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Coca-Cola Announces Plans to Cut at Least 1,600 Corporate Jobs

Coca-Cola Announces Plans to Cut at Least 1,600 Corporate Jobs


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Hours after McDonald’s announced corporate cuts, Coca-Cola followed suit

Two iconic American brands are fighting against falling profits.

Hours after McDonald’s announced that it would terminate dozens of employees at its corporate headquarters, beverage industry giant Coca-Cola followed suit.

According to USA Today, Coca-Cola will lay off between 1,600 and 1,800 of its domestic and international corporate employees.

As with McDonald’s, the cuts reflect efforts to cut costs, with Coca-Cola’s program totaling approximately $3 billion. Previously, cuts had been estimated at roughly $1 billion. For McDonald’s, those job cuts were part of a $100 million program to save money and reorganize the business.

Over the last year, both of these iconic American brands faced noticeable declines in sales numbers, given that American soda consumption is falling, and McDonald’s is losing its customer base.

"We do not take decisions about job impacts lightly," Coca-Cola spokeswoman Ann Moore, said in a statement. "We have committed that we will ensure fair, equitable and compassionate treatment of our people throughout the process."


Premier Inn owner Whitbread to cut 6,000 jobs amid Covid crisis

Two of the UK’s biggest hotel and pub companies have announced plans to axe nearly 6,500 jobs as the prime minister announced new restrictions on the battered hospitality sector, including a 10pm curfew on all pubs that could last up to six months.

Whitbread, which owns Beefeater and Brewers Fayre alongside budget hotel chain Premier Inn, said it plans to cut up to 6,000 jobs because trading has been pummelled since the lockdown. The job cuts represent one in five of the staff.

JD Wetherspoon, which operates almost 900 pubs, announced plans for a further 450 job cuts at its six airport pubs – at Gatwick, Heathrow, Stansted, Birmingham, Edinburgh and Glasgow airports – due to a collapse in sales. The planned redundancies represent nearly half the number of its employees in the airport pubs.

The pub industry warned that the new curfew would have a “devastating impact on pubs, jobs and local communities”. More than 300 pubs have already closed their doors for the final time so far this year after struggling during the lockdown.

The job losses came as Boris Johnson blamed pubs for being a source of transmission of coronavirus and ordered that all pubs, bars and restaurants must close at 10pm from Thursday for up to six months.

Johnson also banned people from ordering drinks at the bar at any time, permitting only table service until further notice.

UK retail and hospitality job cuts on back of Covid-19 crisis

Marston's - 2,150 jobs
15 October: Marston's - the brewer which owns nearly 1,400 pubs, restaurants, cocktail bars and hotels across the UK - said it would cut 2,150 jobs due to fresh Covid restrictions. The company has more than 14,000 employees.

Whitbread - 6,000 jobs
22 September: Whitbread, which owns the Premier Inn, Beefeater and Brewers Fayre chains, said it would cut 6,000 jobs at its hotels and restaurants, almost one in five of its workforce

Pizza Express – 1,100 jobs
7 September: The restaurant chain confirms the closure of 73 restaurants as part of a rescue restructure deal.

Costa Coffee – 1,650 jobs
3 September: The company, which was bought by Coca-Cola two years ago, is cutting up to 1,650 jobs in its cafes, more than one in 10 of its workforce. The assistant store manager role will go across all shops.

Pret a Manger – 2,890 jobs
27 August: The majority of the cuts are focused on the sandwich chain's shop workers, but 90 roles will be lost in its support centre teams. The cuts include the 1,000 job losses announced on 6 July.

Marks & Spencer – 7,000 jobs
18 August: Food, clothing and homewares retailer cuts jobs in central support centre, regional management and stores.

M&Co – 400 jobs
5 August: M&Co, the Renfrewshire-based clothing retailer, formerly known as Mackays, will close 47 of 215 stores.

WH Smith – 1,500 jobs
5 August: The chain, which sells products ranging from sandwiches to stationery, will cut jobs mainly in UK railway stations and airports.

Dixons Carphone – 800 jobs
4 August: Electronics retailer Dixons Carphone is cutting 800 managers in its stores as it continues to reduce costs.

DW Sports – 1,700 jobs at risk
3 August: DW Sports fell into administration, closing its retail website immediately and risking the closure of its 150 gyms and shops.

Marks & Spencer – 950 jobs
20 July: The high street stalwart cuts management jobs in stores as well as head office roles related to property and store operations.

Ted Baker – 500 jobs
19 July: About 200 roles to go at the fashion retailer’s London headquarters, the Ugly Brown Building, and the remainder at stores.

Azzurri – 1,200 jobs
17 July: The owner of the Ask Italian and Zizzi pizza chains closes 75 restaurants and makes its Pod lunch business delivery only

Burberry – 500 jobs worldwide
15 July: Total includes 150 posts in UK head offices as luxury brand tries to slash costs by £55m after a slump in sales during the pandemic.

Boots – 4,000 jobs
9 July: Boots is cutting 4,000 jobs – or 7% of its workforce – by closing 48 opticians outlets and reducing staff at its head office in Nottingham as well as some management and customer service roles in stores.

John Lewis – 1,300 jobs
9 July: John Lewis announced that it is planning to permanently close eight of its 50 stores, including full department stores in Birmingham and Watford, with the likely loss of 1,300 jobs.

Celtic Manor – 450 jobs
9 July: Bosses at the Celtic Collection in Newport, which staged golf's Ryder Cup in 2010 and the 2014 Nato Conference, said 450 of its 995 workers will lose their jobs.

Pret a Manger – 1,000 jobs
6 July: Pret a Manger is to permanently close 30 branches and could cut at least 1,000 jobs after suffering “significant operating losses” as a result of the Covid-19 lockdown

Casual Dining Group – 1,900 jobs
2 July: The owner of the Bella Italia, Café Rouge and Las Iguanas restaurant chains collapsed into administration, with the immediate loss of 1,900 jobs. The company said multiple offers were on the table for parts of the business but buyers did not want to acquire all the existing sites and 91 of its 250 outlets would remain permanently closed.

Arcadia – 500 jobs
1 July: Arcadia, Sir Philip Green’s troubled fashion group – which owns Topshop, Miss Selfridge, Dorothy Perkins, Burton, Evans and Wallis – said in July 500 head office jobs out of 2,500 would go in the coming weeks.

SSP Group – 5,000 jobs
1 July: The owner of Upper Crust and Caffè Ritazza is to axe 5,000 jobs, about half of its workforce, with cuts at its head office and across its UK operations after the pandemic stalled domestic and international travel.

Harrods – 700 jobs
1 July: The department store group is cutting one in seven of its 4,800 employees because of the “ongoing impacts” of the pandemic.

Harveys – 240 jobs
30 June: Administrators made 240 redundancies at the furniture chain Harveys, with more than 1,300 jobs at risk if a buyer cannot be found.

TM Lewin – 600 jobs
30 June: Shirtmaker TM Lewin closed all 66 of its outlets permanently, with the loss of about 600 jobs.

Monsoon Accessorize – 545 jobs
11 June: The fashion brands were bought out of administration by their founder, Peter Simon, in June, in a deal in which 35 stores closed permanently and 545 jobs were lost.

Mulberry – 470 jobs
8 June: The luxury fashion and accessories brand is to cut 25% of its global workforce and has started a consultation with the 470 staff at risk.

The Restaurant Group – 3,000 jobs
3 June: The owner of dining chains such as Wagamama and Frankie & Benny’s has closed most branches of Chiquito and all 11 of its Food & Fuel pubs, with another 120 restaurants to close permanently. Total job losses could reach 3,000.

Clarks – 900 jobs
21 May: Clarks plans to cut 900 office jobs worldwide as it grapples with the growth of online shoe shopping as well as the pandemic.

Oasis and Warehouse – 1,800 jobs
30 April: The fashion brands were bought out of administration by the restructuring firm Hilco in April, with all of their stores permanently closed and 1,800 jobs lost.

Cath Kidston – 900 jobs
21 April: More than 900 jobs were cut immediately at the retro retail label Cath Kidston after the company said it was permanently closing all 60 of its UK stores.

Debenhams – 4,000 jobs
9 April: At least 4,000 jobs will be lost at Debenhams in its head office and closed stores after its collapse into administration in April, for the second time in a year.

Laura Ashley – 2,700 jobs
17 March: Laura Ashley collapsed into administration, with 2,700 job losses, and said rescue talks had been thwarted by the pandemic.


Two Paper Firms to Cut Capacity, Jobs

Two of Europe's largest paper producers announced plans to trim capacity and together cut more than 3,000 jobs in their latest bids to improve profitability.

Stora Enso Oyj said it will close unprofitable assets that produce about 600,000 tons of paper and board and 170,000 cubic meters of sawn goods a year, eliminating 1,700 jobs, or 4.7% of its 36,000-employee work force.

UPM-Kymmene Corp. , the world's largest producer of magazine paper by revenue, said it will shut its least competitive pulp and paper businesses in Finland and cut 1,600 jobs, or 6.2%, from its work force of about 26,000.

The moves come after years of suffering from weak prices and overcapacity in the paper industry. The Finnish companies also have been hurt by the strength of the euro against the dollar, which has hit exports, and by higher energy and wood costs, which have risen as Russia raised its export duties and biofuel producers competed for the same resources.

Reacting to higher tariffs, Stora Enso, which last year posted sales of &euro11.8 billion ($16.64 billion), said it will invest &euro135 million in a bid to operate without roundwood supplies from Russia next year.


US firms in a variety of sectors announced job cuts and downsizing in recent days, as the slowdown works its way through the economy. In addition to the layoffs, numerous corporations announced bleak corporate earnings or warned of slower revenue growth in coming months.

On July 12 the world’s largest forestry products company, International Paper, announced it was cutting back production and eliminating 655 jobs—two weeks after it announced 3,000 cuts. From the company’s Stamford, Connecticut headquarters, CEO John Dillon blamed the cutbacks on the strong US dollar and soft demand.

On the same day Motorola, the giant cell-phone and semiconductor manufacturer, reported the elimination of 4,000 more jobs, bringing the proposed total by the end of the year to 30,000, for a savings of nearly $2 billion. The announcement came the day after the firm reported its second consecutive quarterly loss. An analyst with J.P. Morgan Chase H&Q told the Chicago Tribune that Motorola was now “really out-of-room from a cost-cutting point of view.”

Motorola lost $759 million in the second quarter of 2001, compared with a profit of $204 million a year ago, nearly a $1 billion-dollar turnaround. Semiconductor orders declined 51 percent from the same period in 2000. CEO Christopher Galvin said his company had made the cuts necessary to weather any economic turbulence. “All of us know how to manage in a recession,” he said.

Officials at Amtrak have revealed that a 15 percent reduction in management positions has been ordered as the government-run passenger train corporation attempts to meet a congressional deadline for breaking even on operations by the end of the year. Amtrak had a loss last year of $561 million. Similar cuts, of 10 to 15 percent, among unionized employees are also under consideration train service may be curtailed as well. Amtrak has some 23,000 employees.

Coca-Cola Enterprises, the world’s largest Coca-Cola bottler and owned 40 percent by the beverage manufacturer, announced plans July 17 to eliminate 2,000 jobs, about 3 percent of its worldwide workforce. Coca-Cola Enterprises has about 57,000 workers in North America and 10,000 in Europe.

American Express, the financial and travel-related services company, announced July 18 that it would cut another 4,000 to 5,000 jobs in an effort to lower costs. This comes on top of previous plans to eliminate about 1,600 jobs. The total represents a cut of at least 7 percent of American Express's worldwide workforce.

The No. 2 supermarket chain in the US, Albertson’s, reported July 18 that it planned to close 165 stores in 25 states and cut an undisclosed number of jobs. The firm, headquartered in Boise, Idaho, currently has about 235,000 employees and 2,541 stores that operate as Albertson’s, Jewel Osco, Sav-on and Osco Drug.

The job slashing is the first major initiative launched by Chairman and CEO Lawrence Johnston, who joined the company in April after heading General Electric’s appliance division. Johnston told analysts in a conference call, “There’s no sacred cows. We’re turning over every stone in the company. The environment I came from at GE is pretty notorious for ongoing productivity and continuous improvement. That’s exactly what we’re pushing for at Albertson’s.”

Jo-Ann Stores, the fabrics and craft retailer, announced 55 layoffs on the same day, most of them at its corporate headquarters in Hudson, Ohio.

Executives at Safeco, the insurance and financial products firm, revealed plans to lay off 1,200 employees, including 250 at its corporate headquarters in Seattle. The job cuts began July 18 and will not be completed for two years. They will affect approximately 10 percent of the company’s workforce. The layoffs are part of a restructuring plan aimed at reviving the insurer, which, according to an industry analyst, has “severe and deep-seated problems.”

Northwest Airlines, the fourth largest airline in the US, announced July 19 that it would lay off 500 employees, including 130 managers. In total, the airline is eliminating 1,500 positions, many of them through attrition, voluntary leaves and retirement. Northwest is struggling with the slump in business travel that has affected the entire industry.

A number of high-tech and Internet companies announced job cuts in the past week. On July 12 Microlog, a maker of software that manages customer-service call centers, reported that it was firing 20 percent, 12 workers, from its shrinking workforce. Blackboard, a Washington, DC company that sells software to allow colleges and universities to provide online materials as part of their courses, announced a cut of 8 percent of its workforce, or 40 out of 490 employees. GE Global Exchange Services, known as GXS, revealed plans July 16 to lay off about 300 workers, or nearly 12 percent of its employees. The GE unit helps businesses conduct transactions with suppliers and customers over the Internet.

Storage Networks, which leases data storage capacity to large firms, announced July 19 that it would lay off 220 workers, or nearly 30 percent of its staff. The company reported a second-quarter loss of $32.2 million. Most of the cuts will take place at its Waltham, Massachusetts headquarters, but some jobs will be lost in other parts of the US, as well as Germany and Britain. Also on July 19 Cypress Semiconductor of San Jose, California reported plans to cut 650 jobs, or 18.6 percent of its workforce. For the quarter ending July 1, Cypress reported a net loss of $18 million, compared with a profit of $66 million in the same period in 2000. Data storage and consumer electronics firm Iomega also reported a second-quarter loss July 19 and a 35 percent revenue drop amid slumping sales of its products. Company officials announced a restructuring plan that could cut over 25 percent of its employees—800 to 1,100 workers.

Software giant Microsoft reported a profit that fell within Wall Street predictions on Friday, but warned that revenue growth would slow in the current quarter as demand for personal computers remains sluggish. Other high-tech firms, including Nortel, Gateway and Vitesse Semiconductor, reported poor earnings reports or outlooks.

The continuing destruction of jobs, with all that entails in the form of disrupted lives and hardship, has profound social and political implications. Albertson’s Lawrence Johnston may believe that the policy of “turning over every stone in the company” will have no consequences, but history suggests otherwise.

The Grand Rapids (Michigan) Press was obliged to take notice recently of a particularly callous incident of downsizing. The newspaper’s July 10 editorial warned of “corporate irresponsibility” and a lack of “empathy” in the case of Michigan Bulb, a top mail-order garden supply firm, whose parent, Illinois-based Foster & Gallagher Inc., shut it down “with no advance notice,” according to the Press. “Terminated workers were let go with little more than a pink slip and a goodbye—no severance package or other benefit was offered. The closing left hundreds of employees with no health insurance or retirement plan, and no time to make contingency plans to deal with their unexpected predicament.” This episode speaks volumes about the real state of social relations in the US.


Coca-Cola Ireland announces it is outsourcing operations from Drogheda

Coca-Cola has confirmed it is outsourcing operations from its Louth facility to third-party companies abroad.

A spokesperson for the soft drinks giant, which employs 200 people at its Southgate facility in Drogheda, said i t was looking at &lsquousing third-party providers to provide managed services.&rsquo

In a statement, the company said: &lsquoCoca-Cola is evolving as a total beverage company, and that includes changing the way we work to increase our speed and agility.

&lsquoThe company&rsquos Integrated Services [organisation] provides a broad range of support services globally, including for finance, procurement, human resources and a number of other areas.

&lsquoAs we move to provide the next generation of services, we&rsquore looking for opportunities to think innovatively. This includes using third-party providers to provide managed services.&rsquo

It is expected that around 100 positions &mdash half the Drogheda workforce &mdash will be affected. Staff were briefed on the decision on Thursday.

Louth TD Fergus O&rsquoDowd said: &lsquoI am very disappointed to hear that there could be a potential loss of jobs.

&lsquoIt is essential that any employee who becomes unemployed is fully supported by the state and that every effort will be made to help them re-enter the workforce as quickly as possible and to assist their transition at this very difficult time.&rsquo

The Fine Gael politician added: &lsquoMy thoughts are with the affected employees and their families at this difficult time. The company has given its commitment to engage with any industrial relations processes which may be required.&rsquo

The company cut 50 workers at the Drogheda site as part of restructuring efforts two years ago. Additionally, Coca-Cola announced the phased closure of its plant in Athy, Co. Kildare last year, putting 82 jobs at risk.

At least 43 workers in Athy were earmaked to move to Coca-Cola&rsquos Ballina Beverages site in Co. Mayo, which the company invested &euro26m in last September.

Along with its bottling partner, Coca-Cola Hellenic, the company employs around 1,600 people in Ireland and has another manufacturing facility in Lisburn.


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About nine million European workers, up to a fifth of those currently enrolled in the short-work programs, are in what the German bank Allianz has called “zombie jobs” — positions in the auto and airline industries, restaurants, shops and hotels and other sectors ill equipped to confront shifting consumer behavior. Many of these jobs are still on the books almost solely because of government subsidies, the bank said.

“The programs in Europe are more generous than in the United States, but they won’t last forever,” said Simon Tilford, an author of a Center for European Reform report on the economic risks of the pandemic. “Lots of companies will lay off workers irrespective of whether they can continue to access wage subsidy schemes because they can’t see demand recovering anytime soon.”

In the meantime, governments “are going to face a difficult choice about continuing to subsidize workers in sectors where there is a question about the long-term future,” including autos and aerospace, he added.

Employers will soon face other financial pressures as emergency benefits adopted when the virus was raging in the spring come to a close. In Britain, a moratorium on forfeiture of commercial properties because of unpaid rent — effectively allowing firms to delay rent payments — ends in September. In Germany, a rule allowing companies in distress to avoid filing for bankruptcy will also begin phasing out in September.

The layoffs risk igniting social tensions as Europe endures its worst recession since World War II. The European Commission expects the economy to shrink 8.3 percent this year, with declines of more than 10 percent projected for Italy, Spain and France before a revival toward the end of 2021.

In some countries, workers are taking to the streets. Thousands of employees at a Nissan plant in Barcelona, Spain, blocked roads and burned tires in May after the Japanese automaker, Renault’s main partner in the world’s biggest auto alliance, announced plans to shutter the factory this year amid a plunge in global demand for cars. The company plans to cut 22,000 jobs, mostly in Europe.

Over 1,600 employees at a Smart car factory in eastern France, stung by a surprise announcement that the parent company, Daimler, will sell the operation because of the coronavirus, are planning strident protests next month. Local politicians are warning of an economic calamity in the region if Daimler doesn’t strike a deal with a buyer.

Eager to avoid unrest, governments are trying to cushion the blow of impending layoffs — or at least delay them until they can tap a new European Commission €100 billion loan program next year, designed to back up national wage support schemes.

Italy and Spain are among countries temporarily extending furlough programs through December, albeit with less money for businesses and the termination of some benefits, like the exemption for employers to make health care and pension contributions. France has extended wage subsidies for another two years, but is asking employers to pay a greater share of the cost.

Britain, however, is sticking to an Oct. 31 deadline for its £30 billion ($37.8 billion) plan to “protect, support and create jobs,” after which time the country is expected to face significant job losses.

Among the British businesses that have already announced cuts, British Airways, easyJet and Virgin Atlantic will shed a total of nearly 20,000 jobs. Boots, Pret a Manger and a phalanx of other high street retailers and food shops will lay off at least 15,000 in the coming weeks and months. At BP, 10,000 office-based positions will go, most by the end of the year. Millions of others on precarious temporary and “on-call” contracts are also at risk.

Governments are moving to ensure that rising joblessness doesn’t turn into a quagmire of long-term unemployment. Britain and other countries are expanding access to benefits and investing billions in programs to train workers in industries that are hiring, whether in chemical engineering, truck driving or home care.

Britain will invest 800 million pounds ($1 billion) into job centers and double the number of work coaches to 27,000 to help benefit claimants back into work. France is recruiting thousands of new counselors to give job seekers what the government says will be more personalized direction.

Adecco, Europe’s largest temporary employment agency, whose main business includes working with companies and labor unions to carry out restructuring plans, has been amping up its retraining.

“We see a huge wave of restructuring coming, especially in Germany, France and the United States,” said Christophe Catoir, Adecco’s president for France and Northern Europe. “In September, October and November we will probably register an additional one million unemployed in France alone — not just people in short-term work, but high-skilled people.”

Yet there are opportunities, he said. Engineers will be laid off at Airbus, which is cutting 15,000 jobs in Europe. But job vacancies currently abound for industrial and technical engineers, as well as in the pharmaceutical and agro-food industry, Mr. Catoir said.

“Creating a mobility of skills will be the basis of a rebound,” he said. “Without it you will have continued unemployment.”


Coke goes 'lean,' to cut 1,200 jobs as part of $800 million cost-savings plan

Coca-Cola said Tuesday it will eliminate 1,200 jobs from its corporate center as part of a multiyear cost-cutting effort, with the reductions beginning in the second half of this year.

Incoming Coca-Cola CEO and current COO James Quincey said on the company's earnings conference call that the company is planning "more focused, lean" operations.

In its quarterly earnings report Tuesday morning, Coke announced plans to expand a productivity and reinvestment program to eke out an incremental $800 million in annualized savings over the next two years. This added savings will boost Coke's target for a six-year savings program to $3.8 billion, the company said.

"The changes in [Coke's] corporate center will make us more agile, more focused on growth," Quincey further explained the announcement on CNBC's " Squawk Alley " in an exclusive interview Tuesday.

Quincey said that "about half" of the $800 million in savings by 2019 will be reinvested in the company, adding: "We will be a much smaller company by next year."

"I think here the clear intent is that this [reinvestment] is more directed to some of the newer categories or some of the other categories to drive growth," he said, clarifying where some of the cost savings will be deployed at Coke.

In particular, "savings will be reinvested at reinvigorating revenue growth of [Coca-Cola's] sparkling category," the incoming CEO told CNBC.

On Tuesday, the company reported its eighth consecutive quarterly decline in revenue. Coke was hurt most by expenses involved with refranchising its North America bottling operations, which impacted its bottom line, and it faced headwinds in Latin America, where economic conditions remain challenging.

Quincey will succeed Muhtar Kent and become Coke's CEO on Monday.

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ParcelPal Technology, Inc. Reports First Quarter 2021 Results Highlighted by Record Q1 Revenue and a Significantly Reduced Cash Operating Loss

VANCOUVER, British Columbia, May 28, 2021 (GLOBE NEWSWIRE) -- ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (OTC:PTNYF) (CSE:PKG) (FSE:PT0) is pleased to announce its Q1 2021 financial results highlighted by record Q1 revenue and a significantly reduced cash operating loss year over year. Overview In Q1 2021, the Company continued its operating success, which was driven by revenue growth of 8% to approximately $1.2 million (up from $1.1K in Q1 2020), which was a record revenue high for Q1 since inception of the Company. Importantly, the Company’s cash operating loss decreased 30% to $599,215 (compared to $849,116 in Q1 2020). Despite a much slower start to the year in business with our largest customer (due to an issue out of our control), we were able to offset it with continued diversification of our customer base, which drove revenue out of the pharmaceutical, meal kit and retail spaces. Our revenue growth and operating loss reductions are, in large measure, driven by our business expansion plan, in which we continue to invest in our service offering, ramp up our staffing levels to meet the increase in business, and increase our focus on client diversification and higher margins. "The actions we have taken to increase our gross revenue and rebuild our service offering have placed our Company in a better position to deliver value to our customers during the crisis caused by the COVID-19 pandemic," said ParcelPal’s CEO Rich Wheeless. "This is just the beginning of our improved operating performance, and I am very encouraged by the lower operating losses which I see continuing as the Company expands into new and profitable markets in the current and future quarters." "We have more work to do, and we will continue to take actions to strengthen our core business," said ParcelPal’s CEO Rich Wheeless. "I am most proud of the fact that we are well capitalized to execute the Company’s expansion and growth plan that I have laid out, including a continued expansion through organic growth, strategic transactions and/or acquisitions.” Q1 2021 Financial Highlights: March 31, 2021 compared to March 31, 2020 - Financial Highlights: Revenue growth of 8% to $1,188,918 (up from $1,100,327 in Q1 2020), a record revenue high for Q1 since inception of the company.Cash of $233,648 at March 31, 2021, compared to $255,668 at December 31, 2020, and vehicles and right-of-use assets of $402,965 compared to $343,699 at December 31, 2020. Of note, we currently have approximately $625K cash on hand and we have an untapped equity facility of $5M available to us at our discretion, which we implemented in December 2020.Marketing and promotion decreased to $nil (Q1 2020 - $12,882) as the Company reduced marketing activity in an effort to converse cash and focus on operational growth.Administrative, office and miscellaneous expenses decreased to $157,637 (Q1 2020 - $329,665) due to non-revenue generating cost-cutting measures.Salaries decreased to $129,676 (Q1 2020 - $296,993) due to improvement in efficiencies in staffing assignments and cost cutting related to office staff.During the quarter ended March 31, 2021, the Company’s net loss was negatively impacted by approximately $877K of primarily non-cash expenses, including amortization, share issuances (including for debt settlements) and derivative liabilities. Subsequent to the period ended March 31, 2021, a few notable events occurred, including: In April 2021, we announced an agreement to provide delivery services with Bayshore Specialty Rx (specialty pharmacy, infusion and pharmaceutical patient support services). They are a subsidiary of Bayshore HealthCare, one of Canada’s leading providers of home and community healthcare services. With over 100 locations across the country, including 65 home care offices, 13 pharmacies and 90+ clinics, Bayshore has more than 13,500 staff members and provides care to over 350,000 clients. ParcelPal will be providing same day and next day prescription delivery to various facilities in the Vancouver, British Columbia area to start. Outlook The Company's strategic priorities for the remainder of fiscal 2021 include: Continued expansion into large markets in Canada, and also planning the Company’s entry into the United States market.Continued improvement in operating performance, and diversification of our customer base.Building an exceptional and world-class brand with a focus on signing quality partners.Using data, technology, and in-bound sales to ramp up sales and revenue generation. The Company's complete financial results are available in its unaudited Financial Statements and Management's Discussion and Analysis for the quarter ended March 31, 2021, each of which have been filed with Canadian and United States securities regulators, respectively at www.sedar.com and www.sec.gov. About ParcelPal Technology Inc. ParcelPal is a Vancouver, British Columbia based company that specializes in last-mile delivery service and logistics solutions. We are a customer-driven, courier and logistics company connecting people and businesses through our network of couriers in cities including Vancouver, Calgary, Toronto and soon in other major cities Canada-wide. Some of our verticals include pharmacy & health, meal kit deliveries, retail, groceries and more. ParcelPal Website: www.parcelpal.com Neither the Canadian Securities Exchange (“CSE”), the Securities and Exchange Commission nor any other securities regulatory authority has reviewed and do not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management. The information in this news release is not complete. For a more complete description of all items referenced herein, please see our annual report on Form 20-F filed with the Securities and Exchange Commission and in our MD&A filed on Sedar, each as filed on the same date of this news release. OTC – Symbol: PTNYFCSE – Symbol: PKGFSE – Symbol: PT0 Contact: re: Investor Inquiries - [email protected] Forward-Looking Information This news release contains forward-looking statements relating to the Proposed Transaction, and the future potential of ParcelPal. Forward-looking statements are often identified by terms such as "will", "may", "should", “intends”, "anticipates", "expects", “plans” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include, without limitation, the risk that the Proposed Transaction will not be completed due to, among other things, failure to execute definitive documentation, failure to complete satisfactory due diligence, failure to receive the approval of the CSE and the risk that ParcelPal will not be successful due to, among other things, general risks relating to the mobile application industry, failure of ParcelPal to gain market acceptance and potential challenges to the intellectual property utilized in ParcelPal. There can be no assurance that any forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities laws.

Sasha Johnson: Man charged in connection with attempted murder

Twenty-seven-year-old remains critically ill in hospital after being shot during party in south London

Airports, Amtrak and autos: Biden wants to spend $88 billion on transportation

U.S. President Joe Biden's proposed Transportation Department budget puts a sharp focus on the nation's infrastructure, boosting funding for trains and transit as well as spending on aviation and highway safety. Biden's proposed budget, which was released Friday, would spend $88 billion, some of it to modernize 20,000 miles of highways and roads, fix ten bridges deemed most economically significant and repair the worst 10,000 smaller bridges. Under the plan, the government would also replace thousands of buses and rail cars and update airports which need it, according to a White House fact sheet.

TUSCAN HOLDINGS CORP. RECEIVES NASDAQ NOTIFICATION REGARDING DELAYED FORM 10-Q

NEW YORK, New York, May 28, 2021 (GLOBE NEWSWIRE) -- Tuscan Holdings Corp. (NASDAQ: THCB) (“Tuscan” or the “Company”), a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, announced that on May 28, 2021, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) advising that because the Company failed to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021 (the “Form 10-Q”), the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”). Nasdaq has informed the Company that it has until July 26, 2021 to submit a plan to regain compliance with the Rule, provided that the Company will not be required to submit a plan if the Form 10-Q is filed before such date. If Nasdaq approves the Company’s plan, it has the discretion to grant the Company an extension of up to 180 calendar days from the due date of the Form 10-Q (or until November 22, 2021) to regain compliance. The Company anticipates that it will file the Form 10-Q in advance of the sixty-day deadline and thereby regain compliance with the Nasdaq continued listing requirements. If the Company is unable to file the Form 10-Q by July 26, 2021, it intends to file a plan to regain compliance with Nasdaq. There can be no assurance, however, that the Company will be able to regain compliance with the listing requirements discussed above or otherwise satisfy the other Nasdaq listing criteria. This notification has no immediate effect on the listing of the Company’s securities on Nasdaq. Forward Looking Statements This press release includes certain “forward-looking” statements, as that term is defined under the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,” “opportunity,” and similar words or phrases or the negatives of these words or phrases. These forward-looking statements are based on the Company’s current assumptions, expectations, and beliefs and are subject to substantial risks, estimates, assumptions, uncertainties, and changes in circumstances that may cause actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement, including, among others, the timing of the filing of the Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021 and any further delay in the filing of required periodic reports with the SEC. In addition, please refer to the risk factors contained in the Company’s SEC filings. Because the risks, estimates, assumptions, and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and, except as required by law, the Company assumes no obligation and does not intend to update any forward-looking statement to reflect events or circumstances after the date hereof. Company Contact: Steven VogelChief Executive OfficerTuscan Holdings Corp.135 E. 57th Street, 18th FloorNew York, NY 10022(646) 948-7099


Big Job Cuts Announced at American

American Airlines expects to cut nearly 7,000 employees by the end of the year, or about 8 percent of its worldwide work force, as it reduces flights and grounds aircraft because of high fuel costs, the airline told employees Wednesday.

American said in a regulatory filing that it expected to record a second-quarter charge of as much as $1.3 billion to account for the job reductions and to write down the value of the MD-80 and Embraer 135 regional jets that it is retiring as it eliminates flights.

The job cuts, which appear to be twice as big as those announced so far by any other carrier, could affect as many as 900 flight attendants.

In a message posted on its Web site, the Association of Professional Flight Attendants said Wednesday that it had received notice from American of its intent to lay off union members with the least seniority. The exact number will depend on how many older workers agree to take voluntary retirement packages, the airline told the union.

In an e-mail memorandum to employees, Jeffrey J. Brundage, American’s senior vice president for human resources, said the airline expected its job reductions to mirror the 8 percent cut in worldwide flights it plans by the end of the year.

American, the largest domestic carrier and a division of the AMR Corporation, announced in May that it would cut flights by 11 percent to 12 percent in the United States, and by about 8 percent over all.

“While we are still working through the specific impact to employee work groups, both voluntary and involuntary, employee reductions commensurate with the overall system capacity reductions are expected companywide as we reduce the size of the airline,” Mr. Brundage said in the memorandum.

“It’s crucial that we take the appropriate actions to operate a strong and competitive airline for both our employees and customers,” he added.

American has about 85,500 employees, so an 8 percent cut would equal about 6,840 jobs. American has previously said that it plans to cut its management and support staff jobs by about 8 percent.

“These are difficult but necessary changes given the unprecedented challenges we face with overcapacity in the industry, skyrocketing fuel prices, and a worsening U.S. economy,” said Tim Wagner, an American spokesman.

American hopes many of its job reductions can be achieved through voluntary steps, Mr. Wagner added. He said the airline did not have figures available for job cuts it plans in other areas.

The layoffs would be effective Aug. 31. American has about 18,000 flight attendants.

American is in the midst of contract negotiations with the flight attendants union and also is holding discussions with its pilots’ union.

Mr. Brundage said American had agreed on an early-retirement deal covering flight attendants and members of the Transport Workers Union, which represents mechanics and ground workers.

Airlines have been hit hard by a rise in the price of jet fuel, which is up more than 80 percent over 2007. They have raised fares, imposed surcharges and set new fees, like the $15 charge American began last month for many passengers to check a bag.

United Airlines says it plans to eliminate up to 1,600 salaried and management positions, and lay off 950 pilots. It has offered voluntary retirement deals to 600 flight attendants. The airline is expected to announce further employee cuts.

Continental Airlines also announced plans to cut 3,000 jobs, although it has not been specific about which jobs will be eliminated.

Including the cuts disclosed Wednesday by American, airlines have said they plan to cut about 30,000 jobs this year.

If job cuts continue at that pace, 2008 will be the second-worst year this decade for job reductions in the airline industry, according to Challenger, Gray & Christmas, a firm that tracks employment data. Airlines laid off more than 100,000 workers in 2001 after the 9/11 attacks in New York and Washington.

Meanwhile, AirTran Airways told employees that it wanted to cut their pay by an average of 10 percent, in an effort to fight higher fuel costs.

Robert Fornaro, the chief executive at AirTran, said in an e-mail message to employees Wednesday that the airline hoped the cut would be temporary and last for six months. But “we may need to do more in the future,” Mr. Fornaro said.

The pay cut, which would range from 5 percent for some workers to 15 percent for executives, would affect all levels of employees. Mr. Fornaro said AirTran wants the cuts to begin Aug. 1, and was continuing to hold discussions with its unions.


We Turned Chocolatier Barry Callebaut Sweet by Pushing It to Ban Animal Tests

After discussions with PETA and PETA Germany, Switzerland-based chocolatier Barry Callebaut—the “world’s leading manufacturer of high-quality chocolate & cocoa products”— publicly announced that it will not conduct, fund, or commission any animal experiments unless they are explicitly required by law.

The multibillion-dollar company also announced plans to open a completely vegan production facility in the German state of Schleswig-Holstein.


Compare New No-Contract Phone Plans To Save Money

If you’re the kind of person who feels embarrassed carrying around last year’s Samsung Galaxy S3 or an iPhone 4S from 2011, two wireless carriers have got your back.

AT&T and T-Mobile both recently announced plans that will allow users to upgrade their smartphones more frequently. Both companies will make those customers pay a premium for the privilege. But in the long run, frequent upgraders will save money with the new plans compared to the carriers’ standard payment options.

On Tuesday, AT&T unveiled “Next,” a new smartphone plan that will allow customers to choose any smartphone the carrier offers, finance the full cost of the phone over 20 months (without a two-year contract) or choose to trade that phone at no added cost after 12 payments.

So, if you wanted a 16 GB iPhone 5, you’d have to pay $32.50 a month for the phone on top of whatever your wireless service plan costs each month. After a year, you could trade in your iPhone for a newer model, or you could continue to pay off the full cost of the phone for eight more months. For an extra $7 a month, customers can add insurance, which covers against damage when it’s time to trade that phone in.

Unlike AT&T’s standard plans that require customers to pay $200 up front for a top-of-the-line smartphone, AT&T Next doesn’t make customers to put any money down. Next would save an AT&T customer who wanted a new iPhone every year $106 over the course of two years.

David Christopher, AT&T’s marketing chief, told CNNMoney that the company was excited about the new pricing option, but he was unsure whether it would prove to be more popular with customers than the traditional subsidy model.

T-Mobile’s “Jump” plan works a little differently. With Jump, customers can trade in their phones every six months. But each time a Jump customer upgrades, T-Mobile charges a down payment of varying cost — typically, the more expensive the phone, the higher the down payment. Jump also requires customers to pay a $10 monthly fee to enroll in the program, which includes damage and theft protection.

If you wanted a 16 GB iPhone 5, you’d have to pay a $145 down payment, at least $21 per month to finance the phone and a $10 per month Jump fee on top of the cost of their wireless service. Six months later, you could trade in the iPhone for a new one, or you could keep paying off the full cost of the phone. (T-Mobile allows customers to finance their phones for up to 24 months, but they have the option of paying off the full cost of their phones sooner).

Jump would save a T-Mobile customer who wanted upgraded to a new iPhone every year $264 over a two-year span.

Comparing the Next and Jump plans side-by-side over a 24 month span with the 16 GB iPhone 5 as a test case, AT&T’s pricing model turned out to be cheaper by $256 than T-Mobile’s, assuming the customer upgrades to the next iPhone after the first year. AT&T’s plan is still $88 cheaper over two years if the AT&T customer bought the optional insurance package.

And generally speaking, the more expensive the phone gets, the better value AT&T provides. But in a few cases, such as purchasing the excellent HTC One, the difference between the AT&T and T-Mobile plans is almost negligible, due to a lower down payment cost.

Those numbers do not take into account the monthly wireless plans that go with the hardware. With the more basic monthly plans, T-Mobile tends to offer a better value, which could save users money in the long run.

AT&T Next and T-Mobile Jump are definitely geared more towards tech savvy crowds who must have the yearly — or biannual — update of their favorite phone. For those who are okay with hanging onto a phone for 18 to 24 months, these plans aren’t for you.

Jump and Next are about flexibility above all else. Any value propositions will ultimately lie in the eye of the beholder.

NEW YORK (CNNMoney) — If you’re the kind of person who feels embarrassed carrying around last year’s Samsung Galaxy S3 or — God forbid — an iPhone 4S from 2011, two wireless carriers have got your back.

AT&T and T-Mobile both recently announced plans that will allow users to upgrade their smartphones more frequently. Both companies will make those customers pay a premium for the privilege. But in the long run, frequent upgraders will save money with the new plans compared to the carriers’ standard payment options.

On Tuesday, AT&T unveiled “Next,” a new smartphone plan that will allow customers to choose any smartphone the carrier offers, finance the full cost of the phone over 20 months (without a two-year contract) or choose to trade that phone at no added cost after 12 payments.

So, if you wanted a 16 GB iPhone 5, you’d have to pay $32.50 a month for the phone on top of whatever your wireless service plan costs each month. After a year, you could trade in your iPhone for a newer model, or you could continue to pay off the full cost of the phone for eight more months. For an extra $7 a month, customers can add insurance, which covers against damage when it’s time to trade that phone in.

Unlike AT&T’s standard plans that require customers to pay $200 up front for a top-of-the-line smartphone, AT&T Next doesn’t make customers to put any money down. Next would save an AT&T customer who wanted a new iPhone every year $106 over the course of two years.

David Christopher, AT&T’s marketing chief, told CNNMoney that the company was excited about the new pricing option, but he was unsure whether it would prove to be more popular with customers than the traditional subsidy model.

T-Mobile’s “Jump” plan works a little differently. With Jump, customers can trade in their phones every six months. But each time a Jump customer upgrades, T-Mobile charges a down payment of varying cost — typically, the more expensive the phone, the higher the down payment. Jump also requires customers to pay a $10 monthly fee to enroll in the program, which includes damage and theft protection.

If you wanted a 16 GB iPhone 5, you’d have to pay a $145 down payment, at least $21 per month to finance the phone and a $10 per month Jump fee on top of the cost of their wireless service. Six months later, you could trade in the iPhone for a new one, or you could keep paying off the full cost of the phone. (T-Mobile allows customers to finance their phones for up to 24 months, but they have the option of paying off the full cost of their phones sooner).

Jump would save a T-Mobile customer who wanted upgraded to a new iPhone every year $264 over a two-year span.

Comparing the Next and Jump plans side-by-side over a 24 month span with the 16 GB iPhone 5 as a test case, AT&T’s pricing model turned out to be cheaper by $256 than T-Mobile’s, assuming the customer upgrades to the next iPhone after the first year. AT&T’s plan is still $88 cheaper over two years if the AT&T customer bought the optional insurance package.

And generally speaking, the more expensive the phone gets, the better value AT&T provides. But in a few cases, such as purchasing the excellent HTC One, the difference between the AT&T and T-Mobile plans is almost negligible, due to a lower down payment cost.

Those numbers do not take into account the monthly wireless plans that go with the hardware. With the more basic monthly plans, T-Mobile tends to offer a better value, which could save users money in the long run.

AT&T Next and T-Mobile Jump are definitely geared more towards tech savvy crowds who must have the yearly — or biannual — update of their favorite phone. For those who are okay with hanging onto a phone for 18 to 24 months, these plans aren’t for you.

Jump and Next are about flexibility above all else. Any value propositions will ultimately lie in the eye of the beholder.

The-CNN-Wire™ & © 2013 Cable News Network, Inc., a Time Warner Company. All rights reserved.


Watch the video: Как сохранить газы в Coca Cola Лайфхак! (June 2022).


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