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100yearold beef jerky company sold to Premium Brands by founding Oberto family

VANCOUVER — Premium Brands Holdings Corp. will expand its portfolio of specialty meats products with the acquisition of Seattle-based Oberto Sausage Company, a 100-year-old family-run business.Oberto produces beef jerky and other snack foods under various brands including Oberto and Cattleman’s Cut.The business was founded in 1918 by Constantino Oberto and later led by Constantino’s son Art Oberto, who still owns it, along with other family members.Art Oberto said in a joint statement issued by the two companies that it was a difficult decision to sell the family-owned and operated business but he has been impressed with other companies have done under the Premium Brands umbrella.The transaction, announced the Thursday, is expected to close within four to six weeks — subject to regulatory approvals.Premium didn’t disclose the price of Oberto alone but did say it’s spending a total of $237 million for it and an increased stake in Vancouver-based McLean Meats Inc., which makes preservative-free and organic processed meats.In conjunction with the acquisitions, a syndicate of underwriters has agreed to pay $150 million for about 1.3 million subscription receipts, issued by Premium, to be offered in Canada to investors. Each subscription receipt provides the right to receive one Premium Brand share, plus applicable dividend, once the Oberto deal closes.Companies in this story: (TSX:PBH) read more

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Federal government records 1824 billion budget surplus

WASHINGTON – The federal government ran the second highest monthly surplus on record this April as tax revenues were pushed higher by a change in the deadline for corporate tax payments.In its monthly budget report, the Treasury Department said Wednesday that the surplus for April totalled $182.4 billion, the second largest surplus after a record $189.8 billion surplus set in April 2001.The government generally runs surpluses in April reflecting the annual tax deadlines. This year’s surplus was inflated because of a deadline change that allowed corporations until April to make their final tax payments for last year. The deadline had previously been March.Through the first seven months of the current budget year, the government is running a deficit of $344.4 billion, down 2.4 per cent from the same period a year ago.The Congressional Budget Office is projecting that the deficit for the full budget year, which ends on Sept. 30, will decline 4.6 per cent to $559 billion. That would compare to a 2016 deficit of $585.6 billion.The CBO’s deficit estimate is based on current law remaining unchanged. President Donald Trump has called for a program of tax cuts for individuals and businesses, and increased government spending in such areas as the military and repairing the nation’s aging infrastructure.The CBO has not been able to project how much impact Trump’s proposals will have on this year’s deficit or in future years because so far the administration has not released its full budget outline. That document is expected to come out later this month.For the first seven months of this, revenues total $1.93 trillion, up 0.6 per cent from the same period a year ago. Spending totals $2.27 trillion, up 0.2 per cent from the same period last year. FILE – In this Friday, June 24, 2016, file photo, pedestrians and tourists go about their lunchtime routine in front of the United States Treasury headquarters building in Washington. On Wednesday, May 10, 2017, the Treasury Department releases federal budget data for April. (AP Photo/J. David Ake, File) by Martin Crutsinger, The Associated Press Posted May 10, 2017 12:29 pm MDT Last Updated May 10, 2017 at 1:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Federal government records $182.4 billion budget surplus read more

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The 5 at 5 Wednesday

first_imgEVERY WEEKDAY EVENING, TheJournal.ie brings you the five stories you need to know before you head out the door.1. #BANKERS: Three former top bank officials – John Bowe, former head of treasury at Anglo Irish Bank, Peter Fitzpatrick former finance director at Irish Life and Permanent (ILP) and Denis Casey, former chief executive of ILP –  have been charged with conspiracy to defraud €7.2 billion.2. #COLLAPSE: A roof covering in Kent Railway Station in Cork has collapsed resulting in at least one person being injured.3. #HSE: The 2014 national service plan for the HSE was published today announcing €619 million in cuts, with the medical card probity figure dropping to €23 million.4. #STORM: Met Eireann have issued a “status red” warning as parts of the country are being hit by severe winds and stormy weather today.5.#SEX ABUSE: Ian Watkins, the former lead singer of Welsh rock band Lostprophets, has been sentenced to 35 years in prison for a string of child sexual offences including the attempted rape of a baby.last_img read more