Audible appoints former Spotify executive as its new senior VP of content development and acquisition

In an official announcement, Audible revealed that its newly created position of senior vice president of content acquisition and development in the company will be occupied by former Spotify, Yahoo and Viacom content leader, Rachel Ghiazza.

As per the announcement, Rachel Ghiazza is expected to play a crucial role in the audiobook and audio storytelling company’s aim of creating original content.

The talent relations team, content deal operation and content acquisition deals of Audible will be led by the newly appointed Rachel Ghiazza.

Speaking on the announcement, a brief translation of Audible’s EVP and publisher, Beth Anderson, states that, Rachel’s previous accomplishments speak for itself, she will help Audible to expand and grow its catalog of entertaining and informative audio.

As per announced by Audible, the executive vice president and publisher of the company, Beth Anderson will be the one who is in charge of Ghiazza’s work, which reportedly will focus more towards making new acquisitions and forming tie-ups with new content deals.

Prior to her latest job role, Rachel Ghiazza was appointed to a leadership position in Yahoo as well as Viacom, after which she worked for six years as a content leader for Spotify.

The former content leader of Spotify joins Audible at a period where the company is seeking to invest heavily in creating original content, currently Audible offers content from comedians, journalists, playwrights amongst others.

 

750 employees lose jobs as California’s largest recycling center closes all 284 recycling centers

On Monday, nearly 750 California based residents had to face unemployment as the state’s largest operator of recycling redemption centers, RePlanet announced that it is set to shut down shop.

Announcing the closure of the business, David Lawrence, President of RePlanet stated that due to the massive drop in the price of PET plastic and recycled aluminum as well as the rising prices of business costs, RePlanet had to close down all of its 284 recycling centers.

Notably three years ago, RePlanet had made a similar move which resulted in the loss of employment for 278 workers as it announced the closure of 191 of its recycling centers.

RePlanet had recycling centers spread all across San Francisco, three of which were in Alameda, one at Pacific Supermarket, one at Bayview Blvd., and also one located in Williams Ave.

Notably, a forecast made by Consumer Watchdog, an NPO which conducts researches about California’s recycling industry, stated that in the past five years, roughly 40% of all redemption centers have closed down, meaning that more and more landfills will be filled with PET, polyethylene terephthalate and aluminum.

Abu Dhabi National Oil Co agree upon a deal for a 10% stake in VTTI’s oil storage business

On Wednesday, in a bid to contribute towards its expansion into oil trading and its transformational drive, the state-run UAE energy business, Abu Dhabi National Oil Co (ADNOC) announced the acquisition of a stake in VTTI, a global energy storage company backed by Vitol.

According to sources closely following the matter, VTTI and ADNOC have agreed upon terms for the latter to acquire a 10% stake in the global energy storage company backed by Vitol.

Furthermore, sources also revealed that this will enable the state-run UAE business to store all its raw materials at the port of Fujairah, a storage facility and regional bunkering in the United Arab Emirates, and also in exports markets all over the world in which VTTI have storage facilities available.

The remaining 90% stakes in VTTI will reportedly be evenly distributed between IFM Global Infrastructure Fund, an investment vehicle managed by IFM Investors and Vitol, meaning both parties will own a 45% stake in the business.

A brief translation of Sultan al-Jaber, the Chief Executive of ADNOC, regarding the deal reads as follows, “The stakes acquired in VTTI, will help us(ADNOC) in our plans of further improving our integrated global trading platform. ADNOC will also be able to deliver a solid financial return through this deal.

Based out of UAE, ADNOC is reportedly on the verge of building the largest single underground project for storage of oil which the world has not seen yet, this project will reportedly have a capacity of 42 million barrels of crude oil. In recent years, ADNOC has come to be known as the Gulf region’s most conservative energy firm. ADNOC has come up with a very dynamic approach for pursuing its plan to transform into a proactive company which is flexible according to market demands.

ABOUT VTTI

The storage network of VTTI can hold a combined storage capacity of an impressive 60 million barrels. VTTI also owns 15 terminals that are situated at major hubs in Asia, Africa, Netherlands, the United States amongst a total of 14 countries.

IBM unveils an updated 2019 forecast following the acquisition of Red Hat

Earlier in the previous week, after finally completing the acquisition of Linux-maker Red Hat for a reported sum of $34billion, IBM, the cloud and computing company went on to update its earnings forecast for the year 2019.

In addition to details regarding the earnings forecast, IBM said that the Red Hat acquisition will reduce its overall tax rate by 2 percentage points while maintaining its free cash flow forecast of $12 billion for 2019.

Additionally, along with its second-quarter earnings published on July 16th, IBM stated that the $34Billion acquisition could most likely trim its non-GAAP operating earnings by $1.10 to “nearly” $12.80 per share from the initial forecast of $13.90 per share made for the year 2019.

Back in the previous month, IBM posted revenue of $19.2 billion, marking a non-GAAP bottom line of $3.17 per share which was higher than what analysts forecasted, however, notably, the impact of IBM’s Red Hat deal was not issued as full-year forecasts.

A brief translation of a conference call dated July 17 in which IBM’s CFO Jim Kavanaugh told investors that IBM plans on combining the depth and scale of its innovation with its vast industry expertise with the flexibility and power offered by Red Hat’s open hybrid cloud technologies.”

By the year 2021, IBM forecasts that roughly $1.5 billion will be added in free cash flow through Red Hat, as for the 2020-2021 period, its operating pre-tax income will show an overall ‘high single-digit’ growth rate

In a statement, Ginni Rometty, the CEO of IBM said that “Our company will be the only company in the market that will offer open cloud solution which can unlock the full potential of the cloud, the acquisition of Raleigh back in October 2018 was arguably a game-changer for IBM.”

 

Amidst Gillette’s $8 billion loss P&G says that the #metoo campaign enhanced the brand

Earlier in the week, the world’s largest shaving company, Gillette reported a $5 billion loss for the second quarter of 2019.

Several investors and analysts highlighted the #metoo ad campaign as the root cause of massive loss, amongst them the CEO of Gillette also was in agreement claiming that the #metoo campaign was a toxic masculinity digital ad campaign.

However, contradictory to the CEO of Gillette’s opinion, David Taylor, the CEO of Gillette’s parent company P&G was in support of the ad campaign saying that “it (Gillette) is a great business, we like it.”

Procter & Gamble famously known as P&G successfully acquired the largest shaving company in the world, Gillette back in 2005 for $57 billion

Additionally, on the same day in an interview, Julia LaFeldt, the spokeswoman of P&G said that Gillette’s brand had perhaps been enhanced by the #MeToo digital ad.

According to LaFeldt, “the #metoo ad campaign has received the most number of views till date for any online Gillette ad, more importantly, we can say that we managed to generate natural engagement and interest amongst customers as a majority of the views on the ad are organic and/ or unpaid.”

The ad released in January was a short film titled “We Believe”, that emphasizes topics of toxic masculinity and the #MeToo movement.

 

Manischewitz Co’s Kosher food business to be purchased by Kenover Marketing Corp

In a joint announcement, Kenover Marketing Corp., and The Manischewitz Co. announced that both parties have reached an agreement for the former to take over all shares of the latter’s kosher food business.

As per reports, an official of Kenover Marketing Group said that an agreement has been reached upon by both parties for a transaction in which all of Manischewitz’s kosher food business will get acquired by Kenover Marketing Group.

Sources close to the matter also revealed that Manischewitz’s Season brand will not be a part of this sale.

Additionally, earlier in the week both companies also went on to announce that momentarily they will continue to commence business as usual as details regarding the deal including its finalization shall be announced in the near future.

About Manischewitz

Based out of Cincinnati, Rabbi Dov Behr founded the company, B. Manischewitz LLC., famously known for its Tam Tam crackers, range of Passover products and machine-made matzah way back in 1888. The company turned into a private corporation back in 1990, as its management purchased its shares for a reported sum of $42.5million, Up until then Manischewitz was under the control of Manischewitz family members and was functioning as a public company. In today’s day, no member of the Manischewitz is involved in the company, which now has its headquarters in Newark, New Jersey.

About Kenover

Based out of Bayonne, New Jersey, Kenover is an extension of Kayco, which came into existence after a merger was agreed upon by B&W Foods, Kenover Markering, and Kedem Foods.