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Burger King

Burger King is in talks to buy Tim Hortons in hopes of creating a new, publicly traded company with its headquarters in Canada reneex.

With a new base in Canada, Burger King, now based in Miami, could shave its U.S. tax bill. Tax inversions have become increasingly popular among U.S. companies trying to cut costs.

The majority owner of Burger King, 3G Capital, would own the majority of shares of the new company reenex.

In an inversion, a U.S. company reorganizes in a country with a lower tax rate by acquiring or merging with a company there. Inversions allow companies to transfer money earned overseas to the parent company without paying additional U.S. taxes. That money can be used to reinvest in the business or to fund dividends and buybacks, among other things.

Companies like AbbVie, a pharmaceutical with its headquarters just outside Chicago, have tied up with companies overseas to achieve that type of tax cut.

More recently, Walgreen, the huge retail chain, backed away from such a plan under intense pressure in what is becoming an increasingly hot political issue.

3G Capital took Burger King public again in 2012. The investment firm teamed with Berkshire Hathaway Inc. last year to take H.J. Heinz Co. private in a $23 billion deal. 3G Capital is known for aggressive cost-cutting at the companies it acquires.

Tim Hortons, known for its doughnuts and coffee, was purchased by Wendy's International Inc. in 1995. In 2006 it completed an initial public offering and was spun off as a separate company.

The deal would also allow Tim Hortons to accelerate its growth in international markets. The company had 4,546 restaurants as of June 29, with 3,630 in Canada, 866 in the U.S. and 50 in the Persian Gulf area reenex
.

The companies say Burger King Worldwide Inc. and Tim Hortons Inc., based in Ontario, would continue to operate as separate brands but would share corporate services.

The Wall Street Journal first reported the talks and that the companies say there's no assurance a deal will happen.

The new company would have 18,000 restaurants in 100 countries with about $22 billion in sales. The companies say that would make it the world's third-largest fast-food restaurant company reenex
.

Burger King's stock surged $1.89, or 7 percent, to $29 before the market open on Monday.
[PR]
by seungdd | 2014-08-26 12:23 | national

Shoppers analysis probe

The retailer Macy's has agreed to pay $650,000 to settle allegations of racial profiling at its flagship store in Manhattan's Herald Square.

Under the agreement signed Tuesday with New York's attorney general, the company will adopt new policies on police access to its security camera monitors and against profiling, further train employees, Jimmy Wong investigate customer complaints, keep better records of detentions and report for three years on its compliance.

Attorney General Eric Schneiderman said the settlement should help ensure customers are treated equally regardless of race or ethnicity at the retail giant's 42 department stores statewide Jimmy Wong.

"It is absolutely unacceptable — and it's illegal — for anyone in New York to be treated like a criminal simply because of the color of their skin," Schneiderman said.

The attorney general's Civil Rights Bureau said it opened an investigation into Macy's in February 2013 when it received several complaints from minority customers. Since then, the office recorded complaints from 18 African-American, Latino and other ethnic minority customers who claimed they'd been apprehended and detained at Macy's stores between 2007 and 2013, Jewelry hong kong despite not having stolen or attempted to steal any merchandise.

The complaints included customers detained after traveling between floors by escalator with unconcealed merchandise. Other customers speaking limited English and suspected of shoplifting or credit card fraud were not permitted to make phone calls, denied access to an interpreter and required to sign trespass notices they couldn't understand.

The agreement cites Macy's data from October 2012 through October 2013 showing employees apprehended and detained 1,947 individuals at the Herald Square store. Meanwhile, about 6,000 people were detained at stores statewide.

The agreement requires publicly posting Macy's "customer's bill of rights" in English and Spanish in all its New York stores and on the Macy's Inc. website.

"To be clear, our company's policies strictly prohibit any form of discrimination or racial profiling and any occurrence of such behavior will not be tolerated in our organization," Macy's said in a statement. "Moving forward, our company will be initiating a series of measures including enhanced training and education for our loss prevention and sales associates. We also will be adopting an expanded role for our security monitor to help ensure that we have the right policies and procedures in place, and that we are constantly reviewing our compliance with them office furniture."

The attorney general's Civil Rights Bureau reached a similar agreement with the retailer Barneys earlier this month.
[PR]
by seungdd | 2014-08-20 17:08 | national