Macy’s, Gannett Face Debt Hangover From Buybacks in Good Times
By Sarah Rabil
Macy's Discount Coupon
Dec. 30 (Bloomberg) -- Macy’s Inc., Gannett Co. and New York Times Co.’s attempts to prop up their stocks with debt- funded buybacks have left them saddled with higher borrowing costs as they work to pay off loans.
Standard & Poor’s 500 companies have spent $1.73 trillion on buybacks through September since the fourth quarter of 2004, according to the ratings company. With the U.S. in a recession, the companies face the threat of additional credit-rating downgrades after being punished for the earlier borrowing.
“You had debt-financed share buybacks at a time when the market was good, their businesses were good,” said Edward Henderson, a senior analyst at Moody’s Investors Service in New York. “Then it turned real quickly.”
New York Times, with $1.1 billion in total debt, spent more than $1.8 billion buying shares from 2000 to 2004, enough to have retired all of its borrowings, said Mike Simonton, an analyst at Fitch Ratings in Chicago. Gannett could have paid down most of its long-term debt with the $3.44 billion spent on buybacks since 2004. Macy’s recently renegotiated its bank loans to erase doubts that it could repay loans due next year.
S&P cut the New York Times’ debt rating three levels to a BB- junk grade in October and has a negative outlook on the company, signaling further reductions are possible. A $400 million credit line is due in May.
To raise cash, the New York-based newspaper publisher slashed its dividend by almost three-fourths and is pursuing a $225 million sale-leaseback of its headquarters. It’s also trying to sell its 17.5 percent stake in the company that owns the Boston Red Sox baseball team, according to a person familiar with the discussions.
Trimming Buybacks
The company paid as much as $44.83 a share on average for its stock in 2003, according to filings. That is more than six times the current price. New York Times has reduced buybacks to about $110.5 million in total in the last four years to offset dilution from employee stock options, spokeswoman Catherine Mathis said in an interview.
Gannett, the largest U.S. newspaper publisher, had to draw on unsecured revolving credit in October to repay commercial paper. The McLean, Virginia-based publisher’s debt rating has slid six levels since 2000 to BBB-, one step above junk.
The company, which also operates TV stations, offered to purchase $750 million of notes maturing in May for 95 cents on the dollar. Holders of 13.5 percent of the notes accepted the offer. Spokeswoman Tara Connell didn’t return a phone call seeking comment.
Before lending froze, companies tapped relatively cheap credit to buy back stock and boost sagging share prices and earnings. Investors cheered the moves, at least temporarily.
Home Depot
Record subprime-mortgage defaults dried up lending, the housing slump deepened and investment banks collapsed. Companies that once could handle their debts are struggling as shrinking consumer spending and advertising sales drain their cash.
“The confidence that underwrote companies’ ability to raise debt is gone,” said Harlan Platt, a finance professor at Northeastern University in Boston.
Home Depot Inc., the world’s largest home-improvement retailer, announced plans in June 2007 to repurchase as much as $22.5 billion of its shares, financed by the sale of its HD Supply unit and $12 billion of bonds.
Moody’s cut the Atlanta-based company’s rating four levels to Baa1, the third-lowest investment grade, and S&P lowered it three steps to BBB+. The year before, the retailer had raised $7.6 billion in new borrowing, in part for $8.1 billion in buybacks and dividends.
“Anytime somebody does a debt-financed share repurchase, it uses up room under ratings,” Henderson said.
Home Depot ultimately put the new bond issue on hold and cut the repurchase in half, yet its debt ratings weren’t restored because the buyback authorization remains in place. Spokeswoman Paula Drake declined to comment.
Publishers
Publishers’ shares have dropped as investors focused on the loss of readers, advertisers and revenue to the Internet. New York Times has slid 87 percent since a peak of $52.79 in 2002, and Gannett is down 92 percent since its high in 2004.
“Companies failed to switch gears quickly enough, underestimating how much the shift of dollars to the Web would accelerate,” Ken Doctor, a media analyst at the consulting firm Outsell Inc. in Burlingame, California, said in an e-mail.
With credit tight, buybacks slowed last quarter to $89.7 billion, down from the record $172 billion spent a year earlier, S&P data show. The S&P 500 Index has tumbled 44 percent since peaking at 1565.15 on Oct. 9, 2007.
Macy’s, the second-largest U.S. department-store company, announced a more flexible bank-credit agreement on Dec. 17 to quell doubts about its ability to meet next year’s debt maturities. The retailer’s shares have declined 77 percent in two years.
Macy Buybacks
The company repurchased $3.32 billion of stock last year, contributing to a $1.24 billion increase in long-term debt and 2007 interest costs that rose by more than a third to $543 million. S&P rates Macy’s debt BBB-, the lowest investment grade, and is considering a cut.
Macy’s hasn’t purchased any shares this year and doesn’t plan to in 2009, according to filings.
“Early in 2008 we said that we would stop our share repurchase program so that we could conserve cash,” said spokesman Jim Sluzewski.
With holiday sales projected to be the worst in 40 years, retailers may close 73,000 stores in the first half of 2009, according to the International Council of Shopping Centers in New York. At least a dozen U.S. retailers have entered bankruptcy this year, according to data compiled by Bloomberg.
“Bottom line, I think a lot of companies pushed the envelope too far,” said Nicholas Riccio, managing director for corporate ratings at S&P in New York. “It’s one thing to leverage up a little. It’s another thing to leverage up too far.”
Monday, December 29, 2008
Saks, Macy’s Discounts Spark Vendor Spat After Holiday Slump
Saks, Macy’s Discounts Spark Vendor Spat After Holiday Slump
By Cotten Timberlake
Macy's Discount Coupon
Dec. 30 (Bloomberg) -- Clothing makers, balking at the deep holiday discounts offered by retailers such as Macy’s Inc., may force department stores to eat more of the markdowns.
Liz Claiborne Inc., HMS Productions Inc. and a raft of apparel companies plan to push back at the retailers who have slashed some prices by 70 percent amid what’s shaping up as the worst holiday shopping season in four decades.
“We’re asking department stores for concessions,” said Lou Breuning, president of New York-based HMS, which sells Spence blouses at Dillard’s Inc. and Cable & Gauge knits through Macy’s. “I don’t want to take the stores’ margin from A to Z but certainly from B to C.”
Higher-end department stores such as Nordstrom Inc. and Macy’s might capitulate to a maintained profit margin of 35 percent in meetings next month, down from the common practice of vendors guaranteeing 40 percent, said Liz Dunn, a retail analyst with Thomas Weisel Partners LLC in New York. More moderately priced chains, like J.C. Penney Co. and Kohl’s Corp., might agree to 30 percent, down from an estimated 35 percent, she said.
If vendors succeed, they could recoup $1.2 billion from Macy’s, Penney, Kohl’s, Nordstrom, Dillard’s and Saks Inc. alone, based on analysts’ average estimated fourth-quarter sales of $24.2 billion for those six chains.
Sharing Discounts
Apparel manufacturers and department stores will meet before the retail fiscal year ends on Jan. 31 to determine how to split discount costs. Vendors, as is customary, pledged six to nine months ago to compensate retailers for price cuts needed to sell their goods with so-called markdown dollars.
Department-store owners typically set discounts with input from their suppliers and in previous years have had leverage in passing on markdown costs. This time, the retailers may be willing to shoulder more of the burden to help keep vendors solvent, said Michael Appel, a managing director at Quest Turnaround Advisors LLC, a Purchase, New York-based firm that provides crisis management services to retailers.
“Their results are going to be so bad anyway, it’s not going to make much difference,” said Appel, who sits on the board of women’s clothing chain Charming Shoppes Inc.
Brands owned by Polo Ralph Lauren Corp. and Estee Lauder Cos., as well as other vendors in exclusive deals with chains, will carry more weight in negotiations because the retailers depend on them more, he said.
Shrinking Margins
During November and December, sales at U.S. stores open at least 12 months probably declined as much as 2 percent, the International Council of Shopping Centers predicted Dec. 23. That would be largest drop since at least 1969, when the New York-based trade group started tracking data.
Retailers had gained sway over vendors through consolidation, notably after Macy’s bought May Department Stores Co. in 2005, creating a chain of more than 800 locations. Apparel makers’ earnings before interest and taxes shrank from a peak of 11.5 percent of sales in 2006 to 10.3 percent this year and could narrow to 9.5 percent in 2009, according to J.P. Morgan Securities Inc. analyst Evren Dogan Kopelman.
Meanwhile, Macy’s gross margin -- earnings left after subtracting the cost of goods sold -- widened to 39.5 percent in the third quarter from 39.3 percent the year earlier. Liz Claiborne’s gross margin for sales to department stores shrank in the third quarter. The clothier wouldn’t say by how much.
Department stores have gone beyond “what the markdown rate ought to be,” Liz Claiborne Chief Executive Officer Bill McComb said on a Nov. 11 conference call. “There’s no way that every vendor is going to be paying 100 percent of their liabilities here.”
Macy’s, Saks
Macy’s is New York-based Liz Claiborne’s biggest wholesale customer, accounting for 11 percent, or about $400 million, of its total 2007 sales. Liz Claiborne’s allowance for discounts that year was $74 million. Liz Claiborne spokeswoman Dana Stambaugh said the company had no comment for this story.
Saks put new fall fashions on sale in September at 40 percent off, McComb said in November. Nordstrom and Neiman Marcus Group Inc. offered what he called “extraordinary” markdowns. This month, Macy’s is advertising discounts of 20 percent to 65 percent. Representatives of New York-based Saks and of Macy’s, based in Cincinnati, declined to comment.
“The vendors have been absorbing the majority of the impact, and we’re at the point that they are really hurting,” Thomas Weisel’s Dunn said.
The Standard & Poor’s Supercomposite Apparel and Accessories Index dropped 44 percent this year before today. New York-based Liz Claiborne is the biggest decliner in the group of 19 companies, having lost 89 percent of its market value in 2008.
‘Good Partnerships’
“Both sides will be trying to come to the right point of view here,” Macy’s Chief Financial Officer Karen Hoguet said in a Nov. 12 conference call. “We believe passionately in maintaining good partnerships and we’ll do that. But part of that is having us help each other out.”
In October, Jones Apparel Group Inc. Chief Financial Officer John McClain blamed the “highly promotional retail environment” for an erosion in adjusted third-quarter operating margin. Operating income as a percentage of sales at the New York-based maker of Anne Klein clothes and Nine West shoes narrowed to 6.1 percent from 8.5 percent last year, the company reported.
J.P. Morgan estimated that earnings before interest and taxes at Jones Apparel could shrink to 4.4 percent this year and 3.8 percent in 2009. At Jones Apparel, discount allowances were $90 million last year. The company had no comment for this story.
“The retailers call it a partnership,” Quest Turnaround’s Appel said. “The vendors see it more as a one-way street.”
By Cotten Timberlake
Macy's Discount Coupon
Dec. 30 (Bloomberg) -- Clothing makers, balking at the deep holiday discounts offered by retailers such as Macy’s Inc., may force department stores to eat more of the markdowns.
Liz Claiborne Inc., HMS Productions Inc. and a raft of apparel companies plan to push back at the retailers who have slashed some prices by 70 percent amid what’s shaping up as the worst holiday shopping season in four decades.
“We’re asking department stores for concessions,” said Lou Breuning, president of New York-based HMS, which sells Spence blouses at Dillard’s Inc. and Cable & Gauge knits through Macy’s. “I don’t want to take the stores’ margin from A to Z but certainly from B to C.”
Higher-end department stores such as Nordstrom Inc. and Macy’s might capitulate to a maintained profit margin of 35 percent in meetings next month, down from the common practice of vendors guaranteeing 40 percent, said Liz Dunn, a retail analyst with Thomas Weisel Partners LLC in New York. More moderately priced chains, like J.C. Penney Co. and Kohl’s Corp., might agree to 30 percent, down from an estimated 35 percent, she said.
If vendors succeed, they could recoup $1.2 billion from Macy’s, Penney, Kohl’s, Nordstrom, Dillard’s and Saks Inc. alone, based on analysts’ average estimated fourth-quarter sales of $24.2 billion for those six chains.
Sharing Discounts
Apparel manufacturers and department stores will meet before the retail fiscal year ends on Jan. 31 to determine how to split discount costs. Vendors, as is customary, pledged six to nine months ago to compensate retailers for price cuts needed to sell their goods with so-called markdown dollars.
Department-store owners typically set discounts with input from their suppliers and in previous years have had leverage in passing on markdown costs. This time, the retailers may be willing to shoulder more of the burden to help keep vendors solvent, said Michael Appel, a managing director at Quest Turnaround Advisors LLC, a Purchase, New York-based firm that provides crisis management services to retailers.
“Their results are going to be so bad anyway, it’s not going to make much difference,” said Appel, who sits on the board of women’s clothing chain Charming Shoppes Inc.
Brands owned by Polo Ralph Lauren Corp. and Estee Lauder Cos., as well as other vendors in exclusive deals with chains, will carry more weight in negotiations because the retailers depend on them more, he said.
Shrinking Margins
During November and December, sales at U.S. stores open at least 12 months probably declined as much as 2 percent, the International Council of Shopping Centers predicted Dec. 23. That would be largest drop since at least 1969, when the New York-based trade group started tracking data.
Retailers had gained sway over vendors through consolidation, notably after Macy’s bought May Department Stores Co. in 2005, creating a chain of more than 800 locations. Apparel makers’ earnings before interest and taxes shrank from a peak of 11.5 percent of sales in 2006 to 10.3 percent this year and could narrow to 9.5 percent in 2009, according to J.P. Morgan Securities Inc. analyst Evren Dogan Kopelman.
Meanwhile, Macy’s gross margin -- earnings left after subtracting the cost of goods sold -- widened to 39.5 percent in the third quarter from 39.3 percent the year earlier. Liz Claiborne’s gross margin for sales to department stores shrank in the third quarter. The clothier wouldn’t say by how much.
Department stores have gone beyond “what the markdown rate ought to be,” Liz Claiborne Chief Executive Officer Bill McComb said on a Nov. 11 conference call. “There’s no way that every vendor is going to be paying 100 percent of their liabilities here.”
Macy’s, Saks
Macy’s is New York-based Liz Claiborne’s biggest wholesale customer, accounting for 11 percent, or about $400 million, of its total 2007 sales. Liz Claiborne’s allowance for discounts that year was $74 million. Liz Claiborne spokeswoman Dana Stambaugh said the company had no comment for this story.
Saks put new fall fashions on sale in September at 40 percent off, McComb said in November. Nordstrom and Neiman Marcus Group Inc. offered what he called “extraordinary” markdowns. This month, Macy’s is advertising discounts of 20 percent to 65 percent. Representatives of New York-based Saks and of Macy’s, based in Cincinnati, declined to comment.
“The vendors have been absorbing the majority of the impact, and we’re at the point that they are really hurting,” Thomas Weisel’s Dunn said.
The Standard & Poor’s Supercomposite Apparel and Accessories Index dropped 44 percent this year before today. New York-based Liz Claiborne is the biggest decliner in the group of 19 companies, having lost 89 percent of its market value in 2008.
‘Good Partnerships’
“Both sides will be trying to come to the right point of view here,” Macy’s Chief Financial Officer Karen Hoguet said in a Nov. 12 conference call. “We believe passionately in maintaining good partnerships and we’ll do that. But part of that is having us help each other out.”
In October, Jones Apparel Group Inc. Chief Financial Officer John McClain blamed the “highly promotional retail environment” for an erosion in adjusted third-quarter operating margin. Operating income as a percentage of sales at the New York-based maker of Anne Klein clothes and Nine West shoes narrowed to 6.1 percent from 8.5 percent last year, the company reported.
J.P. Morgan estimated that earnings before interest and taxes at Jones Apparel could shrink to 4.4 percent this year and 3.8 percent in 2009. At Jones Apparel, discount allowances were $90 million last year. The company had no comment for this story.
“The retailers call it a partnership,” Quest Turnaround’s Appel said. “The vendors see it more as a one-way street.”
Dressing-Area Exit Gave Mall Shooting Suspects a Way Out
Dressing-Area Exit Gave Mall Shooting Suspects a Way Out
By Dan Morse
Washington Post Staff Writer
Sunday, December 28, 2008; C04
Two suspects who led Montgomery County police on a chase through a Macy's store in Wheaton on Tuesday escaped through an emergency exit in a dressing room area, police said yesterday.
Detectives continued to look for the duo and at least two others who might be involved in what police are calling a gang-related shooting in a parking lot outside the store.
The detectives are studying surveillance videos. One shows three males and a female -- all believed to be affiliated with the same gang -- following another group across the parking lot at the Westfield Wheaton Shopping Centre. Two of the suspects fired shots at the other group. One member of the rival group was wounded. Two female bystanders were injured slightly by flying glass from a nearby automobile.
Another video shows three males and a female entering the department store, walking past racks of clothes and a couple of people who seem at ease.
One of the suspects appears to be holding a white foam food container. Another sips a bottled drink. Three officers enter the store, clearly in pursuit.
Another video, taken near a dressing room, shows two men running into the dressing room. An officer in pursuit can be seen approaching the dressing room but stopping short.
Lt. Paul Starks, a police spokesman, said the officers showed proper restraint, given the blind corner they faced and the presence of armed suspects and innocent bystanders.
"We're not trained to rush into places under those circumstances," Starks said.
The duo in the dressing room used an emergency exit door and fired one round -- an apparent accidental discharge -- in the process, police said. Officers found two guns in the dressing area, one of which was determined to be stolen.
Two or three hours after the chase, police arrested a 19-year-old man carrying a stolen gun at the store. Police no longer believe he was linked to the parking lot shooting.
Police provided the following descriptions of four people who they say were in the group in the parking lot:
· A black male, 5-foot-10 to 6 feet tall, weighing 160 pounds with short black hair. He appeared to be 18 to 22 years old and was wearing a yellow hooded jacket with black sides, tan cargo pants and white tennis shoes. Police said he might have been one of the shooters.
· A black male, 6 feet to 6-foot-1, wearing a black jacket and jeans with stonewashed fronts. Police said he also might have been a shooter.
· A black male, 5-foot-6 to 5-foot-8, weighing 160 to 170 pounds, who appeared to be in his early 20s. He was wearing a green jacket and a black knit cap with a white circle near the top of the cap.
· A black female with a light complexion, 5-foot-4 to 5-foot-6, weighing 120 pounds, who appeared to be 16 to 20 years old. She was wearing a white, gray and black medium-length North Face jacket with jeans and black shoes.
Police ask that anyone with information about the incident call 240-773-5530.
By Dan Morse
Washington Post Staff Writer
Sunday, December 28, 2008; C04
Two suspects who led Montgomery County police on a chase through a Macy's store in Wheaton on Tuesday escaped through an emergency exit in a dressing room area, police said yesterday.
Detectives continued to look for the duo and at least two others who might be involved in what police are calling a gang-related shooting in a parking lot outside the store.
The detectives are studying surveillance videos. One shows three males and a female -- all believed to be affiliated with the same gang -- following another group across the parking lot at the Westfield Wheaton Shopping Centre. Two of the suspects fired shots at the other group. One member of the rival group was wounded. Two female bystanders were injured slightly by flying glass from a nearby automobile.
Another video shows three males and a female entering the department store, walking past racks of clothes and a couple of people who seem at ease.
One of the suspects appears to be holding a white foam food container. Another sips a bottled drink. Three officers enter the store, clearly in pursuit.
Another video, taken near a dressing room, shows two men running into the dressing room. An officer in pursuit can be seen approaching the dressing room but stopping short.
Lt. Paul Starks, a police spokesman, said the officers showed proper restraint, given the blind corner they faced and the presence of armed suspects and innocent bystanders.
"We're not trained to rush into places under those circumstances," Starks said.
The duo in the dressing room used an emergency exit door and fired one round -- an apparent accidental discharge -- in the process, police said. Officers found two guns in the dressing area, one of which was determined to be stolen.
Two or three hours after the chase, police arrested a 19-year-old man carrying a stolen gun at the store. Police no longer believe he was linked to the parking lot shooting.
Police provided the following descriptions of four people who they say were in the group in the parking lot:
· A black male, 5-foot-10 to 6 feet tall, weighing 160 pounds with short black hair. He appeared to be 18 to 22 years old and was wearing a yellow hooded jacket with black sides, tan cargo pants and white tennis shoes. Police said he might have been one of the shooters.
· A black male, 6 feet to 6-foot-1, wearing a black jacket and jeans with stonewashed fronts. Police said he also might have been a shooter.
· A black male, 5-foot-6 to 5-foot-8, weighing 160 to 170 pounds, who appeared to be in his early 20s. He was wearing a green jacket and a black knit cap with a white circle near the top of the cap.
· A black female with a light complexion, 5-foot-4 to 5-foot-6, weighing 120 pounds, who appeared to be 16 to 20 years old. She was wearing a white, gray and black medium-length North Face jacket with jeans and black shoes.
Police ask that anyone with information about the incident call 240-773-5530.
Macy's closing nine stores
Macy's closing nine stores
December 28, 2007
On Friday, Macy’s announced it will be closing nine underperforming stores in Indiana, Louisiana, Ohio, Oklahoma, Texas and Utah. Chairman, President and Chief Executive Terry J. Lundgren said the chain is closing locations where growth opportunities did not seem to exist.
Some of the 899 staffers who worked at the stores are going to be offered positions in nearby locations. Others will receive severance pay and outplacement assistance.
December 28, 2007
On Friday, Macy’s announced it will be closing nine underperforming stores in Indiana, Louisiana, Ohio, Oklahoma, Texas and Utah. Chairman, President and Chief Executive Terry J. Lundgren said the chain is closing locations where growth opportunities did not seem to exist.
Some of the 899 staffers who worked at the stores are going to be offered positions in nearby locations. Others will receive severance pay and outplacement assistance.
Sunday, December 28, 2008
Locals join the after-Xmas rush
Locals join the after-Xmas rush
By Wade H Leonard
December 26, 2008
RadioShack
J.W. Davidson, 92, sat in Leigh Mall early in the morning the day after Christmas — swapping stories with a friend and waiting patiently for Radio Shack to open.
“I got a gift card burning a hole in my pocket,” he said.
Davidson wasn’t the only in Leigh Mall this morning; many of the mall’s stores were packed with shoppers who were looking for huge sales, returning gifts or cashing in gift cards.
At least one shopper, however, was just beginning her Christmas shopping. And while it might seem a little late, Brenda Spotts, who works in the custodial department of Caledonia Elementary School, is getting ready for her family’s untraditional celebration of the holidays.
“We haven’t had our Christmas yet,” she said. “We’re waiting on my grandson to come back from Wisconsin. We’re going to do Christmas on New Year’s this year.”
*
Spotts, like several other shoppers, was on the hunt for typical Christmas fare — clothes, shoes and toys.
“We’re buying all the specials,” she said. “We’ve got clothes, cologne, toys and shoes. We do all our shopping after Christmas.”
As Christmas shoppers meandered the mall, the man most associated with the commercial side of Christmas — jolly old St. Nick — had a representative breaking down the set where he’s been greeting children and finding out what they wanted for Christmas.
Anthony Norwood, the set manager for Leigh Mall’s Santa Claus attraction, felt bittersweet as he packed up Santa’s throne.
“It’s interesting. You get used to all the employees who are there for the four weeks we’re set up,” he said. “It’s a lot of fun, but it’s also hard when you have a bunch of crying kids running around.”
As Santa’s accouterments are packed away until next year, across the building JC Penny looks the way it did during what is supposed to be the biggest shopping day of the year — the day after Thanksgiving.
“We opened up at 5:30 this morning with an after-Christmas sale,” said store manager Mike Law. “We’ve had quite a few people here, and it’s been steady all morning. It used to be a big return day, and it still is, but we’ve turned it into a big sale day because with the gift cards, customers come to cash those in. It’s been much better, actually, than last year. It’s just way ahead of last year.”
One such customer, Tonya Gillespie, is a frequent JC Penny shopper. As of 9:30 a.m. she had been shopping in the store non-stop since they opened — four full hours of JC Penny.
“You have a lot of good buys, good sales,” she said. “You get to catch a lot of things you might need for next year.”
By Wade H Leonard
December 26, 2008
RadioShack
J.W. Davidson, 92, sat in Leigh Mall early in the morning the day after Christmas — swapping stories with a friend and waiting patiently for Radio Shack to open.
“I got a gift card burning a hole in my pocket,” he said.
Davidson wasn’t the only in Leigh Mall this morning; many of the mall’s stores were packed with shoppers who were looking for huge sales, returning gifts or cashing in gift cards.
At least one shopper, however, was just beginning her Christmas shopping. And while it might seem a little late, Brenda Spotts, who works in the custodial department of Caledonia Elementary School, is getting ready for her family’s untraditional celebration of the holidays.
“We haven’t had our Christmas yet,” she said. “We’re waiting on my grandson to come back from Wisconsin. We’re going to do Christmas on New Year’s this year.”
*
Spotts, like several other shoppers, was on the hunt for typical Christmas fare — clothes, shoes and toys.
“We’re buying all the specials,” she said. “We’ve got clothes, cologne, toys and shoes. We do all our shopping after Christmas.”
As Christmas shoppers meandered the mall, the man most associated with the commercial side of Christmas — jolly old St. Nick — had a representative breaking down the set where he’s been greeting children and finding out what they wanted for Christmas.
Anthony Norwood, the set manager for Leigh Mall’s Santa Claus attraction, felt bittersweet as he packed up Santa’s throne.
“It’s interesting. You get used to all the employees who are there for the four weeks we’re set up,” he said. “It’s a lot of fun, but it’s also hard when you have a bunch of crying kids running around.”
As Santa’s accouterments are packed away until next year, across the building JC Penny looks the way it did during what is supposed to be the biggest shopping day of the year — the day after Thanksgiving.
“We opened up at 5:30 this morning with an after-Christmas sale,” said store manager Mike Law. “We’ve had quite a few people here, and it’s been steady all morning. It used to be a big return day, and it still is, but we’ve turned it into a big sale day because with the gift cards, customers come to cash those in. It’s been much better, actually, than last year. It’s just way ahead of last year.”
One such customer, Tonya Gillespie, is a frequent JC Penny shopper. As of 9:30 a.m. she had been shopping in the store non-stop since they opened — four full hours of JC Penny.
“You have a lot of good buys, good sales,” she said. “You get to catch a lot of things you might need for next year.”
US offers Viagra to win over Afghan warlords: report
US offers Viagra to win over Afghan warlords: report
Sat Dec 27
Drugstores Online
WASHINGTON (AFP) – CIA agents are offering the potency drug Viagra and other gifts to win over Afghan warlords in the US-led war against Taliban insurgents, the Washington Post reported.
Paying for information is nothing new for the Central Intelligence Agency, but officers have started employing unusual incentives to persuade Afghan local leaders to share intelligence about the Taliban's movements, the Post wrote, citing unnamed sources in the spy service.
"Whatever it takes to make friends and influence people -- whether it's building a school or handing out Viagra," one CIA operative who has worked in Afghanistan was quoted as saying.
CIA agents have offered pocket knives and tools, toys and school equipment, travel visas, medical services including surgeries and sometimes the erectile dysfunction drug Viagra for Afghan chieftains, the paper said.
The aging chieftains often have up to four wives and are open to the Viagra pill as a way to "put them back in an authoritative position," said another official.
More customary bribes such as cash and weapons can create problems, because guns fan fall into the wrong hands and a sudden influx of cash can draw too much attention, agents told the paper.
Four Viagra pills transformed the attitude of one influential 60-year-old warlord who had been wary of the United States.
"He came up to us beaming," one official told the Post.
"And after that we could do whatever we wanted in his area."
Sat Dec 27
Drugstores Online
WASHINGTON (AFP) – CIA agents are offering the potency drug Viagra and other gifts to win over Afghan warlords in the US-led war against Taliban insurgents, the Washington Post reported.
Paying for information is nothing new for the Central Intelligence Agency, but officers have started employing unusual incentives to persuade Afghan local leaders to share intelligence about the Taliban's movements, the Post wrote, citing unnamed sources in the spy service.
"Whatever it takes to make friends and influence people -- whether it's building a school or handing out Viagra," one CIA operative who has worked in Afghanistan was quoted as saying.
CIA agents have offered pocket knives and tools, toys and school equipment, travel visas, medical services including surgeries and sometimes the erectile dysfunction drug Viagra for Afghan chieftains, the paper said.
The aging chieftains often have up to four wives and are open to the Viagra pill as a way to "put them back in an authoritative position," said another official.
More customary bribes such as cash and weapons can create problems, because guns fan fall into the wrong hands and a sudden influx of cash can draw too much attention, agents told the paper.
Four Viagra pills transformed the attitude of one influential 60-year-old warlord who had been wary of the United States.
"He came up to us beaming," one official told the Post.
"And after that we could do whatever we wanted in his area."
CIA offers Viagra for information on Taliban militants
27 December 2008
CIA offers Viagra for information on Taliban militants
Drugstores Online
CIA agents are offering the potency drug Viagra and other gifts to win over Afghan warlords in the US-led war against Taliban insurgents, the Washington Post reported yesterday.
Paying for information is nothing new for the Central Intelligence Agency, but officers have started employing unusual incentives to persuade Afghan local leaders to share intelligence about the Taliban’s movements, the paper wrote, citing unnamed sources in the agency.
"Whatever it takes to make friends and influence people — whether it’s building a school or handing out Viagra," one CIA operative who has worked in Afghanistan was quoted as saying.
As well as the erectile dysfunction drug Viagra CIA agents have offered Afghan chieftains dental work, pocket knives and tools, toys and school equipment, travel visas and medical services including surgeries, the paper said.
The aging chieftains often have up to four wives and are open to the Viagra pill as a way to "put them back in an authoritative position," said another official.
More customary bribes such as cash and weapons can create problems, because guns fan fall into the wrong hands and a sudden influx of cash can draw too much attention, agents told the paper.
The newspaper said the use of Viagra had to be treated with sensitivity as the drug was not always known about in rural areas.
A retired agent was quoted in the report as saying: "You didn’t hand it out to younger guys, but it could be a silver bullet to make connections to the older ones."
Four Viagra pills transformed the attitude of one influential 60-year- old warlord who had been wary of the United States.
Four days later he revealed details of Taliban movements in return for more.
"He came up to us beaming," one official told the Post. "He said, ‘You are a great man’.
"And after that we could do whatever we wanted in his area."
CIA offers Viagra for information on Taliban militants
Drugstores Online
CIA agents are offering the potency drug Viagra and other gifts to win over Afghan warlords in the US-led war against Taliban insurgents, the Washington Post reported yesterday.
Paying for information is nothing new for the Central Intelligence Agency, but officers have started employing unusual incentives to persuade Afghan local leaders to share intelligence about the Taliban’s movements, the paper wrote, citing unnamed sources in the agency.
"Whatever it takes to make friends and influence people — whether it’s building a school or handing out Viagra," one CIA operative who has worked in Afghanistan was quoted as saying.
As well as the erectile dysfunction drug Viagra CIA agents have offered Afghan chieftains dental work, pocket knives and tools, toys and school equipment, travel visas and medical services including surgeries, the paper said.
The aging chieftains often have up to four wives and are open to the Viagra pill as a way to "put them back in an authoritative position," said another official.
More customary bribes such as cash and weapons can create problems, because guns fan fall into the wrong hands and a sudden influx of cash can draw too much attention, agents told the paper.
The newspaper said the use of Viagra had to be treated with sensitivity as the drug was not always known about in rural areas.
A retired agent was quoted in the report as saying: "You didn’t hand it out to younger guys, but it could be a silver bullet to make connections to the older ones."
Four Viagra pills transformed the attitude of one influential 60-year- old warlord who had been wary of the United States.
Four days later he revealed details of Taliban movements in return for more.
"He came up to us beaming," one official told the Post. "He said, ‘You are a great man’.
"And after that we could do whatever we wanted in his area."
'Viagra lure' for Afghan warlords
'Viagra lure' for Afghan warlords
Story from BBC NEWS:
2008/12/26
Drugstores Online
America's CIA has found a novel way to gain information from fickle Afghan warlords - supplying sex-enhancing drug Viagra, a US media report says.
The Washington Post said it was one of a number of enticements being used.
In one case, a 60-year-old warlord with four wives was given four pills and four days later detailed Taleban movements in return for more.
"Whatever it takes to make friends and influence people," the Post quoted one agent as saying.
"Whether it's building a school or handing out Viagra."
'Silver bullet'
The newspaper said the use of Viagra had to be handled sensitively as the drug was not always known about in rural areas.
It quoted one retired agent as saying: "You didn't hand it out to younger guys, but it could be a silver bullet to make connections to the older ones."
In the case of the 60-year-old warlord - the head of a clan in southern Afghanistan who had not co-operated - operatives saw he had four younger wives.
The pills were explained and offered. Four days later the agents returned.
"He came up to us beaming," the Post quoted an agent as saying. "He said, 'You are a great man.'
"And after that we could do whatever we wanted in his area."
The pills could put chieftains "back in an authoritative position", another official said.
The paper said the CIA had a long line of inducements for the notoriously fickle warlords, including dental work, visas, toys and medicine.
It quoted one private security official as saying that simply handing over large sums of money would raise suspicions about newfound wealth.
Story from BBC NEWS:
2008/12/26
Drugstores Online
America's CIA has found a novel way to gain information from fickle Afghan warlords - supplying sex-enhancing drug Viagra, a US media report says.
The Washington Post said it was one of a number of enticements being used.
In one case, a 60-year-old warlord with four wives was given four pills and four days later detailed Taleban movements in return for more.
"Whatever it takes to make friends and influence people," the Post quoted one agent as saying.
"Whether it's building a school or handing out Viagra."
'Silver bullet'
The newspaper said the use of Viagra had to be handled sensitively as the drug was not always known about in rural areas.
It quoted one retired agent as saying: "You didn't hand it out to younger guys, but it could be a silver bullet to make connections to the older ones."
In the case of the 60-year-old warlord - the head of a clan in southern Afghanistan who had not co-operated - operatives saw he had four younger wives.
The pills were explained and offered. Four days later the agents returned.
"He came up to us beaming," the Post quoted an agent as saying. "He said, 'You are a great man.'
"And after that we could do whatever we wanted in his area."
The pills could put chieftains "back in an authoritative position", another official said.
The paper said the CIA had a long line of inducements for the notoriously fickle warlords, including dental work, visas, toys and medicine.
It quoted one private security official as saying that simply handing over large sums of money would raise suspicions about newfound wealth.
A scramble for deals, sales
A scramble for deals, sales
Stores try to make up for tough holiday with post-Christmas binges
By Sheila G. Miller / The Bulletin
December 27. 2008
Macy's Discount Coupon
Need help shoveling? A Bend locale has your back
Brenda Rantala and her mother, Shirley Chilton, had a shopping plan Friday morning.
They started out at Macy’s at 7 a.m., then headed to The Old Mill District to check out deals at Gap, J. Jill and REI.
Their plan paid off. They loaded up on shoes, boots, sweaters and shirts for themselves and their family.
The best find? Long sweaters for $14.99, 70 percent off, at Macy’s.
“We actually spent less for Christmas because we knew we’d spend more today,” said Rantala, 46.
As retailers across the country tried to lure more customers in with good deals, local stores featured after-Christmas sales and posted signs detailing their discounts.
Nationally, retail sales are down between 5.5 and 8 percent for November and December, but some stores are hoping for a late surge.
According to SpendingPulse, a MasterCard Advisors division that tracks nationwide spending, there were big drops in clothing and footwear sales during the last two months, when most people typically do their holiday shopping. Sales of women’s clothing dropped more than 22 percent while men’s clothing sales dropped about 14 percent from last year’s holiday season. Footwear sales fell about 13 percent from last year.
That hasn’t stopped some local retailers from trying to get shoppers into their stores.
At REI in The Old Mill District, Manager Anne Powell said things were hectic.
“It’s just the day after Christmas,” she said. “We’re getting lots of exchanges.”
While REI hadn’t made many big discounts to try to entice shoppers, there were still some good deals, Powell said. The store’s holiday clearance sale featured up to 50 percent off on selected items.
Powell wasn’t alone.
At Local Joe’s in downtown Bend, Manager Laura Moore said the store had cut prices and was seeing big crowds.
“We’re having an after-Christmas sale,” she said Friday. “It’s our first time ever.”
Some of the tactics worked. The parking lot for the Bend River Promenade was packed with shoppers headed to Macy’s, which opened at 6 a.m. with early-bird specials and sales all day.
That’s what brought Bend resident Nancy Vietinghoff, 49, to Macy’s on Friday. She had a return to make but decided to brave the crowds because she knew about good savings at the department store.
“There were all sorts of good finds,” Vietinghoff said.
After making her return, then buying a black dress coat and a knife set, she was headed to the car. But she wasn’t finished.
“I’m just going to put this stuff in the car and go back in for more stuff,” she said, laughing.
While shoppers futilely circled the parking lot around Macy’s, other places, like The Old Mill District, were quiet around noon Friday.
Hannah Jenny, 13, bought a sweatshirt and three pairs of jeans on discount at Pac Sun. She and her family, visiting from the Bay Area, said the store was busy.
“The sales are ridiculous,” Lena Jenny, 15, said of Pac Sun.
But she said the sales weren’t universal.
The Jennys had just come from American Eagle Outfitters, which Lena said had a lot of nice clothes but not enough discounts.
“They were like, ‘Oh we’ve got great discounts,’ but it was like, $5,” Lena said. “(At Pac Sun) it’s like 50 percent off.”
Kailin and Nancy Koch had also noticed the sale signs at Pac Sun. Kailin, 15, said she was grabbing a last-minute (and slightly late) Christmas gift for a family friend.
Her mom, Nancy, said the deals were impressive.
“They’re taking big discounts,” she said.
Stores try to make up for tough holiday with post-Christmas binges
By Sheila G. Miller / The Bulletin
December 27. 2008
Macy's Discount Coupon
Need help shoveling? A Bend locale has your back
Brenda Rantala and her mother, Shirley Chilton, had a shopping plan Friday morning.
They started out at Macy’s at 7 a.m., then headed to The Old Mill District to check out deals at Gap, J. Jill and REI.
Their plan paid off. They loaded up on shoes, boots, sweaters and shirts for themselves and their family.
The best find? Long sweaters for $14.99, 70 percent off, at Macy’s.
“We actually spent less for Christmas because we knew we’d spend more today,” said Rantala, 46.
As retailers across the country tried to lure more customers in with good deals, local stores featured after-Christmas sales and posted signs detailing their discounts.
Nationally, retail sales are down between 5.5 and 8 percent for November and December, but some stores are hoping for a late surge.
According to SpendingPulse, a MasterCard Advisors division that tracks nationwide spending, there were big drops in clothing and footwear sales during the last two months, when most people typically do their holiday shopping. Sales of women’s clothing dropped more than 22 percent while men’s clothing sales dropped about 14 percent from last year’s holiday season. Footwear sales fell about 13 percent from last year.
That hasn’t stopped some local retailers from trying to get shoppers into their stores.
At REI in The Old Mill District, Manager Anne Powell said things were hectic.
“It’s just the day after Christmas,” she said. “We’re getting lots of exchanges.”
While REI hadn’t made many big discounts to try to entice shoppers, there were still some good deals, Powell said. The store’s holiday clearance sale featured up to 50 percent off on selected items.
Powell wasn’t alone.
At Local Joe’s in downtown Bend, Manager Laura Moore said the store had cut prices and was seeing big crowds.
“We’re having an after-Christmas sale,” she said Friday. “It’s our first time ever.”
Some of the tactics worked. The parking lot for the Bend River Promenade was packed with shoppers headed to Macy’s, which opened at 6 a.m. with early-bird specials and sales all day.
That’s what brought Bend resident Nancy Vietinghoff, 49, to Macy’s on Friday. She had a return to make but decided to brave the crowds because she knew about good savings at the department store.
“There were all sorts of good finds,” Vietinghoff said.
After making her return, then buying a black dress coat and a knife set, she was headed to the car. But she wasn’t finished.
“I’m just going to put this stuff in the car and go back in for more stuff,” she said, laughing.
While shoppers futilely circled the parking lot around Macy’s, other places, like The Old Mill District, were quiet around noon Friday.
Hannah Jenny, 13, bought a sweatshirt and three pairs of jeans on discount at Pac Sun. She and her family, visiting from the Bay Area, said the store was busy.
“The sales are ridiculous,” Lena Jenny, 15, said of Pac Sun.
But she said the sales weren’t universal.
The Jennys had just come from American Eagle Outfitters, which Lena said had a lot of nice clothes but not enough discounts.
“They were like, ‘Oh we’ve got great discounts,’ but it was like, $5,” Lena said. “(At Pac Sun) it’s like 50 percent off.”
Kailin and Nancy Koch had also noticed the sale signs at Pac Sun. Kailin, 15, said she was grabbing a last-minute (and slightly late) Christmas gift for a family friend.
Her mom, Nancy, said the deals were impressive.
“They’re taking big discounts,” she said.
Shoppers search for bargain prices
Shoppers search for bargain prices
Post-Christmas sales attract consumers
By LAITH AGHA and LARRY PARSONS
Herald Staff Writers
12/27/2008
Macy's Discount Coupon
A boy stands inside the Old Navy store in Northridge Mall in Salinas... (ORVILLE MYERS/The Herald)
Laurie and Sandy Silveira were not particularly interested in heading up the Macy's escalator to look at clothing.
The stepmother and stepdaughter from Pacific Grove had a specific mission the day after Christmas.
"We're looking for kitchen things, bedding, stuff for the house," said Laurie, the daughter, in the store's bottom-floor kitchen section.
The two had just arrived at Del Monte Shopping Center in Monterey after a trip to Kohl's in Marina, where they spent four hours sifting through sale items.
Sandy Silveira pulled out a scrolling receipt that reflected their lengthy stay at the Marina big-box store.
The bottom of the tag showed they spent a little more than $300, about a third of what they would have paid at full retail prices, Sandy said.
Those were the kinds of deals that thousands of shoppers were seeking at Del Monte Center on Friday, trying to take advantage of inventory-clearing sales. Many of the mall's stores are offering items at 50 to 70 percent off regular prices.
Some people said they are taking advantage of the sales as they normally do the day after Christmas, while others are trying to stretch their dollars during a tough economic time.
John Galatea, who stopped at the mall with his wife before heading to Carmel for a weekend getaway, sat in a wooden lounge chair outside White House Black Market. His wife was in the store, celebrating her birthday with a solo shopping spree.
"She doesn't need me," Galatea said.
"I'm happy out here, enjoying the weather."
He said they "went pretty light" on Christmas presents for each other this year, instead focusing their gift-giving on their three children, a 7-year-old boy and 4-year-old twin girls.
A couple from Marina, Rian Obispo, 26, and Sabrina San Nicolas, 24, said they found some good deals at American Eagle Outfitters and Victoria's Secret. Then they drove to another store about a half-mile from the mall so that Obispo could pick out a late Christmas present — a box of baseball cards at Sharp Corners Cards and Collectibles.
"We're regulars," San Nicolas said, rolling her eyes.
Early Friday at Harden Ranch Plaza in North Salinas, assistant property manager Teresa Whitesmith took heart in seeing the parking lot in front of Target filling by 7:30 a.m.
"The traffic seems to be going nicely," she said. "That's a good thing to see, consumers out and shopping. ... It has been a difficult year."
At nearby Northridge Mall, the parking lot was "pretty close to full" by midafternoon, at least equaling the numbers for the day after Christmas in years past, said mall marketing manager Bryce Root.
"For a lot of people it's a traditional day to come out and shop," he said.
The mall's J.C. Penney store opened at 5:30 a.m. to lure early-bird bargain hunters, and it was among the stores reporting "a pickup in traffic," he said.
Penney store manager O.J. Perez said a surprisingly heavy turnout forced him to call in more employees to work about 10 a.m.
"It's just jam-packed," he said by late afternoon. "We've already exceeded last year's day-after sale."
Across the country, many retailers employed traditional day-after Christmas techniques to lure shoppers in — opening early, extending hours and trumpeting sales. But many shoppers were on the hunt for big bargains on specific items or hoping to return unwanted gifts — not looking to splurge.
Just as the post-Christmas period began — on a Friday, which retailers saw as another hopeful incentive — reports came in on a very lackluster sales before the holiday.
SpendingPulse, a division of MasterCard Advisors that tracks total sales, said overall sales were down 2 to 4 percent between Nov. 1 and Dec. 24, with gasoline and auto sales excluded.
Some said 2008 would go down as one of the worst holiday sales seasons ever. Hardest-hit by the incredibly shrinking consumer wallet were luxury goods, once considered immune from economic troubles.
Sales of luxury items fell by 21.2 percent, after posting a 2.7 increase last year.
Tepid holiday sales came on the heels of several retailers liquidating or going into bankruptcy proceedings — including Circuit City Stores, Mervyn's LLC and Linens 'N Things Inc. They could be followed by more retailers reeling from weak holiday business.
Laith Agha can be reached at lagha@montereyherald.com or 646-4358.
Larry Parsons can be reached at 646-4379 or lparsons@montereyherald.com.
Saturday, December 27, 2008
Top 200 Drugs for 2007 by Sales
Top 200 Drugs for 2007 by Sales
Drugstores Online
Rank Product US Sales (U.S.$ Billions) % change from 2006
1 Lipitor 6.165 -6.3
2 Nexium 4.355 7.3
3 Advair Diskus 3.390 8.8
4 Prevacid 3.315 0.3
5 Plavix 3.082 38.1
6 Singulair 2.863 16.4
7 Seroquel 2.518 21.4
8 Effexor XR 2.464 9.7
9 Lexapro 2.304 9.8
10 Actos 2.229 15.7
11 Protonix 2.136 5.7
12 Vytorin 1.938 32
13 Topamax 1.837 20.8
14 Risperdal 1.790 8.1
15 Abilify 1.781 25.7
16 Cymbalta 1.732 59.8
17 Lamictal 1.717 29.4
18 Zyprexa 1.579 2.8
19 Levaquin 1.433 1.7
20 Celebrex 1.416 7.6
21 Zetia 1.405 23.3
22 Valtrex 1.395 21.3
23 Crestor 1.367 29.2
24 Fosamax 1.355 -5
25 Zyrtec 1.302 12
26 Lantus 1.302 23.1
27 Adderall XR 1.288 13.9
28 Diovan 1.117 15
29 Avandia 1.110 -33.3
30 Tricor 1.106 14.6
31 Aciphex 1.099 -1.2
32 Diovan HCT 1.051 21.4
33 OxyContin 1.043 52.8
34 Concerta 1.030 10.1
35 Coreg 1.013 -12.5
36 Flomax 1.002 27.6
37 Lyrica 1.000 53.6
38 Wellbutrin XL .992 -40.6
39 Aricept .983 22.9
40 Imitrex Oral .950 10.8
41 Ambien .920 -52.5
42 Lotrel .908 -29.8
43 Nasonex .892 13.1
44 Toprol XL .888 -39.7
45 Ambien CR .876 58.4
46 Enbrel .874 -19.3
47 Spiriva .868 46.3
48 Viagra .824 4.9
49 Lidoderm .808 27.1
50 Actonel .791 1.3
51 Chantix .764 777.5
52 Norvasc .749 -65.1
53 Lovenox .746 25.1
54 Provigil .744 15.5
55 Lunesta .712 22.1
56 Altace .710 -1
57 Keppra .708 42
58 Geodon Oral .665 25.6
59 Cozaar .652 5.4
60 Detrol LA .635 8.8
61 Atripla .617 471
62 Truvada .606 6.4
63 CellCept .599 18.1
64 Pulmicort Respules .592 13.8
65 Humalog .592 11
66 Depakote ER .577 15
67 Depakote .573 5.9
68 Premarin Tabs .557 -3.3
69 Synthroid .547 -5.5
70 Niaspan .546 15.3
71 Byetta .541 49
72 Budeprion XL .537 >999
73 Strattera .535 -7.3
74 Combivent .534 -0.1
75 Trileptal .532 3.7
76 Yasmin 28 .528 4
77 Flovent HFA .521 9.3
78 Skelaxin .517 7.1
79 Prograf .515 15.7
80 Arimidex .506 13.5
81 Evista .503 -0.9
82 Hyzaar .499 5.3
83 Namenda .489 26.6
84 Januvia .471 >999
85 Humira .462 -8.5
86 Cialis .453 20.8
87 Reyataz .438 17.7
88 Xalatan .430 6.7
89 Omnicef .429 -44.5
90 Avelox .424 26.5
91 ProAir HFA .421 678.6
92 Asacol .420 8.4
93 Benicar HCT .414 24.1
94 Fentanyl Oral Citra .408 515.9
95 Requip .407 56.3
96 Boniva .404 49.5
97 Caduet .388 0.2
98 Avapro .384 0.2
99 Gleevec .384 13.7
100 Kaletra .373 6
101 Ortho Tri-Cyclen Lo .371 -0.1
102 Benicar .369 18.2
103 AndroGel .366 23.8
104 Xopenex .354 10.8
105 Procrit .353 -15.6
106 Lamisil Oral .339 -44.6
107 Avalide .328 9.3
108 Nasacort AQ .318 6.3
109 Combivir .318 -10.6
110 Allegra-D 12 Hour .316 -5.5
111 Duragesic .306 -14.3
112 Copaxone .303 -0.7
113 RenaGel .293 29.8
114 Femara .293 23.6
115 Enbrel Sureclick .293 539.1
116 NovoLog Mix 70/30 .292 22.8
117 Clarinex .288 -8.6
118 Aldara .287 18.4
119 Forteo .282 -4.3
120 Suboxone .282 105.9
121 Avodart .281 45.9
122 Paxil CR .280 -14.2
123 Norvir .275 10.3
124 Avandamet .275 101.6
125 Restasis .274 31.7
126 Avonex .266 -7.7
127 Sensipar .266 49.8
128 Tarceva .263 7.5
129 Patanol .258 -11.1
130 Yaz .254 584
131 Lovaza .252 121.5
132 Mirapex .249 26.5
133 Focalin XR .249 56.6
134 Cosopt .242 8.5
135 Zyvox .236 15.5
136 Epzicom .230 27.2
137 NuvaRing .230 33.2
138 Actiq .230 -57.9
139 Fosamax Plus D .229 69.1
140 Actoplus Met .229 94.9
141 Lumigan .226 11.4
142 Rhinocort Aqua .225 -11.4
143 Solodyn .224 247.7
144 Thalomid .222 -18.6
145 Fuzeon .220 -13.9
146 Astelin .219 17.3
147 BenzaClin .213 5
148 Relpax .212 3.9
149 Viread .210 -5.8
150 Casodex .207 7.7
151 Vigamox .207 12.2
152 Vesicare .205 77.6
153 Humalog Mix 75/25 Pn .204 2
154 Trizivir .203 -8.7
155 Budeprion SR .201 -4.6
156 Xeloda .201 12.2
157 Sustiva .200 -33.5
158 Levitra .197 11.4
159 Endocet .193 -14.5
160 Risperdal Consta .193 36.1
161 Aggrenox .193 27.1
162 Humira Pen .191 741.1
163 Kadian .191 23.6
164 Differin .188 11.4
165 Catapres-TTS .187 7.6
166 Alphagan P .186 9.7
167 Tussionex .179 -0.1
168 Zyrtec Syrup .177 3.7
169 Maxalt .176 22.4
170 Zoloft .175 -90.1
171 Prilosec .174 -0.2
172 Ciprodex Otic .174 10.6
173 Temodar .173 -2.1
174 Tobradex .172 3.7
175 Zyrtec-D .163 -2.6
176 Welchol .161 23.8
177 Maxalt MLT .161 15.5
178 Asmanex .161 75
179 Atacand .160 2.6
180 Coumadin Tabs .160 -10.2
181 Dovonex .159 11.1
182 Klor-Con .159 -2.4
183 Pegasys .156 0.7
184 Ultram ER .155 117
185 Betaseron .151 -3.8
186 Zovirax Topical .151 18.8
187 Trinessa .151 -3.6
188 Pulmozyme .150 3.7
189 Neupogen .150 -5.8
190 Humulin N .149 -8.2
191 Micardis HCT .148 34
192 Ortho Evra .148 -36.4
193 Allegra-D 24 Hour .148 34.2
194 Fentora .147 762.8
195 Enablex .147 61.5
196 Famvir .146 -8.6
197 Avinza .145 -2.5
198 Prempro .144 4.4
199 Coreg CR .144 NA
200 Marinol .144 14.3
All Others 25.961 -11.7
Source: Verispan, VONA
Drugstores Online
Rank Product US Sales (U.S.$ Billions) % change from 2006
1 Lipitor 6.165 -6.3
2 Nexium 4.355 7.3
3 Advair Diskus 3.390 8.8
4 Prevacid 3.315 0.3
5 Plavix 3.082 38.1
6 Singulair 2.863 16.4
7 Seroquel 2.518 21.4
8 Effexor XR 2.464 9.7
9 Lexapro 2.304 9.8
10 Actos 2.229 15.7
11 Protonix 2.136 5.7
12 Vytorin 1.938 32
13 Topamax 1.837 20.8
14 Risperdal 1.790 8.1
15 Abilify 1.781 25.7
16 Cymbalta 1.732 59.8
17 Lamictal 1.717 29.4
18 Zyprexa 1.579 2.8
19 Levaquin 1.433 1.7
20 Celebrex 1.416 7.6
21 Zetia 1.405 23.3
22 Valtrex 1.395 21.3
23 Crestor 1.367 29.2
24 Fosamax 1.355 -5
25 Zyrtec 1.302 12
26 Lantus 1.302 23.1
27 Adderall XR 1.288 13.9
28 Diovan 1.117 15
29 Avandia 1.110 -33.3
30 Tricor 1.106 14.6
31 Aciphex 1.099 -1.2
32 Diovan HCT 1.051 21.4
33 OxyContin 1.043 52.8
34 Concerta 1.030 10.1
35 Coreg 1.013 -12.5
36 Flomax 1.002 27.6
37 Lyrica 1.000 53.6
38 Wellbutrin XL .992 -40.6
39 Aricept .983 22.9
40 Imitrex Oral .950 10.8
41 Ambien .920 -52.5
42 Lotrel .908 -29.8
43 Nasonex .892 13.1
44 Toprol XL .888 -39.7
45 Ambien CR .876 58.4
46 Enbrel .874 -19.3
47 Spiriva .868 46.3
48 Viagra .824 4.9
49 Lidoderm .808 27.1
50 Actonel .791 1.3
51 Chantix .764 777.5
52 Norvasc .749 -65.1
53 Lovenox .746 25.1
54 Provigil .744 15.5
55 Lunesta .712 22.1
56 Altace .710 -1
57 Keppra .708 42
58 Geodon Oral .665 25.6
59 Cozaar .652 5.4
60 Detrol LA .635 8.8
61 Atripla .617 471
62 Truvada .606 6.4
63 CellCept .599 18.1
64 Pulmicort Respules .592 13.8
65 Humalog .592 11
66 Depakote ER .577 15
67 Depakote .573 5.9
68 Premarin Tabs .557 -3.3
69 Synthroid .547 -5.5
70 Niaspan .546 15.3
71 Byetta .541 49
72 Budeprion XL .537 >999
73 Strattera .535 -7.3
74 Combivent .534 -0.1
75 Trileptal .532 3.7
76 Yasmin 28 .528 4
77 Flovent HFA .521 9.3
78 Skelaxin .517 7.1
79 Prograf .515 15.7
80 Arimidex .506 13.5
81 Evista .503 -0.9
82 Hyzaar .499 5.3
83 Namenda .489 26.6
84 Januvia .471 >999
85 Humira .462 -8.5
86 Cialis .453 20.8
87 Reyataz .438 17.7
88 Xalatan .430 6.7
89 Omnicef .429 -44.5
90 Avelox .424 26.5
91 ProAir HFA .421 678.6
92 Asacol .420 8.4
93 Benicar HCT .414 24.1
94 Fentanyl Oral Citra .408 515.9
95 Requip .407 56.3
96 Boniva .404 49.5
97 Caduet .388 0.2
98 Avapro .384 0.2
99 Gleevec .384 13.7
100 Kaletra .373 6
101 Ortho Tri-Cyclen Lo .371 -0.1
102 Benicar .369 18.2
103 AndroGel .366 23.8
104 Xopenex .354 10.8
105 Procrit .353 -15.6
106 Lamisil Oral .339 -44.6
107 Avalide .328 9.3
108 Nasacort AQ .318 6.3
109 Combivir .318 -10.6
110 Allegra-D 12 Hour .316 -5.5
111 Duragesic .306 -14.3
112 Copaxone .303 -0.7
113 RenaGel .293 29.8
114 Femara .293 23.6
115 Enbrel Sureclick .293 539.1
116 NovoLog Mix 70/30 .292 22.8
117 Clarinex .288 -8.6
118 Aldara .287 18.4
119 Forteo .282 -4.3
120 Suboxone .282 105.9
121 Avodart .281 45.9
122 Paxil CR .280 -14.2
123 Norvir .275 10.3
124 Avandamet .275 101.6
125 Restasis .274 31.7
126 Avonex .266 -7.7
127 Sensipar .266 49.8
128 Tarceva .263 7.5
129 Patanol .258 -11.1
130 Yaz .254 584
131 Lovaza .252 121.5
132 Mirapex .249 26.5
133 Focalin XR .249 56.6
134 Cosopt .242 8.5
135 Zyvox .236 15.5
136 Epzicom .230 27.2
137 NuvaRing .230 33.2
138 Actiq .230 -57.9
139 Fosamax Plus D .229 69.1
140 Actoplus Met .229 94.9
141 Lumigan .226 11.4
142 Rhinocort Aqua .225 -11.4
143 Solodyn .224 247.7
144 Thalomid .222 -18.6
145 Fuzeon .220 -13.9
146 Astelin .219 17.3
147 BenzaClin .213 5
148 Relpax .212 3.9
149 Viread .210 -5.8
150 Casodex .207 7.7
151 Vigamox .207 12.2
152 Vesicare .205 77.6
153 Humalog Mix 75/25 Pn .204 2
154 Trizivir .203 -8.7
155 Budeprion SR .201 -4.6
156 Xeloda .201 12.2
157 Sustiva .200 -33.5
158 Levitra .197 11.4
159 Endocet .193 -14.5
160 Risperdal Consta .193 36.1
161 Aggrenox .193 27.1
162 Humira Pen .191 741.1
163 Kadian .191 23.6
164 Differin .188 11.4
165 Catapres-TTS .187 7.6
166 Alphagan P .186 9.7
167 Tussionex .179 -0.1
168 Zyrtec Syrup .177 3.7
169 Maxalt .176 22.4
170 Zoloft .175 -90.1
171 Prilosec .174 -0.2
172 Ciprodex Otic .174 10.6
173 Temodar .173 -2.1
174 Tobradex .172 3.7
175 Zyrtec-D .163 -2.6
176 Welchol .161 23.8
177 Maxalt MLT .161 15.5
178 Asmanex .161 75
179 Atacand .160 2.6
180 Coumadin Tabs .160 -10.2
181 Dovonex .159 11.1
182 Klor-Con .159 -2.4
183 Pegasys .156 0.7
184 Ultram ER .155 117
185 Betaseron .151 -3.8
186 Zovirax Topical .151 18.8
187 Trinessa .151 -3.6
188 Pulmozyme .150 3.7
189 Neupogen .150 -5.8
190 Humulin N .149 -8.2
191 Micardis HCT .148 34
192 Ortho Evra .148 -36.4
193 Allegra-D 24 Hour .148 34.2
194 Fentora .147 762.8
195 Enablex .147 61.5
196 Famvir .146 -8.6
197 Avinza .145 -2.5
198 Prempro .144 4.4
199 Coreg CR .144 NA
200 Marinol .144 14.3
All Others 25.961 -11.7
Source: Verispan, VONA
The Best-Selling Drugs In America
Pharmaceuticals
The Best-Selling Drugs In America
Matthew Herper, 02.27.06
Drugstores Online
NEW YORK -- Lipitor, the cholesterol-lowering treatment, remains the best-selling drug in America. But Pfizer, the drug's maker, is facing renewed competition from biotechs like Amgen that were hardly on the map a decade ago-- and renewed threats from cheap generic drugs.
That's the picture from newly released data from IMS Health, a pharmaceutical information and consulting company that independently keeps track of how often medicines are prescribed and how much revenue they are generating. IMS has provided to Forbes a list of the top 20 medicines by U.S. sales (See: "America's 20 Best-Selling Drugs") and an exclusive look at the medicines whose U.S. sales are increasing at the fastest clip (See: "America's Fastest Growing Medicines.")
Click here for America's 20 Best-Selling Drugs
The drug industry is undergoing a major shift, as players like Pfizer and Merck that have been around for a hundred years are giving ground to biotech players like Amgen and Genentech that weren't around 30 years ago. Overall, drug sales grew 5.4% to $252 billion in 2005. But sales of biotech drugs like Amgen's Aranesp and Genentech's Rituxan grew 17% to $33 billion. These are often very expensive, injectable medicines used for hard-to-treat diseases like cancer, severe anemia and rheumatoid arthritis.
According to IMS Health's data, Pfizer makes three of the top 20 drugs in the U.S. Amgen makes four of them, including Aranesp, Epogen, Neulasta and Enbrel. What's more, Pfizer's Zoloft, for depression, and Norvasc, for high blood pressure, lose patent protection this year and next, respectively, potentially leaving Lipitor as the world's largest drug company's only entrant in the top 20. Generic drugs, cheap knockoffs that hit the market after medicines lose patent protection, saw sales jump 20%. That is only going to get worse as Zocor, Merck's cholesterol treatment, loses patent protection this summer. A new Medicare drug benefit may increase the number of patients popping pills, but also push more of them toward the cheap generics.
Another problem for old line drug firms: fewer new medicines are being approved, with 20 new drugs approved by U.S. regulators in 2005 compared with 53 in 1996. "You have success rates that haven't improved in 30 years," says Amgen research chief Roger Perlmutter, a former Merck researcher, in the current issue of Forbes (see: "Storm Warnings").
Click here for America's Fastest-Growing Medicines
The biggest sellers are treatments for high cholesterol, like Lipitor and Zocor, bringing in $16 billion in 2005 U.S. sales, according to IMS. Vytorin, a new medicine for cholesterol from Merck and Schering-Plough, saw the biggest share gains on the list of fast-growing medicines. (It benefits some by only having been on sale for half of 2004.) Medicines like Nexium, the AstraZeneca pill for heartburn, are big sellers as well. These types of heartburn drugs brought in $13 billion in the U.S.
Schizophrenia medicines are another big ($11 billion) and hotly contested area. These drugs are increasingly used for bipolar disease and also for other mental illnesses, including some for which they have not been approved by the Food and Drug Administration. A major shift: Seroquel, from AstraZeneca, has passed Zyprexa from Eli Lilly and Risperdal form Johnson & Johnson as the top-selling schizophrenia drug. One possible reason: controversy over Zyprexa's potential to cause weight gain in some patients. Abilify, a schizophrenia medicine from Bristol-Myers Squibb and Japan's Otsuka, is also gaining ground fast.
Still, many of the biggest winners are biotech drugs. Genentech's Avastin, for colorectal cancer, saw sales increase 247% to $948 million in 2005, and its Herceptin for breast cancers saw a jump of 52% to $750 million. As reported in the current issue of Forbes, some analysts forecast that by 2010, Amgen will be as big as Merck, once the largest U.S. drug maker.
The Best-Selling Drugs In America
Matthew Herper, 02.27.06
Drugstores Online
NEW YORK -- Lipitor, the cholesterol-lowering treatment, remains the best-selling drug in America. But Pfizer, the drug's maker, is facing renewed competition from biotechs like Amgen that were hardly on the map a decade ago-- and renewed threats from cheap generic drugs.
That's the picture from newly released data from IMS Health, a pharmaceutical information and consulting company that independently keeps track of how often medicines are prescribed and how much revenue they are generating. IMS has provided to Forbes a list of the top 20 medicines by U.S. sales (See: "America's 20 Best-Selling Drugs") and an exclusive look at the medicines whose U.S. sales are increasing at the fastest clip (See: "America's Fastest Growing Medicines.")
Click here for America's 20 Best-Selling Drugs
The drug industry is undergoing a major shift, as players like Pfizer and Merck that have been around for a hundred years are giving ground to biotech players like Amgen and Genentech that weren't around 30 years ago. Overall, drug sales grew 5.4% to $252 billion in 2005. But sales of biotech drugs like Amgen's Aranesp and Genentech's Rituxan grew 17% to $33 billion. These are often very expensive, injectable medicines used for hard-to-treat diseases like cancer, severe anemia and rheumatoid arthritis.
According to IMS Health's data, Pfizer makes three of the top 20 drugs in the U.S. Amgen makes four of them, including Aranesp, Epogen, Neulasta and Enbrel. What's more, Pfizer's Zoloft, for depression, and Norvasc, for high blood pressure, lose patent protection this year and next, respectively, potentially leaving Lipitor as the world's largest drug company's only entrant in the top 20. Generic drugs, cheap knockoffs that hit the market after medicines lose patent protection, saw sales jump 20%. That is only going to get worse as Zocor, Merck's cholesterol treatment, loses patent protection this summer. A new Medicare drug benefit may increase the number of patients popping pills, but also push more of them toward the cheap generics.
Another problem for old line drug firms: fewer new medicines are being approved, with 20 new drugs approved by U.S. regulators in 2005 compared with 53 in 1996. "You have success rates that haven't improved in 30 years," says Amgen research chief Roger Perlmutter, a former Merck researcher, in the current issue of Forbes (see: "Storm Warnings").
Click here for America's Fastest-Growing Medicines
The biggest sellers are treatments for high cholesterol, like Lipitor and Zocor, bringing in $16 billion in 2005 U.S. sales, according to IMS. Vytorin, a new medicine for cholesterol from Merck and Schering-Plough, saw the biggest share gains on the list of fast-growing medicines. (It benefits some by only having been on sale for half of 2004.) Medicines like Nexium, the AstraZeneca pill for heartburn, are big sellers as well. These types of heartburn drugs brought in $13 billion in the U.S.
Schizophrenia medicines are another big ($11 billion) and hotly contested area. These drugs are increasingly used for bipolar disease and also for other mental illnesses, including some for which they have not been approved by the Food and Drug Administration. A major shift: Seroquel, from AstraZeneca, has passed Zyprexa from Eli Lilly and Risperdal form Johnson & Johnson as the top-selling schizophrenia drug. One possible reason: controversy over Zyprexa's potential to cause weight gain in some patients. Abilify, a schizophrenia medicine from Bristol-Myers Squibb and Japan's Otsuka, is also gaining ground fast.
Still, many of the biggest winners are biotech drugs. Genentech's Avastin, for colorectal cancer, saw sales increase 247% to $948 million in 2005, and its Herceptin for breast cancers saw a jump of 52% to $750 million. As reported in the current issue of Forbes, some analysts forecast that by 2010, Amgen will be as big as Merck, once the largest U.S. drug maker.
Top 10 Drugs By Sales - 2006
Top 10 Drugs By Sales - 2006
US Sales in $Billions
The following are the top 10 selling drugs in the USA for the year 2006.
Drugstores Online
#1 - Lipitor
$6.58 Billion. Lipitor is a cholesterol-lowering medication that blocks the production of cholesterol.
#2 - Nexium
$4.06 Billion. Nexium decreases the amount of acid produced in the stomach.
#3 - Prevacid
$3.31 Billion. Prevacid also decreases the amount of acid produced in the stomach.
#4 - Advair Diskus
$3.11 Billion. Advair is used to prevent asthma attacks.
#5 - Singulair
$2.46 Billion. Singulair is used to prevent asthma attacks in adults and children.
#6 - Effexor XR
$2.25 Billion. Effexor is used to treat major depressive disorders, anxiety, and panic disorders.
#7 - Plavix
$2.23 Billion. Plavix is used to prevent blood clots after a recent heart attack or stroke.
#8 - Zocor
$2.17 Billion. Zocor is als a cholesterol-lowering medication that blocks the production of cholesterol.
#9 - Norvasc
$2.15 Billion. Norvasc is used to treat hypertension (high blood pressure) and to treat angina (chest pain).
#10 - Lexapro
$2.10 Billion. Lexapro is an antidepressant. Lexapro is used to treat anxiety and major depressive disorder.
Top Drugs for 2005
1 Lipitor
2 Nexium
3 Zocor
4 Zocor
5 Advair Diskus
6 Zoloft
7 Plavix
8 Effexor XR
9 Singulair
10 Norvasc
Top Drugs for 2004
1 Lipitor
2 Zocor
3 Prevacid
4 Nexium
5 Procrit
6 Zoloft
7 Plavix
8 Advair Diskus
9 Zyprexa
10 Celebrex
Top Drugs for 2003
1 Lipitor
2 Zocor
3 Prevacid
4 Procrit
5 Nexium
6 Zyprexa
7 Zoloft
8 Celebrex
9 Epogen
10 Neurontin
Largest Lottery Payouts Ever
Largest Lottery Payouts Ever
These are the largest payoffs in American lottery history:
1. $365 million - Powerball - On February 18, 2006, the jackpot worth $365 million was won by a single ticket sold in
Lincoln, Nebraska. That single ticket was shared by eight meat plant workers. This is the largest Powerball prize (per ticket).
2. $340 million - Powerball - A grand prize won on October 19, 2005 worth $340 million was awarded to the West family in
Jacksonville, Oregon. The family won less than two months after the rules were changed to promote larger payouts. Steve West, who purchased the ticket, put in $20 for tickets, along with another $20 from his in-laws. The family planned to split the prize among themselves.
3. $314 million - Powerball - Jack Whittaker of West Virginia was the claimant to the biggest jackpot. He won $314 million on Christmas Day, 2002.
4. $314 million - Powerball - On August 25, 2007, a jackpot worth $314 million was won by a retired auto worker from Ohio.
5. $390M - Mega Millions - On March 6, 2007, two ticket holders won the world's largest jackpot
6. $363M - Mega Millions - On May 9, 2000, two ticket holders won the largest Big Game prize
7. $330M - Mega Millions - On August 31, 2007, four ticket holders won the largest shared MM prize
8. $315M - Mega Millions - On November 15, 2005, a single person won the largest single winning ticket prize
These are the largest payoffs in American lottery history:
1. $365 million - Powerball - On February 18, 2006, the jackpot worth $365 million was won by a single ticket sold in
Lincoln, Nebraska. That single ticket was shared by eight meat plant workers. This is the largest Powerball prize (per ticket).
2. $340 million - Powerball - A grand prize won on October 19, 2005 worth $340 million was awarded to the West family in
Jacksonville, Oregon. The family won less than two months after the rules were changed to promote larger payouts. Steve West, who purchased the ticket, put in $20 for tickets, along with another $20 from his in-laws. The family planned to split the prize among themselves.
3. $314 million - Powerball - Jack Whittaker of West Virginia was the claimant to the biggest jackpot. He won $314 million on Christmas Day, 2002.
4. $314 million - Powerball - On August 25, 2007, a jackpot worth $314 million was won by a retired auto worker from Ohio.
5. $390M - Mega Millions - On March 6, 2007, two ticket holders won the world's largest jackpot
6. $363M - Mega Millions - On May 9, 2000, two ticket holders won the largest Big Game prize
7. $330M - Mega Millions - On August 31, 2007, four ticket holders won the largest shared MM prize
8. $315M - Mega Millions - On November 15, 2005, a single person won the largest single winning ticket prize
Monday, December 22, 2008
Australian tourists defy security warnings and head to Bali in record numbers
Australian tourists defy security warnings and head to Bali in record numbers
By Stephen Fitzpatrick in Jakarta
The Australian
December 23, 2008
Travel Australia
Bali tourist resort
Cheap holidays ... Aussie tourists are returning to Bali in greater numbers than ever, defying government security warnings and terrorism threats
* Aussies off to Bali in record numbers
* Ignoring security warnings, terror threats
* Garuda, Jetstar close to capacity
AUSTRALIAN tourists are returning to Bali in greater numbers than ever, defying government security warnings, terrorism threats, booze shortages and even a rabies outbreak to enjoy a cheap tropical Christmas holiday.
Garuda and Jetstar are running close to capacity to the Indonesian island, despite a downturn in arrivals last month linked to security concerns around the executions of the Bali bombers, The Australian reports.
"Advance bookings did drop off but there has been a lot of last-minute bookings for next week," Jetstar spokeswoman Simone Pregellio said.
"And our premium flights, like the Saturday Melbourne to Bali route, are chockers."
Garuda's Jane Milojevic concurred, saying that although a lot of schoolies trips appeared to have been deferred because of the executions, "we're confident that Bali will come out of it reasonably well, as people make their holiday plans and they start to reconsider going there".
Australian Bureau of Statistics figures show Bali remains the third-most popular foreign holiday destination, behind Thailand and New Zealand.
Indonesian records put Australian arrivals in Bali to the end of September this year at about 230,000, with officials hoping this figure will swell to 350,000 next year.
By Stephen Fitzpatrick in Jakarta
The Australian
December 23, 2008
Travel Australia
Bali tourist resort
Cheap holidays ... Aussie tourists are returning to Bali in greater numbers than ever, defying government security warnings and terrorism threats
* Aussies off to Bali in record numbers
* Ignoring security warnings, terror threats
* Garuda, Jetstar close to capacity
AUSTRALIAN tourists are returning to Bali in greater numbers than ever, defying government security warnings, terrorism threats, booze shortages and even a rabies outbreak to enjoy a cheap tropical Christmas holiday.
Garuda and Jetstar are running close to capacity to the Indonesian island, despite a downturn in arrivals last month linked to security concerns around the executions of the Bali bombers, The Australian reports.
"Advance bookings did drop off but there has been a lot of last-minute bookings for next week," Jetstar spokeswoman Simone Pregellio said.
"And our premium flights, like the Saturday Melbourne to Bali route, are chockers."
Garuda's Jane Milojevic concurred, saying that although a lot of schoolies trips appeared to have been deferred because of the executions, "we're confident that Bali will come out of it reasonably well, as people make their holiday plans and they start to reconsider going there".
Australian Bureau of Statistics figures show Bali remains the third-most popular foreign holiday destination, behind Thailand and New Zealand.
Indonesian records put Australian arrivals in Bali to the end of September this year at about 230,000, with officials hoping this figure will swell to 350,000 next year.
Cocaine-smuggling grandparents use baby bank accounts to launder drug money
Cocaine-smuggling grandparents use baby bank accounts to launder drug money
The Daily Telegraph
December 23, 2008
Electronics Australian
Scam found ... cocaine-smuggling grandparents opened bank accounts in the names of their infant grandchildren to launder around $20 million
* Cocaine-smuggling grandparents open accounts
* Use names of their infant grandchildren
* Scam revealed when money used to buy cars, property
COCAINE-smuggling grandparents opened bank accounts in the names of their infant grandchildren to launder around $20 million, it has been revealed.
But the scam came unstuck when investigators became suspicious after the accounts were used to buy luxury cars and property.
It was among the most elaborate financial scams of the year, uncovered by the country's anti-money laundering regulator, the Australian Transaction Reports and Analysis Centre.
"The amounts of money were very unusual for childrens' accounts," AusTRAC chief executive Neil Jensen said.
In another case, a sharp-eyed bank teller foiled a three-year-old $6.3 million crime after spotting a thief trying to launder what was - literally - dirty money.
The man had started digging up notes he had buried after scamming one ATM over four months using stolen credit cards and was depositing the $50 bills into his bank accounts.
The bank teller noticed the notes felt "washed" and "waxy".
Police arrested the man, charged him with money laundering and recovered $4.5 million in cash.
Legitimate businesses such as restaurants and grocers were used to transfer hundreds of thousands of dollars raised under the guise of charities to a terrorist organisation in South East Asia.
Others incidents included a Canadian crime syndicate which sent members to Australia to place skimming devices on ATMs to copy card details.
And lonely men were fleeced of up to $30,000 each after choosing Russian "brides" from a dating website.
They were asked for upfront payments for air tickets for the brides but the trick was discovered when AusTRAC tracked substantial sums of money being remitted to Russia, Bulgaria, Ukraine, Romania and Hungary.
Mr Jensen said that while scams were becoming more elaborate, cracking them often came down to the frontline troops, like bank tellers spotting what was suspicious.
There were more than 20 million transactions reported to AusTRAC in 2008, including an increase of 20 per cent in the number of suspected illegal transactions.
Every wire transfer of money in and out of the country and nearly 3 million transactions involving $10,000 or more were also notified.
Over five weeks in July and August, the Australian Federal Police and Customs working with AusTRAC charged 37 people with 87 charges and stopped 14.6 tonnes of drugs with a street value of $3billion from being distributed.
The Daily Telegraph
December 23, 2008
Electronics Australian
Scam found ... cocaine-smuggling grandparents opened bank accounts in the names of their infant grandchildren to launder around $20 million
* Cocaine-smuggling grandparents open accounts
* Use names of their infant grandchildren
* Scam revealed when money used to buy cars, property
COCAINE-smuggling grandparents opened bank accounts in the names of their infant grandchildren to launder around $20 million, it has been revealed.
But the scam came unstuck when investigators became suspicious after the accounts were used to buy luxury cars and property.
It was among the most elaborate financial scams of the year, uncovered by the country's anti-money laundering regulator, the Australian Transaction Reports and Analysis Centre.
"The amounts of money were very unusual for childrens' accounts," AusTRAC chief executive Neil Jensen said.
In another case, a sharp-eyed bank teller foiled a three-year-old $6.3 million crime after spotting a thief trying to launder what was - literally - dirty money.
The man had started digging up notes he had buried after scamming one ATM over four months using stolen credit cards and was depositing the $50 bills into his bank accounts.
The bank teller noticed the notes felt "washed" and "waxy".
Police arrested the man, charged him with money laundering and recovered $4.5 million in cash.
Legitimate businesses such as restaurants and grocers were used to transfer hundreds of thousands of dollars raised under the guise of charities to a terrorist organisation in South East Asia.
Others incidents included a Canadian crime syndicate which sent members to Australia to place skimming devices on ATMs to copy card details.
And lonely men were fleeced of up to $30,000 each after choosing Russian "brides" from a dating website.
They were asked for upfront payments for air tickets for the brides but the trick was discovered when AusTRAC tracked substantial sums of money being remitted to Russia, Bulgaria, Ukraine, Romania and Hungary.
Mr Jensen said that while scams were becoming more elaborate, cracking them often came down to the frontline troops, like bank tellers spotting what was suspicious.
There were more than 20 million transactions reported to AusTRAC in 2008, including an increase of 20 per cent in the number of suspected illegal transactions.
Every wire transfer of money in and out of the country and nearly 3 million transactions involving $10,000 or more were also notified.
Over five weeks in July and August, the Australian Federal Police and Customs working with AusTRAC charged 37 people with 87 charges and stopped 14.6 tonnes of drugs with a street value of $3billion from being distributed.
Girlfriend of David Hicks, Aloysia Brooks, tells media to leave her man alone
Girlfriend of David Hicks, Aloysia Brooks, tells media to leave her man alone
By Verity Edwards
The Australian
December 23, 2008
Dating Australia
SHE is the new woman in the changing life of former Guantanamo Bay detainee David Hicks. And Aloysia Brooks, a postgraduate student, is fiercely outspoken in defence of her man.
After flying in with Mr Hicks to spend his first Christmas in nine years at home with his family in Adelaide, Ms Brooks yesterday took The Australian aside to plead to "give him space".
Mr Hicks was no longer a "confessed terrorism supporter", she said, despite the former kangaroo skinner's guilty plea before a US military commission last year.
"You don't know what went on there; you don't know under what conditions he signed (the confession)," Ms Brooks said.
Mr Hicks should instead be referred to as a free man after the expiry of a court-imposed control order last Saturday.
Freeing Mr Hicks after more than seven years in custody, including five years at the US military's controversial prison in Guantanamo Bay in Cuba, was what brought the couple together.
Ms Brooks writes poetry on human rights issues and was this year enrolled at the University of Sydney's Centre for Peace and Conflict Studies. A Sydney woman with her distinctive first name leapt to Mr Hicks's defence on a newspaper website in 2006.
"David Hicks is someone's brother, son and father," Aloysia wrote. "He gets scared, bleeds and feels pain just like you or I ... He is someone who deserves to be treated with dignity, respect and compassion no matter what he has done."
Ms Brooks also signed a petition last year calling for justice for then-terror suspect Mohamed Haneef.
The romance blossomed after Mr Hicks moved from his home town of Adelaide to Sydney six months ago, where he found it easier to access rehabilitation services and settle back into the community.
The couple, photographed together for the first time by The Australian yesterday, kept their relationship under wraps until now.
Mr Hicks remained tightlipped when he flew into Adelaide to meet his father, Terry, his staunchest defender through his imprisonment.
Terry Hicks said he was pleased to have his son and new partner home for their first Christmas together this decade.
Fears family poisoned after toddler's death at Tambar Springs near Gunnedah
Fears family poisoned after toddler's death at Tambar Springs near Gunnedah
By Gemma Jones
The Daily Telegraph
December 22, 2008
Baby Products
A 23-month-old boy has died and his three siblings and their parents are being flown to Sydney after an incident near the northern New South Wales town of Gunnedah.
It is believed the toddler, his brother and a three-year-old and five-year-old may have been poisoned, The Daily Telegraph reports.
Locals in Gunnedah said they had heard the children had been poisoned and that it was the result of an accident.
Police have set up a crime scene and called in forensic experts because they are unsure what caused the children to fall ill.
The surviving twin, the other children and their parents were due to arrive at Westmead Hospital in two helicopters tonight so that doctors could perform tests.
An ambulance was first called to the family’s property in Tambar Springs just after 2pm today.
The toddler was found in cardiac arrest and he died a short time later in hospital.
By Gemma Jones
The Daily Telegraph
December 22, 2008
Baby Products
A 23-month-old boy has died and his three siblings and their parents are being flown to Sydney after an incident near the northern New South Wales town of Gunnedah.
It is believed the toddler, his brother and a three-year-old and five-year-old may have been poisoned, The Daily Telegraph reports.
Locals in Gunnedah said they had heard the children had been poisoned and that it was the result of an accident.
Police have set up a crime scene and called in forensic experts because they are unsure what caused the children to fall ill.
The surviving twin, the other children and their parents were due to arrive at Westmead Hospital in two helicopters tonight so that doctors could perform tests.
An ambulance was first called to the family’s property in Tambar Springs just after 2pm today.
The toddler was found in cardiac arrest and he died a short time later in hospital.
Internet filtering plan may extend to peer-to-peer traffic, says Stephen Conroy
Internet filtering plan may extend to peer-to-peer traffic, says Stephen Conroy
By Andrew Ramadge, Technology Reporter
NEWS.com.au
December 22, 2008
Internet Providers
THE Federal Government's controversial internet censorship scheme may extend to filter more online traffic than was first thought, Broadband Minister Stephen Conroy revealed today.
In a post on his department's blog, Senator Conroy today said technology that could filter data sent directly between computers would be tested as part of the upcoming live filtering trial.
"Technology that filters peer-to-peer and BitTorrent traffic does exist and it is anticipated that the effectiveness of this will be tested in the live pilot trial," Senator Conroy said.
Peer-to-peer file-sharing technology is the most common way for computer users to share video, picture and music files over the internet.
It was previously thought the Government's filtering plan would be restricted to traffic on the "world wide web" – the channel through which users view websites like news.com.au.
Senator Conroy revealed the plan to trial peer-to-peer filtering technology in a reply to critical comments made on the Digital Economy Future Directions blog launched earlier this month.
The blog was launched to encourage public input on the future of Australia's digital economy, but has so far been saturated with comments attacking Senator Conroy over the Government's filtering plan.
Senator Conroy addressed the level of critical feedback in his post and said he had been following discussion of the plan on social networking websites such as Twitter.
"I'm aware that this proposal has attracted significant debate and criticism – on this blog and at other places in the blogosphere," Senator Conroy said.
"I'm following the debate at sites like Whirlpool and GetUp and on Twitter at #nocleanfeed."
The filtering scheme has made headlines around the world in the The New York Times and British newspapers and was the target of protests held in major cities across the country earlier this month.
Live pilot trial
A live trial of filtering technology is scheduled to begin this week, but internet service providers have so far been kept in the dark over the details.
Less than a week before the trial was due to begin, participating ISPs Optus and iiNet said they had not been told if their applications had been accepted.
Related story Read the story here »
An Optus spokesperson today said the company had still not been notified of the status of its application.
"We still have not received notification about whether or not our proposal has been accepted, however our proposal does not include peer-to-peer filtering," the spokesperson said.
Comment is being sought from iiNet.
'Not like China'
Despite announcing the live pilot trial would likely include filtering peer-to-peer traffic, Senator Conroy rejected accusations that the scheme was similar to internet censorship in countries such as China.
"Freedom of speech is fundamentally important in a democratic society and there was never any suggestion that the Australian Government would seek to block political content," Senator Conroy said.
"In this context, claims that the Government's policy is analogous to the approach taken by countries such as Iran, China and Saudi Arabia are not justified."
Senator Conroy said the internet filter would be in-step with existing methods to censor books, films and video games.
"Australian society has always accepted that there is some material which is not acceptable, particularly for children," he said.
"That is why we have the National Classification Scheme for classifying films, computer games, publications and online content."
"Australian ISPs are already subject to regulation that prohibits the hosting of certain material based upon the Scheme.
"All the Government is now seeking to do is to examine how technology can assist in filtering internationally-hosted content."
Thursday, December 18, 2008
Holiday Inn Club Vacations™ Goes Live
15 December 2008
Holiday Inn Club Vacations™ Goes Live
Holiday Inn’s first timeshare resort is now available to guests for rental and timeshare ownership
ATLANTA (Dec. 15, 2008) – IHG (InterContinental Hotels Group) [LON: IHG, NYSE: IHG (ADRs)] today announces the official unveiling of Holiday Inn Club Vacations with the opening of its first location at Orange Lake Resort in Orlando, Fla. The new timeshare brand was announced in September 2008 as a strategic alliance between IHG, the world’s largest hotel company, and Orange Lake Resorts, a leader within the timeshare industry with more than 25 years of proven success.
“The strength and recognition of the Holiday Inn brand combined with Orange Lake’s expertise in timeshare management positions us well for the future, even during these challenging economic times,” said Christian Hempell, vice president, Holiday Inn Club Vacations. “Guests know and trust Holiday Inn, and we’re excited to offer them the opportunity to experience the brand in a new way through timeshare ownership.”
A 1,400-acre golf, water park and sports resort, Holiday Inn Club Vacations at Orange Lake Resort includes 2,412 villas and is located next to Walt Disney World® Resort in Orlando, the number one leisure destination for U.S. travelers. The resort offers a host of amenities including:
• 4 championship golf courses
• 7 swimming pools including a 12-acre outdoor entertainment complex
• 80 acre lake for water sports
• Five restaurants
• Retail and pro shops
Starting today, travelers who are seeking a richer vacation experience can rent vacation villas online at www.hiclubvacations.com, a dedicated website where consumers can book a spacious one-, two- or three-bedroom villa just like they would any Holiday Inn hotel room. Through IHG’s guest loyalty program, Priority Club Rewards, guests renting villas will earn PCR points during their stays at Holiday Inn Club Vacations, which they can redeem for free nights at IHG properties or exchange for merchandise and special experiences.
Orange Lake Resorts will develop and sell timeshare intervals of Holiday Inn Club Vacations under a license agreement from IHG. Starting today, owners who purchase intervals at Holiday Inn Club Vacations will automatically become members of the newly formed Holiday Inn Club™ exchange program. This program allows members to exchange their weeks at the Orlando resort for hotel nights at IHG’s more than 4,100 hotels worldwide. In addition, Holiday Inn Club members will also have access to Resort Condominium International’s (RCI) network of more than 4,000 resorts.
“We’re inviting our club members to open their eyes to a whole new way of vacationing,” said Don Harrill, president and CEO of Orange Lake Resorts. “Club membership allows our owners to be at the right places at the right times—with flexibility unmatched in the timeshare industry.”
In early 2009, existing Orange Lake resorts in Ascutney, Vt.; Lake Geneva, Wis.; and Panama City, Fla. will become part of the Holiday Inn Club Vacations portfolio. Orange Lake and IHG plan to expand the brand into other North American destination locations, adding more vacation experiences, features and benefits for their members. Orange Lake will also build a flagship Holiday Inn Resort hotel at the Orlando resort and will develop up to 2,500 more timeshare villas at this location.
Holiday Inn® and Orange Lake share the same founder, Kemmons Wilson, and this common heritage brought the two companies together to offer the ultimate vacation experience.
“Holiday Inn has earned the reputation of offering services and amenities that have revolutionized the hotel industry,” said Spence Wilson, Orange Lake Resort’s Chairman of the Board and son of Kemmons Wilson. “This is an exciting time for our members and for both companies; I’m ecstatic that my father’s vision came together so seamlessly.”
Holiday Inn Club Vacations™ Goes Live
Holiday Inn’s first timeshare resort is now available to guests for rental and timeshare ownership
ATLANTA (Dec. 15, 2008) – IHG (InterContinental Hotels Group) [LON: IHG, NYSE: IHG (ADRs)] today announces the official unveiling of Holiday Inn Club Vacations with the opening of its first location at Orange Lake Resort in Orlando, Fla. The new timeshare brand was announced in September 2008 as a strategic alliance between IHG, the world’s largest hotel company, and Orange Lake Resorts, a leader within the timeshare industry with more than 25 years of proven success.
“The strength and recognition of the Holiday Inn brand combined with Orange Lake’s expertise in timeshare management positions us well for the future, even during these challenging economic times,” said Christian Hempell, vice president, Holiday Inn Club Vacations. “Guests know and trust Holiday Inn, and we’re excited to offer them the opportunity to experience the brand in a new way through timeshare ownership.”
A 1,400-acre golf, water park and sports resort, Holiday Inn Club Vacations at Orange Lake Resort includes 2,412 villas and is located next to Walt Disney World® Resort in Orlando, the number one leisure destination for U.S. travelers. The resort offers a host of amenities including:
• 4 championship golf courses
• 7 swimming pools including a 12-acre outdoor entertainment complex
• 80 acre lake for water sports
• Five restaurants
• Retail and pro shops
Starting today, travelers who are seeking a richer vacation experience can rent vacation villas online at www.hiclubvacations.com, a dedicated website where consumers can book a spacious one-, two- or three-bedroom villa just like they would any Holiday Inn hotel room. Through IHG’s guest loyalty program, Priority Club Rewards, guests renting villas will earn PCR points during their stays at Holiday Inn Club Vacations, which they can redeem for free nights at IHG properties or exchange for merchandise and special experiences.
Orange Lake Resorts will develop and sell timeshare intervals of Holiday Inn Club Vacations under a license agreement from IHG. Starting today, owners who purchase intervals at Holiday Inn Club Vacations will automatically become members of the newly formed Holiday Inn Club™ exchange program. This program allows members to exchange their weeks at the Orlando resort for hotel nights at IHG’s more than 4,100 hotels worldwide. In addition, Holiday Inn Club members will also have access to Resort Condominium International’s (RCI) network of more than 4,000 resorts.
“We’re inviting our club members to open their eyes to a whole new way of vacationing,” said Don Harrill, president and CEO of Orange Lake Resorts. “Club membership allows our owners to be at the right places at the right times—with flexibility unmatched in the timeshare industry.”
In early 2009, existing Orange Lake resorts in Ascutney, Vt.; Lake Geneva, Wis.; and Panama City, Fla. will become part of the Holiday Inn Club Vacations portfolio. Orange Lake and IHG plan to expand the brand into other North American destination locations, adding more vacation experiences, features and benefits for their members. Orange Lake will also build a flagship Holiday Inn Resort hotel at the Orlando resort and will develop up to 2,500 more timeshare villas at this location.
Holiday Inn® and Orange Lake share the same founder, Kemmons Wilson, and this common heritage brought the two companies together to offer the ultimate vacation experience.
“Holiday Inn has earned the reputation of offering services and amenities that have revolutionized the hotel industry,” said Spence Wilson, Orange Lake Resort’s Chairman of the Board and son of Kemmons Wilson. “This is an exciting time for our members and for both companies; I’m ecstatic that my father’s vision came together so seamlessly.”
Readers of Leading Business Travel Magazines Name Priority Club® Rewards #1 Hotel Loyalty Program
15 December 2008
Readers of Leading Business Travel Magazines Name Priority Club® Rewards #1 Hotel Loyalty Program
Priority Club Rewards Recognized for Variety of Redemption Options, No Points Expiration
ATLANTA (Dec. 12, 2008) – Celebrating its 25th anniversary, Priority Club® Rewards, the hotel loyalty program from IHG [LON: IHG, NYSE: IHG (ADRs)], continues to take top honors among the world’s hotel rewards programs. For the fourth year in a row, Global Traveler magazine has named Priority Club Rewards the “Best Hotel Rewards Program in the World” in the annual Tested Awards, just as readers of Business Traveler magazine, equally enthused by the program’s wide variety of redemption options, vote Priority Club Rewards the “Best Hotel Loyalty Program” for the second consecutive year. Nearly 31,500 Global Traveler readers and 1,900 Business Traveler readers, selected at random, recognized Priority Club Rewards for its flexibility, ease-of-use and varied exclusive offerings such as Personal Shopper and "Any Hotel, Anywhere Reward," a pre-paid lodging card that can be used to pay for accommodations at more than 500,000 hotels worldwide – even at competitor hotels.
In June of 2008, Business Traveler asked a randomly selected cross section of its subscribers, who on average spend 65 nights per year in hotels and take 28 roundtrip airline-flights, to participate in its Best in Business Travel Awards. Global Traveler magazine conducted a similar survey from February through August, asking a series of open-ended questions to determine which program best serves the need of business travelers. A record-breaking 31,457 GT readers chose Priority Club Rewards as their program of choice.
“We never relied on the fact that Priority Club Rewards was the first hotel loyalty program and have strived over the last 25 years to deliver an innovative program that rewards our members’ loyalty through a variety of channels, whether it be Rewards Nights, once-in-a-lifetime experiences, auctions and even charitable giving,” said Don Berg, vice president, Loyalty Programs, IHG. “We appreciate this recognition from the readers of Business Traveler and Global Traveler and will continue to provide leisure and seasoned business travelers with the flexible features and a customer-centric program we can all be proud of.”
Enrollment in Priority Club Rewards is free, and members benefit from flexible features such as no points expiration, no blackout dates on reward nights, and more redemption options than any other hotel loyalty program, including more than 500,000 lodging establishments worldwide – even our rivals’ - through the industry-leading Any Hotel, Anywhere reward.
About Business Traveler
Based in New York, Business Traveler is a leading authority on business and corporate travel. As part of the Business Traveler publishing brand with ten editions worldwide, Business Traveler services the North American market and offers unparalleled resources for the traveling executive. In addition to the magazines monthly features, visitor guides, lifestyle reports and weekend guides, each issue also includes special reports ranging from business etiquette tips to preventing identity theft and the growing trend of mixing business with vacations. Business Traveler is printed 10 times yearly and has a circulation of 150,000. Visit btusonline.com.
About Global Traveler
A business travel publication that takes into account the sophisticated lifestyle interests of today's executive travelers, Global Traveler is the publication of choice among seasoned business travelers. Global Traveler is the only ABC-audited American magazine for the international business traveler, with ABC paid circulation of 100,000+. The magazine is also the only ABC audited magazine and independently measured by MediaMark Research (MRI). No other monthly magazine in its category boasts a higher audited circulation or page count. Ninety percent of its readership has average household income in excess of $100,000; 96 percent attended or graduated from college; and 98 percent of its readers are either top management or professionals. Visit globaltravelerusa.com.
About Priority Club Rewards
With 40 million members globally, IHG’s Priority Club Rewards is the first, largest and fastest-growing guest loyalty program in the hotel industry. Winner of the 19th Annual Freddie Awards hotel loyalty Program of the Year for the second consecutive year and named Best Hotel Rewards Program in the World four years running by Global Traveler magazine, Priority Club Rewards offers more sought-after benefits and the greatest ease of use of any hotel loyalty program. In addition to flexible features like No Points Expiration and No Blackout Dates, Priority Club Rewards members have more options for point redemption than any other hotel loyalty program, including redemption at more than 500,000 lodging establishments worldwide – even at rivals’ hotels – through the industry-leading Any Hotel, Anywhere Reward. Members can redeem points not only for hotel nights, but also for airline miles on more than 40 partner airlines, for auto rentals, for gift certificates and for hundreds of products available in the Rewards Catalog. And Priority Club Rewards is the only hotel loyalty program to offer members a Personal Shopper program that allows members to exchange points for items not found in the Rewards Catalog.
Enrollment in Priority Club Rewards is free. Guests can enroll by logging onto priorityclub.com, by calling 1-888-211-9874 or by inquiring at the front desk of any of IHG’s more than 4,100 hotels worldwide.
Readers of Leading Business Travel Magazines Name Priority Club® Rewards #1 Hotel Loyalty Program
Priority Club Rewards Recognized for Variety of Redemption Options, No Points Expiration
ATLANTA (Dec. 12, 2008) – Celebrating its 25th anniversary, Priority Club® Rewards, the hotel loyalty program from IHG [LON: IHG, NYSE: IHG (ADRs)], continues to take top honors among the world’s hotel rewards programs. For the fourth year in a row, Global Traveler magazine has named Priority Club Rewards the “Best Hotel Rewards Program in the World” in the annual Tested Awards, just as readers of Business Traveler magazine, equally enthused by the program’s wide variety of redemption options, vote Priority Club Rewards the “Best Hotel Loyalty Program” for the second consecutive year. Nearly 31,500 Global Traveler readers and 1,900 Business Traveler readers, selected at random, recognized Priority Club Rewards for its flexibility, ease-of-use and varied exclusive offerings such as Personal Shopper and "Any Hotel, Anywhere Reward," a pre-paid lodging card that can be used to pay for accommodations at more than 500,000 hotels worldwide – even at competitor hotels.
In June of 2008, Business Traveler asked a randomly selected cross section of its subscribers, who on average spend 65 nights per year in hotels and take 28 roundtrip airline-flights, to participate in its Best in Business Travel Awards. Global Traveler magazine conducted a similar survey from February through August, asking a series of open-ended questions to determine which program best serves the need of business travelers. A record-breaking 31,457 GT readers chose Priority Club Rewards as their program of choice.
“We never relied on the fact that Priority Club Rewards was the first hotel loyalty program and have strived over the last 25 years to deliver an innovative program that rewards our members’ loyalty through a variety of channels, whether it be Rewards Nights, once-in-a-lifetime experiences, auctions and even charitable giving,” said Don Berg, vice president, Loyalty Programs, IHG. “We appreciate this recognition from the readers of Business Traveler and Global Traveler and will continue to provide leisure and seasoned business travelers with the flexible features and a customer-centric program we can all be proud of.”
Enrollment in Priority Club Rewards is free, and members benefit from flexible features such as no points expiration, no blackout dates on reward nights, and more redemption options than any other hotel loyalty program, including more than 500,000 lodging establishments worldwide – even our rivals’ - through the industry-leading Any Hotel, Anywhere reward.
About Business Traveler
Based in New York, Business Traveler is a leading authority on business and corporate travel. As part of the Business Traveler publishing brand with ten editions worldwide, Business Traveler services the North American market and offers unparalleled resources for the traveling executive. In addition to the magazines monthly features, visitor guides, lifestyle reports and weekend guides, each issue also includes special reports ranging from business etiquette tips to preventing identity theft and the growing trend of mixing business with vacations. Business Traveler is printed 10 times yearly and has a circulation of 150,000. Visit btusonline.com.
About Global Traveler
A business travel publication that takes into account the sophisticated lifestyle interests of today's executive travelers, Global Traveler is the publication of choice among seasoned business travelers. Global Traveler is the only ABC-audited American magazine for the international business traveler, with ABC paid circulation of 100,000+. The magazine is also the only ABC audited magazine and independently measured by MediaMark Research (MRI). No other monthly magazine in its category boasts a higher audited circulation or page count. Ninety percent of its readership has average household income in excess of $100,000; 96 percent attended or graduated from college; and 98 percent of its readers are either top management or professionals. Visit globaltravelerusa.com.
About Priority Club Rewards
With 40 million members globally, IHG’s Priority Club Rewards is the first, largest and fastest-growing guest loyalty program in the hotel industry. Winner of the 19th Annual Freddie Awards hotel loyalty Program of the Year for the second consecutive year and named Best Hotel Rewards Program in the World four years running by Global Traveler magazine, Priority Club Rewards offers more sought-after benefits and the greatest ease of use of any hotel loyalty program. In addition to flexible features like No Points Expiration and No Blackout Dates, Priority Club Rewards members have more options for point redemption than any other hotel loyalty program, including redemption at more than 500,000 lodging establishments worldwide – even at rivals’ hotels – through the industry-leading Any Hotel, Anywhere Reward. Members can redeem points not only for hotel nights, but also for airline miles on more than 40 partner airlines, for auto rentals, for gift certificates and for hundreds of products available in the Rewards Catalog. And Priority Club Rewards is the only hotel loyalty program to offer members a Personal Shopper program that allows members to exchange points for items not found in the Rewards Catalog.
Enrollment in Priority Club Rewards is free. Guests can enroll by logging onto priorityclub.com, by calling 1-888-211-9874 or by inquiring at the front desk of any of IHG’s more than 4,100 hotels worldwide.
IHG Announces Jim Abrahamson as New President, Americas Region
16 December 2008
IHG Announces Jim Abrahamson as New President, Americas Region
December 16, 2008: InterContinental Hotels Group PLC (“IHG”) [LON: IHG; NYSE: IHG (ADRs)] announces the appointment of Jim Abrahamson as President of its Americas region, effective 5 January 2009.
Jim takes over from Richard Solomons, Interim President of the Americas and Finance Director for the group. Richard has been running the region since July of this year, when Steve Porter sadly had to step down due to ill health, subsequently passing away. Jim will report to Andrew Cosslett, Chief Executive, and join the Group Executive Committee. Richard will continue to work closely with Jim to ensure a smooth transition, returning as planned to his full-time role as Group Finance Director, effective from 5 January 2009.
Jim joins IHG from Global Hyatt Corporation, where he served as Head of Development, The Americas. In this role he was responsible for the development of all Hyatt brands in the region and the Franchise Owner Relations Group supporting its full service and select service franchise hotels. Jim also played a key part in Global Hyatt’s entry into new markets and segments, leading on the acquisitions of AmeriSuites and Summerfield Suites and developing new concepts Hyatt Place and Hyatt Summerfield Suites. Jim oversaw all aspects of operations, franchising and development for these two new brands. More recently, Jim had been tasked with the strategic planning for the international roll out of Hyatt Place.
Jim has 30 years of management experience in hotel operations, branding, development and franchisee relations. Previous to Global Hyatt he was President and Chief Operating Officer, Baymont Inns and Woodfield Suites and Senior Vice President, Hilton Hotels Corporation, where he served in a variety of senior management roles during his 12 years with the company. While at Hilton, he led the development and launch of Hilton Garden Inn. Earlier in his career Jim held a number of general management positions for Embassy Suites and Holiday Inn.
Andrew Cosslett, Chief Executive, said: “Jim is very highly regarded throughout the hotel industry. He has a proven track record of developing and managing leading brands and an intimate knowledge of working within a franchise organization. We are delighted that someone with his unique blend of operational, franchise and development leadership experience is joining our team. I would like to thank Richard Solomons who stepped into the role on a temporary basis under difficult circumstances and has done an outstanding job over the past six months.”
Tom Corcoran, Chairman of the IAHI (The Owners Association of IHG), said: “We are now entering a new era with IHG. We will never forget our good friend Steve Porter but we now look to the future and are delighted that we will be working with Jim Abrahamson. He is a highly respected executive with a deep understanding of the hotel business; he has what it takes to manage and develop brands and knows how to work with a large franchisee community. He is a great addition to the IHG team.”
Jim is married with one son. He holds a Bachelor of Science degree in Business Administration from the University of Minnesota.
IHG Announces Jim Abrahamson as New President, Americas Region
December 16, 2008: InterContinental Hotels Group PLC (“IHG”) [LON: IHG; NYSE: IHG (ADRs)] announces the appointment of Jim Abrahamson as President of its Americas region, effective 5 January 2009.
Jim takes over from Richard Solomons, Interim President of the Americas and Finance Director for the group. Richard has been running the region since July of this year, when Steve Porter sadly had to step down due to ill health, subsequently passing away. Jim will report to Andrew Cosslett, Chief Executive, and join the Group Executive Committee. Richard will continue to work closely with Jim to ensure a smooth transition, returning as planned to his full-time role as Group Finance Director, effective from 5 January 2009.
Jim joins IHG from Global Hyatt Corporation, where he served as Head of Development, The Americas. In this role he was responsible for the development of all Hyatt brands in the region and the Franchise Owner Relations Group supporting its full service and select service franchise hotels. Jim also played a key part in Global Hyatt’s entry into new markets and segments, leading on the acquisitions of AmeriSuites and Summerfield Suites and developing new concepts Hyatt Place and Hyatt Summerfield Suites. Jim oversaw all aspects of operations, franchising and development for these two new brands. More recently, Jim had been tasked with the strategic planning for the international roll out of Hyatt Place.
Jim has 30 years of management experience in hotel operations, branding, development and franchisee relations. Previous to Global Hyatt he was President and Chief Operating Officer, Baymont Inns and Woodfield Suites and Senior Vice President, Hilton Hotels Corporation, where he served in a variety of senior management roles during his 12 years with the company. While at Hilton, he led the development and launch of Hilton Garden Inn. Earlier in his career Jim held a number of general management positions for Embassy Suites and Holiday Inn.
Andrew Cosslett, Chief Executive, said: “Jim is very highly regarded throughout the hotel industry. He has a proven track record of developing and managing leading brands and an intimate knowledge of working within a franchise organization. We are delighted that someone with his unique blend of operational, franchise and development leadership experience is joining our team. I would like to thank Richard Solomons who stepped into the role on a temporary basis under difficult circumstances and has done an outstanding job over the past six months.”
Tom Corcoran, Chairman of the IAHI (The Owners Association of IHG), said: “We are now entering a new era with IHG. We will never forget our good friend Steve Porter but we now look to the future and are delighted that we will be working with Jim Abrahamson. He is a highly respected executive with a deep understanding of the hotel business; he has what it takes to manage and develop brands and knows how to work with a large franchisee community. He is a great addition to the IHG team.”
Jim is married with one son. He holds a Bachelor of Science degree in Business Administration from the University of Minnesota.
IHG to Take Part in the U.S. Department of Energy's Net-Zero Energy Commercial Building Initiative
18 December 2008
IHG to Take Part in the U.S. Department of Energy's Net-Zero Energy Commercial Building Initiative
IHG will work with other leading commercial real estate firms, retailers, financial institutions, and two of the DOE’s national laboratories to produce measurable energy saving design solutions
ATLANTA (Dec. 18, 2008) – As a part of the effort to find real-world solutions to the growing problem of climate change, IHG (InterContinental Hotels Group), [LON: IHG, NYSE:IHG (ADRs)], the world’s largest hotel company by number of rooms, is pleased to be one of the 23 companies selected to participate in the ground-breaking Net-Zero Energy Commercial Building Initiative (CBI), sponsored by the U.S. Department of Energy (DOE).
The CBI brings leading commercial real estate firms, retailers, and financial institutions and two of the DOE’s National Laboratories – Pacific Northwest National Laboratory (PNNL) and National Renewable Energy Laboratory (NREL) together to produce real-building design solutions that yield significant and measurable energy savings in commercial buildings.
To be considered, the DOE requested proposals from its National Labs and private sector companies to achieve cost-effective savings of 50 percent above the standard set by the American Society of Heating, Refrigerating and Air-Conditioning Engineers for new commercial building designs, and a savings of 30 percent for retrofits to existing buildings. Each private sector company proposed to have their design and facility management teams work with DOE’s PNNL and NREL to design, build, tune and operate at least one new prototype building and to
retrofit an existing building project for 50 percent and 30 percent energy savings, respectively, over the next three to five years.
The DOE is awarding $15 million in technical assistance to provide access to the labs’ unique expertise in low-energy building design and retrofit. These real building projects will provide unprecedented insight into private sector decision processes, business models, and financial drivers for achieving low-energy buildings.
“Sustainable tourism means tackling the environmental impact of hotel development and operations from the inside out – evaluating everything in the lifecycle of a hotel from site and design to management and operations. We’re thrilled to be a part of this effort in the U.S. Being chosen to work with other world-class companies and the DOE to design and deliver real world commercial building solutions to help minimize our carbon and ecological footprints supports our commitment to be a responsible hotelier,” says David Jerome, senior vice president of corporate responsibility, IHG.
As a part of its longtime commitment to corporate responsibility and environmental protection, many of IHG’s more than 4,000 hotels, including InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites® and Hotel Indigo® around the world already have in place a number of environmental initiatives, please visit our online CR report to find out more.
“Our partnership with the DOE is part of our efforts to more effectively minimize greenhouse gas emissions, conserve energy and water resources and manage our waste and recycling. With more than 4,000 hotels around the world we are committed to a long-term strategy to deliver real environmental benefits, Jerome went on to say.
Notes to editors:
InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is the world's largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, over 4,100 hotels and more than 600,000 guest rooms in nearly 100 countries and territories around the world. The Group owns a portfolio of well recognized and respected hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites®, and also manages the world's largest hotel loyalty program, Priority Club® Rewards with 40 million members worldwide.
IHG has more than 1,700 hotels in its development pipeline, which will create 200,000 jobs worldwide over the next few years.
InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales.
IHG to Take Part in the U.S. Department of Energy's Net-Zero Energy Commercial Building Initiative
IHG will work with other leading commercial real estate firms, retailers, financial institutions, and two of the DOE’s national laboratories to produce measurable energy saving design solutions
ATLANTA (Dec. 18, 2008) – As a part of the effort to find real-world solutions to the growing problem of climate change, IHG (InterContinental Hotels Group), [LON: IHG, NYSE:IHG (ADRs)], the world’s largest hotel company by number of rooms, is pleased to be one of the 23 companies selected to participate in the ground-breaking Net-Zero Energy Commercial Building Initiative (CBI), sponsored by the U.S. Department of Energy (DOE).
The CBI brings leading commercial real estate firms, retailers, and financial institutions and two of the DOE’s National Laboratories – Pacific Northwest National Laboratory (PNNL) and National Renewable Energy Laboratory (NREL) together to produce real-building design solutions that yield significant and measurable energy savings in commercial buildings.
To be considered, the DOE requested proposals from its National Labs and private sector companies to achieve cost-effective savings of 50 percent above the standard set by the American Society of Heating, Refrigerating and Air-Conditioning Engineers for new commercial building designs, and a savings of 30 percent for retrofits to existing buildings. Each private sector company proposed to have their design and facility management teams work with DOE’s PNNL and NREL to design, build, tune and operate at least one new prototype building and to
retrofit an existing building project for 50 percent and 30 percent energy savings, respectively, over the next three to five years.
The DOE is awarding $15 million in technical assistance to provide access to the labs’ unique expertise in low-energy building design and retrofit. These real building projects will provide unprecedented insight into private sector decision processes, business models, and financial drivers for achieving low-energy buildings.
“Sustainable tourism means tackling the environmental impact of hotel development and operations from the inside out – evaluating everything in the lifecycle of a hotel from site and design to management and operations. We’re thrilled to be a part of this effort in the U.S. Being chosen to work with other world-class companies and the DOE to design and deliver real world commercial building solutions to help minimize our carbon and ecological footprints supports our commitment to be a responsible hotelier,” says David Jerome, senior vice president of corporate responsibility, IHG.
As a part of its longtime commitment to corporate responsibility and environmental protection, many of IHG’s more than 4,000 hotels, including InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites® and Hotel Indigo® around the world already have in place a number of environmental initiatives, please visit our online CR report to find out more.
“Our partnership with the DOE is part of our efforts to more effectively minimize greenhouse gas emissions, conserve energy and water resources and manage our waste and recycling. With more than 4,000 hotels around the world we are committed to a long-term strategy to deliver real environmental benefits, Jerome went on to say.
Notes to editors:
InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is the world's largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, over 4,100 hotels and more than 600,000 guest rooms in nearly 100 countries and territories around the world. The Group owns a portfolio of well recognized and respected hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites®, and also manages the world's largest hotel loyalty program, Priority Club® Rewards with 40 million members worldwide.
IHG has more than 1,700 hotels in its development pipeline, which will create 200,000 jobs worldwide over the next few years.
InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales.
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