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May 03, 2011 | |
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IFDA NewsThe biggest HR risk today can lead to millions of dollars in overtime liability. Even small, unintentional, technical violations of the federal Fair Labor Standards Act (FLSA) can create tremendous exposure. During an upcoming IFDA Members Only webinar, Labor Attorney Tammy McCutchen, former head of the U.S. Department of Labor's Wage & Hour Division, will discuss the most common types of FLSA violations in the foodservice distribution industry. Don't miss this opportunity to make sure your employee pay practices are FLSA compliant. Cost is only $25. To register for the webinar, which takes place on Thursday, May 19 at 2:00 PM EDT, click here. Distributor NewsAs of May 2, U.S. average diesel fuel prices were $4.124 per gallon, down 0.026 cents per gallon from a week ago, and up $1.002 from one year ago. Full Story Operator NewsMcCormick & Schmick's Seafood Restaurants Inc.'s board of directors authorized a sale process of the company and asked shareholders again to spurn LSRI Holdings' unsolicited offer. The company stated it would not disclose developments on the sale process or evaluation of other strategic alternatives until the board complete its analysis. Piper Jaffray & Co. is serving as the financial adviser, reported Reuters. Full Story Raw coffee costs reflect 7% of the sale price of a typical drink at Starbucks' cafes, compared with a far higher percentage for bagged coffee, according to a Morgan Stanley analyst. Beverages accounted for about 75% of sales at company-owned stores for the past three fiscal years, and the company's U.S. retail stores contribute about 70% to total revenue, reported The Wall Street Journal. Full Story (WSJ Subscription Required) Priszm Income Fund, which is restructuring under court protection from its creditors, stated the sale of its Ontario and British Columbia restaurants to Soul Restaurants Canada Inc. was delayed. The income trust is working to have the sale approved by the court under the Companies' Creditors Arrangement Act, reported The Globe and Mail. Full Story (Free Registration Required)
Retail NewsWilliams-Sonoma Inc. is preparing to take its e-commerce site live in more than 75 countries by the end of June, reported The San Francisco Chronicle. Web orders are the fastest-growing source of revenue for the company. Full Story (Free Registration Required) Industry NewsSome 40% of adults voluntarily share brand preferences and opinions with friends and family. Those ages 30 to 49 are the most influential in sharing brand opinions, with 50% of them providing recommendations and sharing preferences with people they know, compared to 42% of those under 30 and 40% of those over 50, according to Crowd Science's JustAsk! survey. About 8% follow their favorite brands via social media. Full Story New! The reverse aging of the American farmer is discussed in the May 3 edition of the Lempert Report, featuring Phil Lempert. Click here to view. U.S. agricultural exports to Italy in 2010 totaled $1.8 billion and agricultural imports from Italy totaled $3 billion, noted FAS. The U.S. mainly imports from Italy processed food products and exports commodities. Wine dominates Italy's food exports, followed by pasta, virgin and extra-virgin olive oil, canned tomatoes, cheese, biscuits and baked goods. The U.S. is Italy's largest non-EU market. FAS Report Greencore Group Plc is reportedly considering a bid for Uniq Plc, according to the Sunday Telegraph. Greencore is working with Barclays Capital to study a possible acquisition of all or part of Uniq in a deal that may value the food group at about $167 million, reported Bloomberg.com. Full Story Danisco's board of directors unanimously recommended that shareholders accept DuPont's raised offer for the company, reported Reuters. Full Story
Health NewsChildren who sit down to eat with their families are less likely to be overweight and eat unhealthy foods. Researchers found kids who eat with their parents at least three times a week had 12% lower odds of being overweight, according to the study, published in Pediatrics, reported Reuters. Full Story Washington NewsThe number of Americans receiving food stamps increased to 44.2 million in February, up from 44.19 the previous month, a record, according to FNS statistics. Full Story USDA introduced an internet-based mapping tool that pinpoints the location of "food deserts" around the U.S. and provides data on population characteristics of census tracts where residents have limited access to affordable and nutritious foods. Full Story Legislation in the Texas House would make it easier for individuals to start food-based businesses from their home, reported San Antonio Business Journal. Full Story (Free Registration Required) Meanwhile, the Colorado Legislature may join more than a dozen other states with a "cottage foods" designation. If approved, the designation would allow farmers to sell to the general public certain foods prepared at home, reported Desert News. Full Story (Free Registration Required) Market NewsArabica coffee futures hit their highest price in 14 years on May 2 because of concerns that upcoming harvests will not be enough to supply growing international consumption. Coffee for July delivery rose 1.8% to settle at $3.0510/lb. on the IntercontinentalExchange, with supplies reduced by poor harvests among some major producers, reported The Wall Street Journal. Full Story (WSJ Subscription Required) Stocks or regional populations of smaller, short-lived fish can collapse because of overfishing just as frequently as stocks of large, long-lived species such as cod, tuna and sharks, according to a study in Proceedings of the National Academy of Sciences, reported CBC News. Full Story
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The IFDA Daily UpdateFor information on advertising in The IFDA Daily Update, published in conjunction with The Food Institute, click here. To view our editorial policy, click here. | |
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