Tag: business

Meghan Markle Returns to Instagram After 5 Years With New Business

Meghan Markle Is Back on Instagram 5 Years After Shutting Down Account After Prince Harry Engagement

Meghan Markle
DANIEL LEAL-OLIVAS – WPA Pool/Getty Images

Meghan Markle has returned to Instagram after five years with a new business in tow.

Markle, 42, officially launched the American Riviera Orchard brand on Thursday, March 14. While details were slim, the account’s Instagram bio reads: “By Meghan, The Duchess of Sussex Established 2024.” Some reports suggest that the account name is a nod to her and Prince Harry’s California town of Santa Barbara, with speculation that the project will act as a follow-up to her former blog, The Tig.

An Instagram Story video was also uploaded, featuring a video of Markle set to “I Wish You Love” by Nancy Wilson. (Markle was previously on Instagram under the handle @meghanmarkle, an account which was deactivated in 2018.)

Inside Prince Harry and Meghan Markle-s Post-Royal Life

Related: Prince Harry and Meghan Markle’s Post-Royal Life: Facts vs. Fiction

Despite leaving the royal spotlight behind, Prince Harry and Meghan Markle haven’t been able to avoid controversy. “So much of Harry and Meghan’s time together has felt like overcoming strife from all sides,” a source exclusively reveals in the latest issue of Us Weekly, on newsstands now. “They just do it together. They rely on […]

The news of Markle’s return to Instagram comes days after her sister-in-law, Princess Kate Middleton, was involved in a photo editing controversy on the same social media app. Kate, 42, uploaded a photo of her and children Prince George, 10, Princess Charlotte, 8, and Prince Louis, 5, to celebrate U.K. Mother’s Day on March 10. However, it was later retracted by some major news outlets after reports that the photo had been digitally altered. Kate, whose whereabouts have raised eyebrows as she covers from surgery, has since confirmed that she does “occasionally experiment with editing” in a statement addressing the controversy.

Prior to Markle’s

Club Med Hits Record-Breaking $2 Billion Business Volume Milestone

Laurie Baratti

Club
Med, the hospitality leader renowned for pioneering the now-popular
all-inclusive concept, has just released new data showing that the company has reached
a fresh milestone by achieving more than $2 billion in international Business
Volume for the first time ever.  

 

In North America,
specifically, Club Med is seeing a remarkable surge of 50 percent in guest
stays compared to 2019’s pre-pandemic levels. Together with the trendiness of
the “do-nothing vacation”, these figures indicate an ever-increasing appetite among
consumers for supremely hassle-free getaways.

Key 2023 data
compiled by Club Med reveals significant achievements on a global scale. After
all, the company currently operates 68 Premium and Exclusive Collection
Resorts, in the Americas, Caribbean,
Europe,
Asia  and Africa,
and its continuing to develop strategically worldwide. 

Club Med’s 2023 Key Data: 

  • Business
    Volume soared to €1.981 billion ($2.156 billion), marking an impressive 17
    percent increase compared to 2022 and a 16 percent rise versus 2019 (factoring
    in upgraded, although reduced, resort capacity).
  • Notably,
    more than 1.5 million guests indulged in Club Med’s all-inclusive vacations in
    2023, reflecting a remarkable 16 percent increase compared with 2022’s numbers.
  • At Club
    Med’s mountain resorts, Business Volume saw an astonishing 33 percent surge when
    compared with the previous year, amounting to €523 million ($569 million).
  • The
    Exclusive Collection, renowned for its 5-star offerings, reported a Business
    Volume of €294 million ($320 million), up by a striking 18 percent compared to
    2022.
    • The
      average daily rate for the Exclusive Collection reached €315 ($343), marking a
      40 percent increase over the group’s overall average ADR.
  • Looking
    ahead, the bookings for the first half of 2024 show a promising trend, with a
    14 percent increase compared to the same period in 2023. Europe is seeing a seven
    percent rise, while Asia is witnessing a staggering 51 percent surge as

Which former Trump adviser wants to buy TikTok? Take our business quiz for the week of March 15

Welcome to The Globe and Mail’s business and investing news quiz. Join us each week to test your knowledge of the stories making the headlines. Our business reporters come up with the questions, and you can show us what you know.

This week: The U.S. House of Representatives on Wednesday passed a ban on TikTok, the popular social media platform, unless its China-based parent company sells its stake in the business. After the bill’s success, the Canadian government revealed it had ordered a national-security review of TikTok in September, 2023, but had not disclosed the move publicly. Meanwhile, Empire Co., the parent company of Sobey’s, reported on Thursday that its net earnings grew to $134.2-million in its third quarter ended Feb. 3, compared with $125.7-million in the same period the previous year.

Also: Ontario Teachers’ Pension Plan announced a disappointing year in which its portfolio only gained 1.9 per cent, missing its internal benchmark of 8.7-per-cent benchmark by a wide margin.


1Which of the following things helped make Canadians wealthier during the final three months of 2023?

a. Stocks and bonds

b. Real estate

c. Falling debt

d. Lower interest rates

a. Stocks and bonds. Canadians’ net worth climbed 1.8 per cent in the first quarter. The biggest contributors were financial assets – stocks and bonds, mostly. They jumped 5 per cent, more than offsetting a 1.9-per-cent drop in the value of residential real estate.

2What was one reason Toronto-Dominion Bank chief executive Bharat Masrani took a $1-million pay cut in 2023?

a. A failed expansion into Europe

b. Lack of progress in diversity hiring

c. Troubles with U.S. regulators and law enforcement

d. A failure to meet technology targets

c. Troubles with U.S. regulators and law enforcement. TD faces penalties from U.S. authorities after a probe

China’s corruption watchdog zeroes in on cadres’ fake business investments

China’s top anti-graft watchdog is targeting cadres who take bribes in the form of “dividends” from fake business investments, a type of corruption that authorities say is becoming more common, secretive and complex.
The Central Commission for Discipline Inspection (CCDI) said on Sunday that in these cases, the officials take “returns” from the business without actually investing in the enterprise or being involved in its operations.

In many cases, the invested company has no actual operations or profits and distributes dividends only to a handful of shareholders who are the officials or their proxies.

07:00

China airs 4-part anti-corruption series on prime-time TV amid renewed crackdown on graft

China airs 4-part anti-corruption series on prime-time TV amid renewed crackdown on graft

As an example, the CCDI cited the case of Yang Degao, former vice-president of the Hubei branch of China Development Bank.

The commission said that from 2005 to 2014, Yang took advantage of his position in CDB to help a company obtain a loan from his bank.

Yang and four accomplices also invested 2 million yuan (US$280,000) in the firm, becoming shareholders and receiving fixed dividends every year.

The group received 8 million yuan in “dividend payments” and took back their “principal” of 2 million yuan in just the next few years, with Yang receiving over 3.74 million yuan more than his rightful amount, according to investigators.

In January 2023, Yang was sentenced to 12 years in prison for accepting over 31 million yuan bribes.

10:14

‘No one is safe’: China purges record number of ‘tiger’ officials in 2023

‘No one is safe’: China purges record number of ‘tiger’ officials in 2023

The campaign against such bribery is part of the CCDI’s priority this year to crack down on “corruption involving political and business collusion”, particularly in the finance

American business needs a strong democracy, not retribution

Ballous-Aares is CEO and founder of Leadership Now Project,a membership organization of business leaders committed to protecting American democracy.Pleasants is an internet executive who has led multiple global enterprises. Brack is a managing partner at Hypothesis, a venture capital firm, and a former Time Warner executive. Pleasants and Brack are founding members of the Leadership Now Project.

The United States continues to have one of the freest and most dynamic economies in the world. U.S. businesses generate jobs, improve living standards and are amongst the most trusted institutions in American life. They thrive in no small part from operating in our enviable democratic republic and free market economy. But in recent years political leaders have displayed growing and worrisome authoritarian tendencies that undermine these cherished advantages and threaten the American economy. Case in point: political retribution toward businesses in response to acts of free speech and the abrogation of their first amendment rights.


There is a huge difference between elected public officials demanding alterations to business practices by enacting laws affecting entire sectors — the proper scope of governance — and using the law or bully pulpits to wage targeted campaigns against individual business leaders that do not share the leaders’ policy views. Indeed, a hallmark of totalitarianism is the total politicization of society, where the awarding of contracts and the ability to freely operate a business are entirely bound up with whether business leaders express fealty to the ideological beliefs of powerful officials.

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We have seen a growing number of examples of this over the past decade and at every level of government, from municipal agencies to the White House. Most prominent is the ongoing fight between Florida Gov. Ron DeSantis and Disney, in which the company’s decision to express an

Scottish business school and investment bank launch new programme for scale-up community

A NEW programme to address the growth barriers faced by impact-oriented businesses launches today. The Scottish Impact Investor Readiness Programme is being delivered by award-winning Strathclyde Business School, in partnership with the Scottish National Investment Bank (the Bank), and was developed following extensive research into the challenges that businesses with a focus on environmental and societal impact face when looking to scale.

The programme aims to help business owners grow their businesses responsibly, with a focus on helping them develop a better understanding of environmental, social, and corporate governance (ESG) considerations and measure impact.

This new executive education programme is the latest addition to Strathclyde’s portfolio of programmes for the leaders of companies looking to grow and scale. It will be delivered by experts from across the University – including the ScaleUp Institute endorsed Hunter Centre for Entrepreneurship and the Centre for Sustainable Development – utilising world class, internationally recognised research, and real-world practitioners.

David Ritchie, Exec Director of Partnerships & Engagement at the Bank, said: “As an impact investor, we can see first-hand how focusing on critical impact measures can drive long-term societal and economic benefits for Scotland, for generations to come. We have a portfolio of 31 businesses, all of whom set out clear and measurable impact targets as part of our commercial investment process, and we monitor their progress with them annually.

“Investors demand more than commercial returns, they also want to see the positive human impact that their funding enables. It’s never been more pressing for businesses to understand and embed the principles of impact investing in their business plans.

“We’re delighted to partner with the University of Strathclyde with their proven track record in supporting the SME community.  We encourage business owners and leaders who are focused on long-term success and transformative innovation to sign

A federal judge has ordered a US minority business agency to serve all races

NEW YORK (AP) — A federal judge in Texas has ordered a 55-year-old U.S. agency that caters to minority-owned businesses to serve people regardless of race, siding with white business owners who claimed the program discriminated against them.

The ruling was a significant victory for conservative activists waging a far-ranging legal battle against race-conscious workplace programs, bolstered by the Supreme Court’s ruling last June dismantling affirmative action programs in higher education.

Advocates for minority-owned businesses slammed the ruling as a serious blow to efforts to level the playing field for Black, Hispanic and other minority business owners who face barriers in accessing financing and other resources.

Judge Mark T. Pittman of the U.S. District Court of the Northern District of Texas, who was appointed by former President Donald Trump, ruled that the Minority Business Development Agency’s eligibility parameters violate the Fifth Amendment’s equal protection guarantees because they presume that racial minorities are inherently disadvantaged.

The agency, which is part of the U.S. Commerce Department, was first established during the Nixon administration to address discrimination in the business world. The Biden administration widened its scope and reach through the Infrastructure Investment and Jobs Act in 2021, making it a permanent agency and increasing its funding to $550 million over five years.

The agency, which helps minority-owned businesses obtain financing and government contracts, now operates in 33 states and Puerto Rico. According to its yearly reports, the agency helped businesses raise more than $1.2 billion in capital in fiscal year 2022, including more than $50 million for Black-owned enterprises, and more than $395 million for Hispanic-owned businesses.

In a sharply worded, 93-page ruling, Pittman said that while the agency’s work may be intended to “alleviate opportunity gaps” faced by minority-owned businesses, “two wrongs don’t make a right. And the MBDA’s racial presumption

US durable goods orders slump; business investment on equipment appears soft

By Lucia Mutikani

WASHINGTON (Reuters) – Orders for long-lasting U.S. manufactured goods fell by the most in nearly four years in January, while business investment on equipment appeared to have eased, signs that the economy lost momentum at the start of the year.

Concerns about the economy’s outlook, especially the labor market, and the upcoming presidential election were uppermost in consumers’ minds in February resulting in confidence retreating after three straight monthly increases. The decline in confidence reported by the Conference Board on Tuesday was despite inflation expectations over the next 12 months falling to the lowest level in almost four years.

The reports joined a stream of weak data, including retail sales, housing starts and manufacturing production. Some of the softness has been blamed on freezing temperatures last month as well as difficulties adjusting the data for seasonal fluctuations at the start of the year. Nonetheless, economists are not forecasting a recession this year.

“Business capex lays the seeds for future economic growth as the expenditures enable companies to invest more to meet the demand for their goods and services down the road,” said Christopher Rupkey, chief economist at FWDBONDS in New York. “While economists have taken down their recession warnings, business leaders with boots on the ground are less certain of the economy in the future.”

Orders for durable goods, items ranging from toasters to aircraft meant to last three years or more, plunged 6.1% last month amid a sharp drop in commercial aircraft bookings, the Commerce Department’s Census Bureau said. That was the largest decline since April 2020, when the economy was reeling from the first wave of COVID-19 infections.

Data for December was revised lower to show orders falling 0.3% instead of being unchanged as previously reported.

Economists polled by Reuters had forecast durable goods orders

American Express Global Business Travel Reports Strong Fourth Quarter and Full-Year 2023 Financial Results; Introduces 2024 Outlook

NEW YORK, March 05, 2024–(BUSINESS WIRE)–American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) (“Amex GBT” or the “Company”), a leading B2B software and services company for travel and expense, today announced financial results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter and Full-Year 2023 Highlights

  • Outstanding financial performance. Strong full-year performance above initial guidance with 24% revenue growth and 269% Adjusted EBITDA growth to $380 million. In Q4 2023, delivered $549 million of revenue and $80 million of Adjusted EBITDA, growing 83% or $37 million year-over-year.

  • Continued share gains. Total New Wins Value of $3.5 billion, including $2.2 billion in SME, and 96% customer retention rate for the full year.

  • Operating leverage. 24% revenue growth versus single-digit Adjusted Operating Expense growth for the full year. Operating leverage drove full-year Adjusted EBITDA margin expansion of 11ppt year-over-year.

  • Positive cash flow and rapid deleveraging. Positive full-year Free Cash Flow of $49 million and significant decline in leverage ratio to 2.3x[1], resulting in reduced interest expense and a two-notch credit rating upgrade from S&P Global.

Full-Year 2024 Outlook

  • Revenue outperformance. Guiding to 6-9% revenue growth driven by expected stable growth in business travel and Amex GBT’s continued share gains.

  • Operating leverage. Margin expansion, focus on productivity and leveraging automation and artificial intelligence (AI) expected to deliver 18%–32% Adjusted EBITDA growth to $450–$500 million.

  • Accelerating cash flow. Strong operational performance, reduction in interest, integration and restructuring costs and prudent working capital management. Opportunity to refinance debt and shift capital allocation to organic and inorganic opportunities.

Paul Abbott, Amex GBT’s Chief Executive Officer, stated: “In 2023, we delivered outstanding financial results, with revenue and Adjusted EBITDA finishing above the guidance issued at the start of the

Seminar on Cambodia as business, investment destination

In October of 2022, a business seminar in Jakarta, Indonesia, titled ‘Cambodia: An Overlooked Destination for Business and Investment,’ was co-organized by Aquarii BD Cambodia and the Indonesia Chamber of Commerce in Cambodia (IndoCham), to foster business and investment connections and to clarify misperceptions and address outdated perspectives about Cambodia.

It attracted more than 120 Indonesian businesses and professionals from multiple key sectors and was likely one of the catalysts for the uptick in visits by business delegations and visitors from Indonesia throughout 2023, resulting in 22 new projects with a total investment value of around $69 million.

Underscoring the importance of bringing the message of Cambodia to destination markets and investment sources, Aquarii BD Cambodia intends to build on the success of the Indonesia event to conduct a similar seminar in Singapore.

Scheduled to be held on Friday, March 22, 2024, at the Marina Bay Sands Expo and Convention Centre, this private sector-led business seminar has elicited strong support from key partners Khmer Enterprise (KE), Swisscontact, Phillip Bank, and Singapore Airlines. Additionally, it is also supported and endorsed by the Ministry of Industry, Science, Technology and Innovation (MISTI) and the Ministry of Commerce (MoC).

CEO of Aquarii BD Cambodia Michael Tan said the seminar’s success in Jakarta underscored the importance of such initiatives. “The seminar in Jakarta demonstrated that overcoming misconceptions and addressing outdated perspectives can help open new doors and strengthen partnerships for collaboration in commercial opportunities.”

“The commonly held negative image of the Kingdom, fueled by selective portrayals and media bias, has hindered foreign investments and as such, overseas business seminars will continue to serve as a necessary outreach in attracting Foreign Direct Investment (FDI), by raising awareness of the factual socio-economic development of Cambodia and what it has to offer international businesses and investors,” he added.