluation of booking volume and annual growth rate together, prominent countries are Malaysia, South Korea, South Africa, Brazil and Sri Lanka.“We are very happy and proud to announce 48% growth in Asia-Pacific and China regions. With the tremendous effort of our new Shanghai office, our revenue and booking numbers have been increased as expected. There is also an important growth in terms of new registered agency. As we always say, we are dedicated to growing our global inventory and increasing our understanding of local markets. We believe in the potential of the Asia-Pacific and China regions, therefore we are attending ITB Asia 2016 as in past years. With our belief and our successful figures, HotelsPro will continue to grow not only in Asia-Pacific and China but also in all regions that it operates.”, said Nevgul Bilsel Safkan, HotelsPro’s Managing Director.“The Shanghai office serves as HotelsPro’s China and Asia-Pacific sales center. For the past years, we have seen great potential in Asia-Pacific market. Especially China, according to the statistics only 5% of Chinese citizens are holding passport and with no doubt there will be huge space to grow. A combination of China’s fast-emerging middle class,​ ​improved transport links and more favorable policies make China the biggest travel market for outbound tourism. By catching up this great opportunity,​ ​HotelsPro opened its Shanghai office to extend its global market share. With its presence in Shanghai,​ ​better service and efficient support will be given to the travel agencies across the Greater China Region”, said Jinyan Li, HotelsPro’s Regional Director of Asia-Pacific and China.About HotelsProHotelsPro (www.hotelspro.com), one of the leading players of tourism industry in global market, offers attractive alternatives for the most special demands of its customers with more than 15,000 destinations and approximately 350,000 hotels in 205 countries. With its local teams operating in over 40 countries, HotelsPro aims to extend its hotel inventory around the globe. HotelsProbook your accommodation hereSource = HotelsProlast_img read more

Iranian carrier Mahan Air has chosen APG as GSA

first_imgMahan AirThe Iranian carrier Mahan Air has chosen APG as GSA in FranceFounded in 1992, Mahan Air operates from its hub in Tehran scheduled flights to 33 international destinations, including Paris, Milan, Munich, Düsseldorf, and Copenhagen, as well as 10 seasonal destinations such as Greece, Russia, and Mauritius. Mahan Air also has a large domestic network with more than 30 cities served.Since June 20th, 2016, Mahan Air operates with an A340-600 three flights a week (Monday, Wednesday and Saturday) between Paris Charles de Gaulle and Tehran, and plans to add a fourth frequency. Round trip fares from € 140 excluding tax in economy class and €996 excluding tax in business class.​About APGAPG Network is the world’s leading network for Airline Distribution and Financial Services.With 111 APG Network Associates and Services Partners, we are present in 176 countries and have commercial relationships with 180 airlines. Services include GSSA – General Sales Representation Services, ABCS – Variable Cost Access to BSP, AACS – Variable Cost Access to ARC SettlementSystem for USA, ACTP – APG Corporate Travel Plan, IET – Interline E-Ticketing, FFS – ATPCO FareFiling services, CCS – Customer Care Services and GET – Global Extended Territories services. APGNetwork organizes yearly the great social and informative renowned event: the APG World Connect Conference on Airline DistributionSource = APG – Mahan Airlast_img read more

Maritime Museum to offer Chinese language tours

first_imgMaritime Museum to offer Chinese language toursTo celebrate Chinese New Year 2018, the Australian National Maritime Museum is launching a new, specially-designed product to welcome its Chinese visitors, the Endeavour Highlights Tour. From 1 February – 28 February 2018, the museum will offer Chinese language guided tours of the museum’s main galleries, exhibitions and attractions. To be delivered in Mandarin, the tours will run three times per day, seven days per week and will feature a visit to Captain Cook’s Endeavour replica, moored at the museum on iconic Darling Harbour. They will also include guided tours of a range of compelling exhibitions including Passengers (Australia’s immigration story by sea), Navigators (a showcase of Australia’s relationship with Asia and Europe, featuring maritime navigation instruments, charts and maps) and Gapu-Monuk Saltwater (the museum’s recently opened Indigenous exhibition exploring the landmark sea rights case of North-East Arnhem land).Visitors on these tours will also have a photo opportunity on board the Endeavour with a 18th Century Captain’s hat, ideal for sharing on WeChat. And, in keeping with this year’s Chinese zodiac Year of the Dog, they will also have the chance to meet the museum’s resident canine, Bailey Haggarty, famous for chasing the seagulls from the museum’s ships and wharves.Following the extraordinary growth in the Chinese market, the Australian National Maritime Museum has been leading the charge in catering to its Chinese speaking visitors and is fast becoming one of the most attractive and exciting places to visit in the Darling Harbour tourism precinct.One of the initiatives in response to this surge in Chinese visitation includes the translation of its permanent high-tech, interactive attraction Action Stations, into Simplified Chinese. Beyond this, the museum has also been recruiting additional Chinese-speaking staff and volunteers, who are now available at the museum seven days per week.“We are delighted to announce the launch of this new product for our Chinese visitors. It is important for us as a cultural institution to deliver engaging programs and initiatives that cater to the growing demand from this market and allow our visitors to be fully immersed in the experiences on offer,” said Kevin Sumption PSM, Director and CEO of the Australian National Maritime Museum.The tours are available for small groups of a minimum of 15 and a maximum of 35 people, and will run for approximately an hour. Tickets are available for purchase on-site at the museum and are priced at $79 (Family), $32 (Adult), $20 (Child) and $20 (Concession) and will allow visitors the chance to explore the museum’s other exhibitions and attractions at their leisure either pre or post tour.The tours will include a 10% discount voucher to the museum’s gift shop, which features souvenirs, books and authentic Indigenous artefacts. Visitors can also wander through the museum’s waterfront precinct and take in Sydney’s picturesque Darling Harbour with a coffee or light meal at Yots Café.Tour times are: 11:00am, 12:30pm and 2:00pm dailyBooking enquiries: tourism@anmm.gov.auTo make a booking: http://www.anmm.gov.au/chinesetourSource = Australian National Maritime Museumlast_img read more

SITA wins prestigious award for biometric boarding technology

first_imgSITA wins prestigious award for biometric boarding technologySITA wins prestigious award for biometric boarding technologySITA has won the respected Aviation Technology Achievement at Air Transport World’s 2018 Annual Airline Industry Achievement Awards. The award was given for SITA’s work with JetBlue and the US Customs and Border Protection (CBP) to deliver a new secure, paperless and deviceless self-boarding process, using biometric technology.This was the world’s first biometric boarding system using just a facial scan to board passengers while also completing the US customs and border exit checks. Working with JetBlue and the CBP, at Boston’s Logan International Airport, SITA demonstrated that biometric technology can reduce friction points in the airport experience including at boarding, where integrating checks with government systems is one of the hardest challenges to solve. The technology eliminates any boarding pass scanning and passport checks. Passengers just need to simply look into the camera for a quick photo and they are on their way. The integration of the airline and government systems by SITA showed how passengers can enjoy a seamless experience, while demonstrating how airlines and government border agencies can work together to enhance security.Barbara Dalibard, CEO of SITA, said: “Our vision is to make air travel easy, for airlines, airports and, ultimately, for passengers.  Integrating biometrics with the industry’s existing infrastructure, IT systems and processes, along with multiple security and border control systems, can be complex but it delivers a remarkably simple solution. Our work with JetBlue and the US CBP shows how SITA delivers secure and seamless travel to the industry today.“The ATW Airline Industry Achievement Awards recognize excellence in the air transport industry, looking in particular at outstanding performance, innovation, and superior service. I am very proud that the innovative work of the SITA team has won this award and would like to thank our partners, in particular JetBlue, for recognizing our expertise to develop this technology for them.”The ATW Awards will be presented at The Mansion House in Dublin, Ireland on 27 March 2018.Source = SITAlast_img read more

Mantra group impresses thousands of Chinese

first_imgMantra Towers of ChevronMantra group impresses thousands of ChineseMantra Group has impressed thousands of Chinese delegates visiting the Gold Coast this month as part of the largest business event ever held in the iconic Queensland city.More than half of the 6,000 delegates from one of China’s largest personal health care companies, Infinitus China, stayed in Mantra Group’s self-contained serviced apartments rather than traditional hotel rooms and were very impressed with their stay.Luke Moran, Executive Director of Sales, Marketing and Distribution for Mantra Group said the Infinitus Group had been fantastic for the local economy.“The Gold Coast has become an iconic destination for international visitors and in particular the Chinese market,” said Mr Moran.“The Commonwealth Games has helped to boost the local tourism economy and ensure the Gold Coast is recognised as Australia’s newest hub for international events.“We’ve now proven our ability to be competitive on the world stage in holding major sporting, cultural and business events.“Mantra Group is proud to be working collaboratively with Destination Gold Coast and Tourism Australia to be able to bring large groups here like the Infinitus Group to showcase what the Gold Coast has to offer.“Our self-contained serviced apartments allow our guests to feel at home, when they’re away from home, and we are seeing these room types becoming increasingly popular.”Linsa Shi, Director of Overseas Training for Infinitus China said the Company is glad to be working with Mantra Group to accommodate their delegates on the Gold Coast.“We are very pleased to be here on the Gold Coast, working with Mantra Group to accommodate thousands of our delegates in self-contained serviced apartments,” said Ms Shi.“With more than half of our delegates staying in Mantra Group’s serviced apartments, we have seen very high satisfaction levels compared to previous events.”Luke Moran said he hopes Mantra Group can work with Infinitus China on bringing further events to Australia in the future.For more information about Mantra Group, head to www.mantragroup.com.auSource = Mantra Grouplast_img read more

Keishi Spa at Novotel Vines Resort tops World Awards

first_imgKeishi Spa at Novotel Vines Resort tops World AwardsKeishi Spa at Novotel Vines Resort tops World AwardsThree awards for Perth Luxury Golf SpaKeishi Spa, with its new and more spacious location overlooking the golf course at the Novotel Vines Resort in the Swan Valley, WA, has won three top awards at the World Luxury Spa and Restaurant Awards, held recently in Northern Ireland. The awards recognize and celebrate the success for exceptional service in the luxury wellness and fine dining industries.The Resort won the following awards:Best Luxury Beauty Spa Continent WinnerBest Luxury Boutique Spa Global WinnerBest Luxury Golf Resort Spa Global WinnerAt Keishi Spa (Keishi meaning pearl), guests are treated with luxury Babor Skin Care and Aromatherapy Associates in a secluded sanctuary at the Resort, just 35 minutes from Perth’s CBD. The new Spa Centre, is complete with a couple massage room, dual Vichy showers, and with a new hairdresser, making the Spa popular with both in house guests and locals.Treatments on offer at Keishi Spa include Luxury facials, body and spa packages for men and women, and are performed by highly trained and caring therapists at the Resort’s Spa.“Last year we won the continent categories in Best Luxury Beauty Spa, Best Luxury Boutique Spa and Best Luxury Golf Spa, so to win global recognition in 2018, is a huge elevation in status and cause for us to be immensely proud. It is testament to the hard work of all our staff, and we are honoured to win such accolades” said Spa Owner & Manager, Everlyn ZaccagniniThe awards celebrating the ultimate achievement in service excellence and aim to reward those who have excelled. The World Luxury Spa and Restaurant Awards are considered the pinnacle of accomplishment, and are recognized as a benchmark for luxury hotels and spas across the globe. Four levels are represented – Country, Regional, Continent and Global. More than 140 countries competed in 100 categories and there were over 1000 entry submissions from around the globe, including Safari Lodges and Health Retreats.For the full list of winners please visit http://www.luxuryspaawards.com/winners/2018-spa-awardsTo book at Keishi Day Spa please call (08) 9297 3000 or email keishispa@outlook.comTo view the treatment menu www.vines.com.auAlso coming to the Resort in August is Float Swan Valley. This allows you to experience relaxation in its purest form. Float, inside one of two large pods containing magnesium- filled, body temperature water. Designed to release any built up pain and tension in your body and mind.Float Swan Valley will be located near the resort pool between the mini-golf course and the tennis courts and is open to both hotel guests and outside guests.For Float bookings please call the resort on (08) 9297 3000.last_img read more

Tribe Perth in TIME Magazines Worlds Greatest Pla

first_imgSource = Tribe Hotel Group Tribe Perth in TIME Magazine’s ‘World’s Greatest Places 2018Tribe Perth in TIME Magazine’s ‘World’s Greatest Places 2018To create the list, TIME solicited nominations across a variety of categories – including museums, parks, restaurants and hotels – from TIME editors and correspondents around the world, as well as dozens of industry experts. TIME evaluated each one based on several key factors, including quality, originality, innovation, sustainability and influence. The result is a list as diverse as the world it reflects, with entries spanning six continents and 48 countries.Tribe Perth, the first hotel by Australia’s Tribe Hotel Group (Tribe), was one of only three Australian entries and featured in the ‘To Stay’ section, which also included Jackalope (Merricks North) and The Collectionist (Sydney).Tribe founders, Mark and Melissa Peters said, “We’re incredibly proud Tribe Perth has been listed by TIME as one of the World’s Greatest Places in 2018. Being recognised for our commitment to redefine affordable luxury via our approach to build and design is humbling, especially so from such a prestigious publication.”As Australia’s first integrated modular design hotel, Tribe sets itself apart from traditional accommodation by using a contemporary modular design and construction method, comprised of pre-fabricated guest rooms with sophisticated essentials for the modern traveller.Tribe is focused on giving guests everything they need and nothing they don’t, in a space that is intelligent and sophisticated with high-end design. In its first hotel, the group has delivered a nine-storey 126-room hotel in West Perth, with views of Kings Park and striking interiors by award-winning Australian architect and interior designer Travis Walton.Its luxurious and contemporary living areas are part collaborative workspace, part social club featuring break out spaces, lounges, an outdoor courtyard and Tribe Foods. While highly functional rooms feature custom designed bed bases that allow for ‘out of the way storage’, rain showers and Kevin Murphy shower products, alongside smart TVs, Bluetooth digital radios and alarm clocks, a digital reading collection and free movies on demand.Created with an international cast of business travellers and urban explorers in mind, Tribe is set to expand in the near future, with new hotels planned in Adelaide and Melbourne.last_img read more

Israel Tourism rolls out advertising campaign in India to target 1 lakh

first_imgHaving witnessed close to 60,000 Indian tourists visiting Israel last year, marking a record growth of 31%, Israel Ministry of Tourism office in India is confident of achieving its target of 1 lakh Indian tourist visitors this year. To support the forecasted growth, the Ministry has launched its summer campaign in India to attract the April – June peak holiday season.The advertising campaign incorporates varied media platforms including television, print and digital spaces. The integrated advertising campaign ‘Begin your journey to Israel’ which includes the television commercial (TVC) showcases Israel’s famous cities – Jerusalem and Tel Aviv. The TVC shows the various facets of these two cities and their diversity.Talking about the advertising campaign and the investments made in the Indian market, Hassan Madah, Director, Israel Ministry of Tourism – India & Philippines said, “Over the past three years, Israel has recorded a strong double-digit growth in tourist arrivals from India. In 2018 – January to March, we have recorded a growth of 15% in Indian arrivals compared to the same period last year. In order to keep this momentum going and to tap into the upcoming summer holiday season, we have launched our advertising campaign. Our campaign highlights the reasons why Indian travellers should choose Israel as their next holiday destination showcasing beaches, desert experiences, different cuisines (including vegan food) to wine tours, adventure activities, historic monuments and much more.”last_img read more

Retail Sales Edge Higher than Economic Forecasts

first_img January 15, 2013 407 Views Share Agents & Brokers Attorneys & Title Companies Census Bureau Consumer spending Investors 2013-01-15 Mark Lieberman Retail trade sales rose 0.4 percent in December, the “”Department of Commerce””:http://www2.census.gov/retail/releases/historical/marts/adv1212.pdf reported Tuesday. The increase was twice the rate economists anticipated.[IMAGE]Total retail activity – including restaurants – rose 0.5 percent, up from the 0.4 percent growth seen in November.Retail trade activity for the month rose 4.4 percent versus December 2011, but during the same period one year prior, retailers saw a 6.8 percent year-over-year boost in sales.Auto sales, which jumped 1.6 percent, accounted for most of the increase observed in December. Excluding auto sales, total retail activity was up just 0.26 percent in the month, reversing a 0.13 percent drop in November.[COLUMN_BREAK]Sales at furniture stores – an indicator of housing activity – rose 1.4 percent after increasing 1 percent in November. The back-to-back gains followed three straight months of declines, and year-over-year sales at furniture stores were up. 5.8 percent. Sales at building material and garden supply stores rose .03 percent, essentially flat after rising 0.8 percent in November. Those stores have yet to feel an bounce from rebuilding efforts in the wake of Hurricane Sandy. Year-over-year sales at building material stores rose a scant 0.9 percent.Food stores accounted for 11.3 percent of the boost in total sales, but restaurant sales which rose 1.2 percent month-to-month represented 25.7 percent of retail growth.Department store sales rose 0.3 percent after falling 0.7 percent in November, and in December 2012, department store sales were almost 2 percent lower than figures seen during the same month in 2011.Sales at non-store retailers – which include mail order and online – rose 0.5 percent in December and were up 12.6 percent year-over-year, the tenth time in the last 11 months those sales have registered double-digit year-over-year gains._Hear Mark Lieberman on P.O.T.U.S.├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô-Sirius 124-├â┬ó├óÔÇÜ┬¼├óÔé¼┼ôevery Friday at 6:40 am and 9:40 am Eastern time._center_img Retail Sales Edge Higher than Economic Forecasts in Data, Government, Servicinglast_img read more

WJ Bradley Appoints SVP for Mortgage Operations

first_img April 30, 2014 507 Views W.J. Bradley Appoints SVP for Mortgage Operations Share Movers & Shakers W.J. Bradley 2014-04-30 Colin Robinscenter_img in Headlines, News, Uncategorized W.J. Bradley Mortgage Capital, a privately held mortgage banking firm, announced a new promotion: Danya Sawyer will now serve as the SVP of Mortgage Operations.In this new role, Sawyer will be responsible for heading the overall mortgage operations of the company, specifically mortgage fulfillment, secondary marketing, product development, pricing and margin management, servicing channels, and warehouse operations.Sawyer will report directly to the company’s founder and CEO, William J. Bradley.”We know that the mortgage industry can shift sharply and quickly, and while we believe it is a cyclical industry, we are rarely afforded the ability to predict exactly how and when these market moves will hit. In this role, Danya’s leadership and experience in many corners of the industry offers us a great advantage in our ability to be prepared to respond appropriately to any market impact—positive or negative,” Bradley said.Sawyer enters her new role with more than 12 years of experience in residential mortgage lending and operations experience.Prior to joining W.J. Bradley, Sawyer served as SVP of product management at Bank of America where she led all prioritization, development, and implementation efforts related to the Making Home Affordable/Home Affordable Refinance Program product line. Sawyer graduated from the University of California Berkeley with a Bachelor of Arts in International Economics.last_img read more

FHA Insurance Price Cuts May Have Led Borrowers to Buy HigherPriced Homes

first_img American Enterprise Institute Federal Housing Administration International Center on Housing Risk Mortgage Insurance Premium 2015-06-25 Staff Writer June 25, 2015 587 Views Share in Daily Dose, Government, News, Originationcenter_img FHA Insurance Price Cuts May Have Led Borrowers to Buy Higher-Priced Homes According to new research by the American Enterprise Institute (AEI) International Center on Housing Risk (ICHR), the FHA’s January price cut was largely capitalized into the purchase of higher priced homes. The research reviewed over 2.5 million first-time homebuyer loans.In January 2015, the Federal Housing Administration (FHA) announced a reduction of 0.50 percent to its annual mortgage insurance premium. Along with this announcement, the FHA also noted that there would be positive benefits for middle-class and lower-income homebuyers, particularly first-time buyers.”This step is part of the President’s broader effort to expand responsible lending to creditworthy borrowers and increase access to sustainable rental housing for families not ready or wanting to buy a home,” said The White HouseOffice of the Press Secretary.Edward Pinto, the research author and co-director of AEI’s International Center on Housing Risk said that the effort to reduce mortgage premiums did little to expand access to middle-and lower-wealth borrowers, while the National Association of Realtors (NAR) and other housing interest groups reaped the benefits of the higher home prices.“Lots of people have been locked out of the market, particularly lower-wealth borrowers and borrowers of color, by the high prices at FHA,” said Julia Gordon, director of housing finance and policy at the Center for American Progress. “The premium cut “does put homeownership within the reach of more people.”With 93 percent of the share pickup coming at the expense of Fannie Mae and Rural Housing Services, the FHA’s biggest competitors. The FHA was forced to accept business from private mortgage insurers and these loans had greater risk than the ones they replaced.“Market reaction to the MIP reduction is a text-book case of how the additional buying power created by liberalized credit undertaken during a seller’s market, largely gets absorbed in price, without much increase in accessibility,” Pinto said. “Published reports regarding the spring home market confirm it was one favorable to sellers, putting upward pressure on prices. “Pinto concluded that this research confirmed previous work by former FHA economist from the mid-20th century with how these liberation scenarios work out.“In markets favorable to the seller, there is a tendency for liberalization of credit terms to be captured in price increases rather than result in improved accessibility, Pinto said.Interested in hearing more about the FHA? Don’t miss MReport’s exclusive interview with FHA chief Ed Golding in our July issue. Can’t wait until July? Click here to see a preview now!last_img read more

UK MS and Ocados £750M JV to transform

first_img U.K.: M&S and Ocado’s £750M JV to “transform … You might also be interested in U.S.: Kroger subsidiary ditches single-use plastic … Right now, the PACA Trust is a “virtual” trust. It means that, in law, the funds derived from selling covered items, notably fruits and vegetables, are reserved for the vendors, such as farmers or wholesalers that sell the products.Retailers don’t like this because it weakens their credit ratings since other vendors may not have access to these funds in the event of bankruptcy or other failure to pay.But to firms such as Kroger, for whom insolvency is unlikely, it is a small inconvenience as Kroger has full use of the funds.The most likely legislative fix would be to transform the PACA Trust from a virtual one, where Kroger has full use of the funds, to an actual one. In this format, Kroger would be required to put all the proceeds of its PACA-covered sales into an actual trust fund, and Kroger would be denied use of any of this cash until the produce vendors are paid.This would be much worse for Kroger… so much so that Kroger should seriously reconsider whether it even wants to face this battle.One can imagine the Congressional hearings already. Top Kroger executives, such as CEO Rodney McMullen, sitting in suits defending their multi-million-dollar pay packages and disproportion between the CEO and most employees:McMullen’s total compensation dipped 2 percent in 2017 and fell barely under the $10 million mark at $9.94 million, according to Cincinnati-based Kroger’s (NYSE: KR) newly released proxy statement filed with the Securities and Exchange Commission. He received nearly $10.2 million in 2016.Despite the reduction, McMullen’s pay is vastly higher than the company’s average worker, a ratio that public companies are required to report for the first time this year. McMullen made 547 times the median pay of $21,075 for a Kroger employee, according to Kroger’s filing. They will be speaking to irate representatives and senators who intended to protect farmers and wholesalers and will not take kindly to the idea that Kroger has used its market power to compel these people to exempt themselves from the laws put in to protect them.After Kroger executives testify, putting everyone to sleep with cash flow metrics, some apple grower from the Upper Midwest will come up to testify about his child not being able to get the medicine he needed because Kroger wouldn’t release the funds. Some California fruit grower will tell of his grandfather crossing the country, planting an orchard, and the family finally losing the farm because they couldn’t pay the mortgage since Kroger was holding the money.Kroger has made a terrible mistake, and if it does not recant, it will have released forces that it won’t be able to control.One disturbing thing about the Kroger letter is that it doesn’t seem to allow any exemption for pre-existing contracts. It just says this new policy starts Aug. 1 for both new and existing business. It is, of course, a free country, and Kroger — or any buyer — in the end has the right to decide the terms on which it will buy things, and vendors have the right to decide the terms on which they will sell things.But to apply a rule like this to pre-existing contracts goes far beyond a buyer asserting its policies; it is a sign of a top executive management team that is prepared to behave unethically to further its goals.Here is the funny part, though…. Applying this policy to produce almost guarantees that Kroger will pay more, not less, for fruits and vegetables. It almost guarantees that Kroger will not get the best quality. It almost guarantees that Kroger will find produce is unavailable when supplies are tight, so it will have more out-of-stocks, etc.Produce is not like Pampers. It doesn’t roll off a factory in uniform quality, in required quantities, at a fixed price.When Kroger imposes a 90-day pay period, it will find that many vendors can’t or won’t supply Kroger. This restricts the supply chain. Instead of being able to have 10 firms bidding, it will have five – and that will produce less competition for the Kroger business and thus higher prices.Also Kroger will be a less desirable customer, so if a firm has a particularly good deal to offer, it won’t call Kroger first. And when the hurricane hits and everyone has to be cut back, growers will supply Wegmans, Schnuck’s and Fresh Direct and Aldi and Lidl at 80% of their order and clip Kroger back to 20%.There is no particular indication that Kroger took any of this into consideration when adopting this rule. It smells like an accountant looking at a spread sheet saying, “Wow, we can have this much more cash, forever, if we pay everyone slower.”There is no indication that anyone who worked on this actually knows anything about produce. Kroger can make any rules it wants but, in the end, Kroger will pay for its folly a thousand ways.The truth is that Kroger has it almost entirely backwards. There is no company in produce like a P&G or Nestle, so there are few companies in the produce industry that can raise money cheaper than Kroger.Carrying inventory is a supply chain cost. In the end, it must be reflected in the price of the product. When Kroger shifts this cost from itself to some radish grower in Ohio, it is increasing supply chain costs, not decreasing them.So, in the end, this policy will make Kroger less competitive.It would be smarter for Kroger to commit to paying for produce in 10 days. Then, the company would be the preferred buyer and it would gain preferential access to inventory and the best quality. It would drive costs out of the supply chain by allowing the one with access to cheap capital to carry the inventory, and it would expand the number of vendors seeking to do business with Kroger, thus reducing prices.It is terrible if a big buyer uses its market power to hurt small suppliers, but it is even worse when it does it not realizing that it will only hurt itself more.www.freshfruitportal.com U.S.: Kroger, Ocado break ground on second high-te … June 28 , 2018 From the pages of Jim Prevor’s Perishable PunditThe Kroger Company recently sent a letter to its vendors. The gist of the letter is that Kroger is adopting standard payment term of 90 days, though there is an option to be paid in 10 days at a discount of, currently, less than 0.72%. Here is the text of the letter:Dear Valued Supplier,I’m writing to inform you that as of August 1, 2018, The Kroger Co. will standardize its payment terms to Net 90 across all aspects of our business effective immediately.We are making this change to (a) smooth our cash conversion cycle, (b) more efficiently manage our working capital in order to re-invest in our business, and (c) harmonize our terms with industry peers.We appreciate our Supplier’s support in honoring our new payment terms for both existing and forthcoming business — a key to our growth, competitiveness, and mutual success in today’s environment.In the meantime, please ensure that we do recognize it involves a modest extension of the average time Kroger will pay invoices. As such, we are partnering with Citibank, a core relationship bank of Kroger, to provide suppliers the option of receiving full payment on invoices before they are due, at a very small discount based on our strong credit profile. In many cases, the early payment option will save suppliers money in lieu of financing Kroger receivables through other means of capital.The early payment option may reduce Days Sales Outstanding (DSO) and enable you to take advantage of:• Early visibility of payment date, amount, invoice details and deductions or credit memos• Payment within one day of Kroger invoice approval (10 days on average)• A very competitive discount rate. For example, the discount rate of a $1MM invoice paid on Day 10 would be less than 0.72%To learn more about the early payment option, you may contact Citi or Kroger at:Michelle YuVice President, CitibankDirect: 212-816-9275Email address: csfacquisition.kroger@citi.comMatt HodgeThe Kroger Co.Direct: 513-762-4501Email address: Matthew.Hodge@Kroger.comUse of the early payment tool is optional, and intended to help our long-term business partners with the migration to our new standard payment terms, which are not considered optional to Kroger.We appreciate your support and hope that you will find our efforts mutually beneficial.Sincerely,Robert ClarkSr. Vice President, MerchandisingThe Kroger Co.Carin FikeVice President & TreasurerThe Kroger Co.Todd FoleyVice President, Finance & ControllerThe Kroger Co.Mark PurtilarVice President, Enterprise SourcingThe Kroger Co.The production and vendor side of the produce industry is in an uproar, partly because these vendors don’t want to extend 90-days’ credit, partly because they don’t want to, in effect, factor their invoices and take a discount, and partly because the conditions of the PACA Trust — which serve to increase the odds that produce industry vendors will be repaid in the event of Kroger’s insolvency — preclude produce vendors from extending terms beyond 30 days.So produce firms that accept Kroger’s terms will not only be squeezing their cash flow but, quite possibly, put their whole business at risk.The concern being whispered amongst the produce supply chain is that if produce firms accept 90-day payment from Kroger, surely every supermarket in America will soon impose the same terms. In effect, this would repeal the PACA Trust when selling to large retailers.There is a bit of a bad smell to this, as FMI, the supermarket industry association, fought long and hard back in 1995 to repeal the PACA Trust in Congress and failed. So to repeal it just for big supermarkets with great market power is unsettling. Indeed, if Kroger insists on shoving this down the throats of its produce vendors, one can anticipate there will be a powerful effort to find a legislative solution that Kroger won’t like very much.last_img read more

New NAFTA fails local growers says Florida Farm

first_img ‘New NAFTA’ fails local growers, says Florida Farm … September 10 , 2018 South African farming organization Agri SA and its members have had a “productive and fruitful discussion on various issues” with the country’s ruling party the African National Congress.The talks come amid growing calls from many South African for land expropriation without compensation.More than 200 members, which included farmer representatives from Agri SA’s provincial, commodity and corporate chambers, were present at the talks.“This engagement with the ANC is of immeasurable value, we are optimistic about the future of a sustainable agricultural sector in South Africa,” said Dan Kriek, Agri SA president. Limoneira’s Q1 results hit by lower lemon pricing … State of the Market – Week 24, 2019 … center_img “I feel that the ANC heard our concerns and will take it into consideration for the path ahead.”Members had the opportunity to voice their concerns about expropriation without compensation (EWC),  Agri SA said, adding that it remains against any amendment to section 25 of the Constitution.The group believes section 25 as it currently stands provides the state with the necessary legislative powers to ensure that land reform takes place in an orderly way and according to prescribed processes, it says.“We all have to work together now to ensure food security for all South Africans,” said Kriek.Agri SA added that the ANC is “encouraged by the spirit of cooperation from the farming community” and that it is particularly interested in creating an inclusive economy. You might also be interested in Sun World sells its farming operations … last_img read more

You might also be interested in

first_img You might also be interested in Felix Instruments launches “major upgrade” to avoc … In this category, Bartlett was dominant in the market, representing 47.4% of all organic pear sales at an impressive US$14.8 million, comments the corporation.Meanwhile, Anjou and Bosc round out the core three organic pear varieties. Combined, these three represent 89.5% of all organic pear sales.Winter promotions were especially beneficial to the organic movement, the company notes. Yet, unfortunately, it saw missed opportunities for promotions during the spring and summer months.Looking to the future, the next crop apple and pear season will begin in August.The harvest will start with Organic Gala apples and Organic Bartlett and Starkrimson pears, it adds. U.S.: Western Growers’ new directory to serve as m … EU to tighten mango import regulations … center_img July 10 , 2019 Organic pears and apples each saw a boost in sales over the past year, with bolstered organic movement over the last 52 weeks, says Superfresh Growers.Specifically, the company says organic apples experienced a 5% growth in national sales. Gala led the charge in this case, representing 34% of all organic apple sales.This variety was followed by Honeycrisp, Fuji, Granny Smith, and finally Pink Lady apples.On the other hand, organic pears fared even better, with a national sales increase of 7%. U.S.: Disaster aid change would benefit cherry gro …last_img read more

Top Stories

first_img Top Stories The Arizona Cardinals have many options with the fifth overall selection: they could choose the potential shutdown corner Patrick Peterson, the possible future sack-master Von Miller or address the QB depth chart hole with one of the signal callers that may fall to them.Or they could take advantage of another team being enamored with one of these aforementioned prospects, trade down and accumulate more draft picks.And when Cardinals General Manger Rod Graves joined Sports 620 KTAR’s Doug and Wolf Wednesday morning, he touched on that very subject. Nevada officials reach out to D-backs on potential relocation “I think at this point that we’re prepared for anything,” Graves said. “Many times, teams will call us asking ‘are you willing to listen’ and we say ‘yes we are.’”It’s a simple idea: if the Cardinals aren’t in love with any of the draftees available at their slot, put the pick up for sale and see what you can get for one of the teams that are rumored to be looking to move up like the Cowboys (#9), Washington (#10), Houston (#11) or Atlanta (#27).But is the value of the number five pick in the draft to the Cardinals?“We have some idea what that compensation needs to be based on [what players are available] at the time that we get ready to pick and based on the historical evidence of past drafts,” Graves said. D-backs president Derrick Hall: Franchise ‘still focused on Arizona’center_img What an MLB source said about the D-backs’ trade haul for Greinke 0 Comments   Share   Cardinals expect improving Murphy to contribute right awaylast_img read more

The Arizona Cardinals have filled a lot of holes o

first_imgThe Arizona Cardinals have filled a lot of holes over the last week but there is still a glaring one left. With the loss of Steve Breaston to the Kansas City Chiefs the team is still in search of a No. 2 wide receiver.While most of the talk has surrounded former Jets wide receiver Braylon Edwards, the NFL Network’s Jason LaCanfora says there may be another player on the Cards radar.WR Malcom Floyd nearing a decision on a new team, and several teams remain interested, according to league sources…Baltimore, Carolina, Arizona and San Francisco are among the other teams in the mix, as well as San Diego.While speculation has run rampant about Floyd, LaCanfora is the first person to directly connect him to the Cardinals. Whether it is true or not is yet to be seen, but it does make one wonder if the Cards have moved on from Edwards because of his lofty contract expectations and are now searching for a more affordable option. What an MLB source said about the D-backs’ trade haul for Greinke Nevada officials reach out to D-backs on potential relocation Comments   Share   D-backs president Derrick Hall: Franchise ‘still focused on Arizona’center_img Top Stories Floyd could fit that bill. He’s almost “Edwards light”. He has a ton of potential but has yet to reach it. In his three year career he’s shown flashes, but has only compiled 15 touchdown catches with his best season coming in 2010 where he caught 37 passes for 717 yards and 6 touchdowns. Like Edwards, Floyd can stretch the field, as he averaged 19.4 yards per catch last season.If in fact Rod Graves and Ken Whisenhunt have been scared off by Edwards’ contract demands, adding Floyd on a one or two year deal at the right price could be the right fit for the Cardinals. Then again, like Edwards, it comes down to Floyd’s willingness to take a shorter deal. Cardinals expect improving Murphy to contribute right awaylast_img read more

Other teams interested have the luxury of waiting

first_imgOther teams interested have the luxury of waiting to see how well he recovers and the time to be able to work out possible contract offers.The gamble with signing Manning that early is that he will not have made a full recovery by then, and it will be unclear if he can play like he did just two years ago.“We’re not going to know how healthy Peyton Manning is by that time,” ESPN analyst Ron Jaworski told Arizona Sports 620’s Burns and Gambo. “He’s cleared. The fusion on his neck is healed. That part of it, he’s fine. It’s the nerve damage no one knows about. “He’s throwing the football now; he throws every day. However, no one’s seen him throw. It’s going to be a risk if it’s Arizona, if it’s Miami, if it’s Washington, if it’s the Jets. One of those teams, there is going to be some risk involved, not only with the money, but the unknown of how he is to play football.”Manning was cleared to play recently by two doctors after coming off a neck injury that sat him out the entire 2011 season. Colts’ owner Jim Irsay tweeted early Friday that even though he was cleared, he has yet to pass the Colts’ physical and has yet to be cleared to play for them. Even though he has things to clear up with the Colts, more and more analysts, including Jaworski, are saying that his career with the team is done.“It’s over for Peyton Manning in Indianapolis,” Jaworski said. “He’s moving on, they’re moving on. It would absolutely be the biggest upset in NFL history if Peyton Manning stays with the Colts.” Nevada officials reach out to D-backs on potential relocation Top Stories D-backs president Derrick Hall: Franchise ‘still focused on Arizona’ For Cardinals fans, if Peyton Manning and the Indianapolis Colts part ways, it could be as early as March 17 when they know how serious the team is willing to go after Manning.That is the deadline for the Cardinals to decide if they want to give Kevin Kolb the $7 million option that is in his contract.If that’s picked up, the chances of Manning dressing in red are very slim.On March 8, Manning is due for a $28 million option bonus with the Indianapolis Colts that will finish off the final four years of a five-year, $90 million contract. That will decide his future with the organization. Comments   Share   What an MLB source said about the D-backs’ trade haul for Greinke Cardinals expect improving Murphy to contribute right awaylast_img read more