Cargill, Heifer team on poultry program
Heifer International and Cargill Inc. are working together to help women in developing countries raise chickens.
The goal of The Hatching Hope Global Initiative is to improve the livelihoods of 100 million people by 2030 through poultry production practices.
Small farms, often less than 5 acres each, provide about 80 percent of the food supply in Asia and sub-Saharan Africa, according to data from the United Nations. Up to half of that workforce is women.
"We're investing in smart, resourceful women farmers, working with them to improve their products and access new markets," Pierre Ferrari, Heifer's president and chief executive officer, said in a news release.
The first phase would help farmers with small plots in India, Mexico and Kenya.
Little Rock-based Heifer and Cargill worked on a similar project in China two years ago, which gave training and chicks to hundreds of poultry farms led by women. That became the inspiration for Hatching Hope.
-- Nathan Owens
Lenders give Neiman Marcus more time
Neiman Marcus said Monday that it has an agreement with a majority of its lenders to extend debt maturities by three years, which the Dallas-based company said will give it the time it needs to carry out plans to grow out of its debt problems.
The agreement is with holders of 55 percent of its term loan and 60 percent of its unsecured notes and comes after a preliminary agreement announced March 1.
The lenders' show of support is a win for Chief Executive Officer Geoffroy van Raemdonck, who said Monday that the agreement "provides substantial value to our lenders and creates ample runway to execute on and complete Neiman Marcus Group's transformation plan into a luxury customers platform."
Neiman Marcus must next try to fix its balance sheet by expanding the company. Two leveraged buyouts within 10 years left the company with what credit analysts call an unsustainable level of debt. The retailer's almost $5 billion in debt equals its annual revenue.
-- The Dallas Morning News
Lyft drivers miss pre-IPO, protest anyway
Disgruntled Lyft drivers showed up at the Omni hotel in San Francisco hoping to make their feelings known to the executives, bankers and potential investors at Lyft Inc.'s initial public offering road-show meeting.
No one was there.
Lyft's scheduled Monday meeting was held at the Olympic Club instead. It had originally been planned for the Omni, according to a term sheet provided when it was announced.
Dozens of drivers and their supporters nevertheless protested in the rain, decrying the cuts imposed upon them by Lyft while, they believed, the executives and bankers were hosting lunch for would-be investors inside.
"I'm here to let them know how they really treat their drivers and how unfair the wage cuts have been and how hard it is for us to earn a decent living, living in the most expensive city in the U.S.," said Rebecca Stack, a Lyft driver for 1½ years.
The No. 2 ride-hailing company in the U.S. is set on Thursday to price its initial public offering. Lyft plans to raise about $2.1 billion in what will be the biggest U.S. listing so far this year and the biggest tech offering since Snap Inc. two years ago.
-- Bloomberg News
Writers Guild rallies for code change
Ratcheting up the pressure in its fight with Hollywood talent agencies, the Writers Guild of America has released a statement of support from hundreds of its members who are saying that they intend to vote in favor this week of a new code of conduct that would limit agency practices, including the packaging of productions.
Aaron Sorkin, David Chase and Norman Lear were among the approximately 800 writers who signed the statement, which was released Saturday. Other prominent signatories include Tina Fey, David Simon, Diane English, Richard LaGravenese and Robert Towne.
Some notable filmmakers who are also guild members have also signed the statement, including Alfonso Cuaron, Oliver Stone, Peter Jackson and James L. Brooks.
The guild is scheduled to hold the vote starting Wednesday, with voting set to conclude Sunday. The proposed code of conduct would effectively ban talent agencies from the longstanding practice of collecting packaging fees. It would also put an end to the more recent trend of agencies becoming TV and film production entities.
The guild has said its members will fire their agents if they don't agree to adhere to the code by April 6.
-- Los Angeles Times
EU hits Nike with $14M antitrust fine
Nike, the iconic sports retailer, has become the latest target in the Europe Union's crackdown on antitrust violations.
The bloc's competition commission slapped Nike with a $14 million fine, saying the U.S. sports apparel giant prevented many of its licensees from selling soccer team merchandise across European borders, leaving European shoppers with fewer choices and higher prices.
Nike is just the latest U.S. company to get in trouble with the EU over its business practices. Just five days ago, the bloc's top competition enforcer, Margrethe Vestager, levied a $1.7 billion fine against Google for the "illegal practices" it used to cement its edge in advertising and search functions. Her agency has also launched inquiries against other high-profile tech companies.
Nike did not immediately respond to a request for comment Monday.
Oil-field roads get fix in N.M., Texas
CARLSBAD, N.M. -- Key highways in southeastern New Mexico and West Texas are getting much-needed upgrades to accommodate the rise in traffic from the region's oil and gas boom.
In New Mexico, the state's Department of Transportation is working to renovate U.S. 82 -- the main highway for oil-field traffic between Eddy and Lea counties, the Carlsbad Current-Argus newspaper reported last week.
The agency is investing about $58 million in federal and state funds into the project, which would improve 32 miles of U.S. 82.
The project is expected to be completed this winter, officials said. The highway is now only a two-lane road, which has been overburdened during the recent boom in oil and gas.
A $90 million rebuild of the first 22 miles of U.S. 285 in New Mexico from the Texas state line has only about $20 million in funds identified, records show.
Work on U.S. 285 comes as both states try to make improvements on congested highways to fix pavement damaged by heavy trucks transporting oil.
-- The Associated Press
Business on 03/26/2019