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USPS Reports Further Losses in Q3 2016

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first_imgAnother quarter, another grim earnings statement from the Postal Service. As of now, savings afforded to publishers by the removal of the exigency surcharge have not translated to an increase in shipping. While overall volume remained stable, the periodicals class dipped 3.8 percent decline in the number of pieces shipped, to 1.43 billion, mirroring recent quarterly declines. Despite “encouraging numbers,” postmaster general Megan J. Brennan cautioned that the agency’s fiscal situation remains bleak. Regardless, renewed calls for a financial life preserver, perhaps in the form of a new surcharge or rate hike, will surely draw the attention of the publishing industry. The USPS argues that it needs around $12 billion in relief in order to return to solvency. Given the scope of the agency’s losses — $5.1 billion last year, and $5.5 billion the year before — those figures are difficult to dispute. Operating revenue saw another slight increase, to $16.64 billion (up 0.7 percent over last year), but the bump wasn’t nearly enough to offset a 12.4 percent increase in operating expenses and the termination of the exigency surcharge — a 4.3 percent premium which had applied to all classes of mail before expiring in April. The loss of the surcharge is expected to hurt USPS revenues by nearly $2 billion each year, according to the agency. “Net losses continue to mount,” Brennan said in a prepared statement. “Our results in the quarter further underscore the need for legislative reform that provides the organization with greater financial stability.” It’s the 41st consecutive quarter in which less periodicals were shipped than in the corresponding period the year before, and overall volume in the periodicals class has fallen 37.8 percent from a quarterly high of 2.3 billion in the third quarter of 2006. USPS chief finanical officer Joseph Corbett blamed lackluster revenue growth in the face of mounting losses on the termination of the exigency surcharge, which he termed a “mandated price reduction” in a statement. The Postal Service itself estimates that it lost $450 million during the quarter as a result of the surcharge’s expiration, still not nearly enough to approach profitability. “They have to understand that it’s a different age,” Cregan told Folio: in April, at the time the exigency surcharge was rolled back. “They’re not the only game in town anymore, and they have to improve their customer relations and understand that we — that is, the MPA — are their customers.” The agency posted a net loss of $1.57 billion for the third quarter of its fiscal year (April 1 to June 30), more than double the $586 million loss recorded over the same period in 2015. But representatives for the publishing industry, like the MPA’s EVP of government affairs, James Cregan, argue that the Postal Service needs to retain its clients more than it needs legislative assistance.last_img read more

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Boeing pledges 100M to families of those killed in 737 Max 8

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first_img 49 Photos Share your voice The official causes of the crashes, which appear to be similar, are still under study. Investigation teams in Indonesia and Ethiopia are focusing on faulty sensors and a flight control system designed to push the nose down in the air. Boeing says it has completed the necessary update for review by the FAA. But as of now, the agency has not said when that will happen.”We at Boeing are sorry for the tragic loss of lives in both of these accidents and these lives lost will continue to weigh heavily on our hearts and on our minds for years to come,” said Dennis Muilenburg, Boeing CEO, in a statement. “The families and loved ones of those on board have our deepest sympathies, and we hope this initial outreach can help bring them comfort.” Boeing Tour a B-17 and other aircraft at the Palm Springs Air Museum Boeing’s 737 Max 8 is grounded after two crashes that killed 346 people. Boeing Boeing will spend $100 million in the coming years to aid the families affected by two 737 Max 8 plane crashes. The planes have been grounded since March following the crashes, which left 346 people dead. The company said the funds will address “family and community needs” and support “education, hardship and living expenses for impacted families, community programs and economic development in impacted communities.” Boeing will work with local governments and non-profit organizations to carry out the aid. The first 737 Max 8 crash occured Oct. 29, when Lion Air flight 610 crashed in the Java Sea 13 minutes after takeoff from Jakarta, Indonesia, killing 189 people. Then, on March 10, Ethiopian Airlines flight 302 departed Addis Ababa Bole International Airport bound for Nairobi, Kenya. Just after takeoff, the pilot radioed a distress call and was given immediate clearance to return and land. But before the crew could make it back, the aircraft crashed 40 miles from the airport at 8:44 a.m., six minutes after it left the runway.center_img 0 Tech Industry null Tagslast_img read more

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Dr Reddys leads Indian charge of 130 billion Chinese pharma market stocks

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first_imgRaghavendra NDr Reddy’s Laboratories is leading an Indian charge of the $130 billion Chinese pharma market, which is the world’s second largest. The likely liberalisation of the market by the Chinese regulator CFDA will benefit Indian pharma companies that have a solid presence in China, which is the world’s second largest pharma market, a report by Edelweiss Group says.Dr Reddy’s, which maintains a robust presence in China through a joint venture, is evolving a strategic plan to increase its revenue from the current $100 million. The company plans to achieve this by introducing new products and including more segments.The market has responded positively to the report with pharma stocks continuing their strong rally in the National Stock Exchange (NSE). Nifty Pharma sectoral benchmark hit a high of 9,278.70 after opening at 9,193.30. The index that benefited from the strong showing of Glenmark, Lupin and Aurobindo Pharma closed at about 9,263, up about 83 points or 0.91 per cent. Dr Reddy’s surged to an intraday high of 2792.55 from the previous close of 2765.20 to close 4.80 or 0.17 per cent up at 2,770.The company will strengthen its presence by scaling up the joint venture business and increasing the number of “dossier submissions and entries into new therapeutic areas,” MV Ramana, CEO, branded markets (India and emerging markets) of Dr Reddy’s, told Financial Express. According to Edelweiss, Dr Reddy’s, the largest foreign player in China, is poised to benefit from regulatory changes in the country. Dr Reddy’s plans to launch about 60 products and improve revenue significantly over the next seven to eight years, according to the report. PixabayThe company’s strong local partnerships have helped it commercialise some of the imported brands, the report says. The company’s revenue in FY18 was $100 million, with the help of its Canada-based joint venture Kunshan Rotam Reddy.”The size and growth of the market, our long presence and also the recent changes in China’s regulatory framework make this an attractive space for Dr Reddy’s. In terms of market size and expanded generic opportunity, China is the second largest pharma market with $130 billion in size, and generics form 65 per cent of the hospital market. About 22 per cent of the market is with off-patent innovators. While shortening the market access and reimbursement timelines for innovative drugs, China intends to replace the off-patent innovators with high-quality generics that opens up this share of the market to generic firms,” Ramana said.Dr Reddy’s US/EU portfolio mostly comply with Chinese regulations, while additional China-specific studies might be required in the case of some. “While in the past five years, we have had some good pipeline of filings, the plan is to scale this up and file a good number of dossiers in next few years,” he said.The Edelweiss report states that a growing Chinese pharma market and a relaxed Chinese drug regulator, CFDA, are likely to attract many Indian generic players. The relaxed norms may allow Indian companies to file their USFDA-approved products in China and get CFDA approval within months in the normal course. Among the drugs in demand, the most prominent are those for obesity, diabetes, respiratory illness and cancer.”While the regulations have been aligned with International Council of Harmonisation (ICH), there are China-specific requirements, which could pose challenges. Dr Reddy’s will continue to work to build strong regulatory capability and build on our experience to increase the probability of success for any new filing,” the report quoted Ramana as saying.last_img read more

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Barry Blumberg Joins Mammoth Media as Chief Content Officer

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first_imgMammoth Media, a mobile entertainment-app startup, hired former Defy Media exec Barry Blumberg as its chief content officer.In addition, Mammoth said it has added entertainment veteran Sandy Grushow as a strategic adviser and promoted Talia Kocar to VP of content. The appointments come after L.A.-based Mammoth Media announced $13 million in funding led by Greylock Partners.Mammoth is the studio behind story-sharing app Yarn and Wishbone, a tap-to-vote social networking app that lets users generate polls and side-by-side comparisons.Blumberg officially started at the company on Feb. 14, reporting to Mammoth Media CEO and co-founder Benoit Vatere. In his new role, Blumberg will be responsible for all content produced across existing and developing platforms.“I have loved the digital space because of the more direct connection between a diverse array of creators and their audiences,” Blumberg commented. “Nowhere is this more prevalent than in mobile, and I’m tremendously excited by the prospects for this at Mammoth Media.” Most recently Blumberg served as Defy Media’s CCO before departing a year ago. At Defy, he was involved in the creation and expansion of the Smosh comedy brand, and also headed the company’s programming strategy for brands including Clevver, AWE me, and Screen Junkies. He had joined the company with the 2013 merger of Break Media and Alloy Digital. Prior to helping establish Alloy Digital in 2006, Blumberg was president of Walt Disney Television Animation.Kocar, who has been with Mammoth Media since its inception was previously was director of content and community, will work with Blumberg to manage and oversee the editorial and social growth of the company’s apps and businesses. Mammoth was officially founded in 2015, after spinning out of tech incubator Science Inc.The company has tapped Grushow, CEO of investment and consulting firm Phase Two Media, with an eye on collaborating with Hollywood studios and creative execs. Grushow spent nearly 25 years at the Fox Entertainment Group, including six years as chairman overseeing both Fox’s broadcast network and television studio. Popular on Variety center_img ×Actors Reveal Their Favorite Disney PrincessesSeveral actors, like Daisy Ridley, Awkwafina, Jeff Goldblum and Gina Rodriguez, reveal their favorite Disney princesses. Rapunzel, Mulan, Ariel,Tiana, Sleeping Beauty and Jasmine all got some love from the Disney stars.More VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpJennifer Lopez Shares How She Became a Mogul04:350.5x1x1.25×1.5x2xLive00:0002:1502:15last_img read more

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