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Mexico unveils tax break plan for southern business corridor By Reuters

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Mexico unveils tax break plan for southern business corridor By Reuters


© Reuters. FILE PHOTO: A view of Mexico city’s skyline during a sunset as cars are pictured along Reforma Avenue in Mexico City, Mexico in this picture taken through glass in a building, May 24, 2023. REUTERS/Henry Romero

MEXICO CITY (Reuters) – Mexico on Monday pitched a series of tax incentives aimed at luring companies into investing in a business corridor that President Andres Manuel Lopez Obrador is developing in a southern isthmus in hopes of competing with the Panama Canal.

The finance ministry said companies that invest in the so-called Inter-Oceanic Corridor connecting the Pacific port of Salina Cruz in Oaxaca state with the Gulf coast hub of Coatzacoalcos in Veracruz state will not need to pay income tax during their first three years of operations.

For the following three years, companies will only have to pay half of the normal income tax, the ministry said in a statement, adding they could get a discount of up to 90% if they met certain employment goals.

The measures also include accelerated depreciation of investments during the first six years of operation.

Business conducted in the corridor will be exempt from value-added tax (VAT), and firms can claim back VAT from purchases made outside the zone for four years, the ministry said.

As part of Lopez Obrador’s drive to create jobs and lift the economy of Mexico’s poorer south, the government plans to build 10 industrial parks along the corridor, the backbone of which is to be an upgraded rail link between the coasts.

A tender for the industrial parks to be located across the Isthmus of Tehuantepec is due to be in launched in mid-June, Lopez Obrador said last week.



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The Messenger hires O’Brian from CNN Business

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The Messenger hires O’Brian from CNN Business


O’Brian joined CNN after more than a decade as editor at large at Columbia University’s Office of Communications, editing the university’s news pages. She was also an adjunct professor at Columbia Journalism School.

She previously worked at The Wall Street Journal, where she was stationed in CNBC’s newsroom as a broadcast news editor responsible for coordinating content-sharing between the two media outlets. She also spent more than a dozen years as a reporter at the paper covering Wall Street, mutual funds as well as the travel and airline industries. O’Brian started her career as a reporter for The Times-Picayune in New Orleans.

A New York native and second-generation journalist, O’Brian holds a bachelor’s degree from Barnard College and a master’s degree from Columbia Journalism School.



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Nutella Maker Targets US to Turn Kinder Chocolate Into $1 Billion Business By Bloomberg

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Nutella Maker Targets US to Turn Kinder Chocolate Into $1 Billion Business By Bloomberg


© Reuters. Nutella Maker Targets US to Turn Kinder Chocolate Into $1 Billion Business

(Bloomberg) — Ferrero SpA wants to woo shoppers in the world’s top chocolate consumer to grow its Kinder brand.

The maker of Nutella has already expanded Kinder sales in the US to more than $500 million in the past five years, Catherine Bertrac, a senior vice president in charge of the brand in North America, said in an interview. It now wants to turn it into a $1 billion business.

The Italian candy maker is capitalizing on changing tastes in the US, which consumes more than twice as much chocolate as second-ranked Germany, according to consumer researcher Euromonitor International. Chocolate remains a relatively cheap treat, with demand holding up even as inflation hits American pockets.

“The new generation of consumer has different expectations,” Bertrac said. “They’re expecting a different experience, different quality, so bringing Kinder — which is a different kind of chocolate: creamy milky center, so very smooth, very tender, melting in the mouth — is a different experience than Hershey.”

Ferrero is already selling its Kinder Joy, Kinder Bueno and Kinder Seasonal lines in the US, and it plans to release Kinder Chocolate in August, according to Bertrac. That will help boost a brand that already racks up $7 billion in sales around the world every year.

To support the company’s US growth, Ferrero is expanding its manufacturing facility in Bloomington, Illinois, and it’s also opening a new innovation center in Chicago.

Commodity Costs

It’s not all good news for Ferrero. Commodity costs are rising and the threat of an El Nino weather pattern, which could disrupt sugar and cocoa supplies, could make things worse, squeezing margins for chocolate makers.

Still, the company decided to expand its US business a while back, and rising inflation won’t change that, Bertrac said. While Ferrero has raised prices in line with competitors, it’s not passing it all on to consumers. As a result, it’s managed to keep growing.

“We are compensating some cost increase, not all,” she said. “We are still growing in volumes.”



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Euro zone business growth slowed in May as factories struggled-PMI By Reuters

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Euro zone business growth slowed in May as factories struggled-PMI By Reuters


© Reuters. FILE PHOTO: Italians enjoy aperitivo evening drinks sitting down at a bar as much of the country becomes a ‘yellow zone’, easing coronavirus disease (COVID-19) restrictions allowing bars and restaurants to serve clients at outdoor tables, in Venice, Italy

LONDON (Reuters) – Euro zone business activity was shored up last month by the bloc’s dominant services industry offsetting a deepening decline in the manufacturing sector, according to a survey which also showed overall price pressures had abated.

HCOB’s final Composite Purchasing Managers’ Index (PMI), compiled by S&P Global (NYSE:) and seen as a good gauge of overall economic health, fell to a three-month low 52.8 in May from April’s 54.1.

While still comfortably above the 50 mark separating growth from contraction it was below a preliminary estimate for 53.3.

“Relatively resilient services activity growth should ensure that the euro zone regains some footing and shows a positive rate of expansion in the second quarter after GDP stagnated in the October-March period,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.

A PMI covering the services sector dropped to 55.1 from April’s one-year high of 56.2, below the 55.9 flash reading. A manufacturing PMI released last week showed the downturn in factory activity deepened as demand slumped despite prices falling.

Overall cost pressures were lower in May and both the composite input and output prices indexes fell. The output index dropped to 56.4 from 56.8, its lowest since April 2021.

While that will likely be welcomed by policymakers at the European Central Bank who have yet to get inflation down to target it was largely down to factories reducing prices as services firms, closely watched by the ECB, increased their charges faster.

Despite that, demand for services continued to rise and firms increased headcount, albeit at a slower pace. The employment index dipped to 54.6 from April’s 11-month high of 55.6.

“The services sector is being supported by the strong labour market, rising wages and a tourism sector that is flourishing throughout Europe,” said de la Rubia.

“The latter is confirmed by the new export business PMI, which includes tourism-related demand and remained near its series peak in May.”



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BTP Expands Leadership Team | Business Travel News

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BTP Expands Leadership Team | Business Travel News


Hotel sourcing system BTP Automation has added tech industry veterans Mark Hooper and Jennifer Acreman to its leadership team, effective June 1, the company announced.

Hooper joins BTP as VP of product and engineering from his most recent role as director of technology at faith-based organization Cru, according to the company. Over a 30-year career in tech, Hooper has held executive roles with Dinova, GroundLink, Travelocity and Sabre.

Acreman joins the company as senior director of customer success following her recent role with corporate travel management platform Deem as director of channel sales during her 20-year career with parent company Travelport.



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Uber for Business Expands Services

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Uber for Business Expands Services


Uber for Business has launched a new product tier and the ability to search for corporate perks, the company announced Thursday.

Its Uber Business Comfort ride type that initially was announced in March is now active in select cities. The company did not respond to requests to identify those markets. The service includes priority pick-up, although it is not guaranteed or available at airports. It also offers newer cars, more legroom, a wait time of up to 10 minutes before a cancellation fee is charged, and custom preferences, like requesting a quiet car or temperature selection, according to Uber. Customers also have access to a designated 24/7 personalized support service.

The second new product is a business hub found in the Uber and Uber Eats apps that allows business travelers to search employers’ policies to determine the travel or meal perks available to them, according to the company. In the business hub, employees can search for their company by name and whether they are eligible by entering a work email address. Users without an existing business profile will be prompted to either create one or to accept an invite to their company account.

Available in the “coming months” will be the ability to toggle between consumer and business profiles in the Uber app, depending on whether a user’s travel is for work or pleasure. In the business profile, users will have access to automatic, post-travel expense management, according to the company. To enable this, users must connect their business profile to their consumer profile in the Uber app.



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Rosewood Appoints Yung CFO | Business Travel News

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Rosewood Appoints Yung CFO | Business Travel News


Rosewood Hotel Group has named strategic advisor Kevin Yung chief financial officer, effective immediately, the company announced Thursday.

As CFO, Yung will retain his position as managing parter of Rosewood Capital Ventures, which he has held for two years, making him “uniquely positioned to optimize the synergies between the two organizations,” through “unified leadership,” the company said in a statement. Yung previously served as strategic advisor to Rosewood. Prior to Rosewood, Yung was CEO of Chow Tai Fook Education Group in Hong Kong and VP of Citigroup in New York.

Yung replaces Joe Chang, who had served as Rosewood’s CFO since 2018 before departing in March. Chang now serves as president of the Shanghai-based New World Tongpai Hotels Group, according to his LinkedIn page.

The news follows Rosewood’s promotion of SVP Lucy Werner to chief commercial officer, announced in March.



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HII Mission Technologies Appoints Garry Schwartz as COO, Todd Gentry to President as C5ISR Business By Investing.com

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HII Mission Technologies Appoints Garry Schwartz as COO, Todd Gentry to President as C5ISR Business By Investing.com


HII (HII) Mission Technologies Appoints Garry Schwartz as COO, Todd Gentry to President as C5ISR Business

HII’s (HII) Mission Technologies division announced the promotions of Garry Schwartz to chief operating officer of the division and Todd Gentry to president of its C5ISR business group. Schwartz and Gentry both report to Mission Technologies President Andy Green.

“To drive growth and opportunity across the division, we continue to optimize business operations and overall performance,” Green said. “Garry and Todd’s proven expertise building large business operations at HII, paired with their long history of success across the defense industry, demonstrates they are the exceptional leaders to support our customers’ missions and help us achieve our growth objectives.”

“I’m excited to continue working with them to expand the division and deliver advanced capabilities to the warfighters,” Green added.

MT Org Changes June 2023

A photo accompanying this release is available at: https://hiicomstg.wpengine.com/news/hii-mission-technologies-promotes-garry-schwartz-todd-gentry-2023/.

Garry Schwartz, Chief Operating Officer
With nearly 40 years serving national security missions across the U.S. military and defense industry, Schwartz has led and expanded HII’s largest technology-centric business groups.

Prior to joining HII, Schwartz served in various senior leadership roles for SAIC and Alion Science and Technology with responsibility for multimillion-dollar technology-based portfolios of domestic and international programs, supporting a broad array of defense and federal customers. Schwartz retired from the U.S. Marine Corps in 2004 with more than 21 years of service as an officer and enlisted Marine with multiple combat tours and a master’s degree in operations research from the Naval Postgraduate School.

“Since joining HII, Garry has demonstrated the specialized skills and disciplined operational approach to expand his partnerships with the executive team to drive optimal performance across Mission Technologies’ diverse global portfolio,” Green said.

Todd Gentry, President, C5ISR
Gentry previously served as senior vice president of Mission Technologies’ C5ISR business group. He joined HII in 2019 and has served in successive programmatic and operations leadership positions since then. Prior to joining HII, Gentry served as director of the advanced aviation assessment portfolio under the U.S. Army’s Aviation and Missile Command. He also served in various positions in direct support of the U.S. Special Operations Command and its service component commands. Gentry retired from the U.S. Army in 2013 with more than 25 years of service.

“With an entrepreneurial spirit, a mission-focused mindset and a deep understanding of our customers’ needs, Todd has demonstrated exceptional strategic leadership with a successful track record of delivering program growth,” Green said. “With Todd’s leadership, HII intends to continue growing the C5ISR business and deliver advanced capabilities to support our warfighters.”

About HII

HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world. As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 43,000 strong. For more information please visit:

  • HII on the web: https://www.hii.com/
  • HII on Facebook: https://www.facebook.com/TeamHII
  • HII on Twitter: https://www.twitter.com/wearehii
  • HII is on Instagram: https://www.instagram.com/wearehii

Contact:
Greg McCarthy
(202) 264-7126
gregory.J.mccarthy@hii-co.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/72920e97-6fb4-400c-a8e8-0be27305606d






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Neurosense Therapeutics Reports Q1, Provides Business Update By Investing.com

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Neurosense Therapeutics Reports Q1, Provides Business Update By Investing.com


Neurosense Therapeutics (NRSN) Reports Q1, Provides Business Update

NeuroSense Therapeutics Ltd. (Nasdaq: NRSN) (“NeuroSense”), a company developing treatments for severe neurodegenerative diseases, today announced financial results for the quarter ended March 31, 2023 and provided a business update.

“Having completed patient enrollment in our Phase 2b amyotrophic lateral sclerosis (ALS) trial, we are optimistic that topline results may offer new hope for people living with ALS and may generate a major inflection point for NeuroSense as we advance our combination therapy, PrimeC, toward market,” stated NeuroSense’s CEO, Alon Ben-Noon. “As we witness the trend of successful combination therapy strategies for neurodegenerative diseases, PrimeC has the added advantage of offering both a synergistic mechanism of action and an improved pharmacokinetic profile to enhance efficacy. We see the fact that nearly all PARADIGM participants who have completed the 6-month trial to date have chosen to continue receiving PrimeC for 12 more months as a positive signal.”

Business Update

  • Completed Patient Enrollment in Phase 2b ALS PARADIGM Trial; 96% of Participants Who Completed the Trial Chose to Continue with PrimeC for 12-month OLE

In May 2023, NeuroSense announced the completion of enrollment in PARADIGM, (NCT05357950), a multinational, randomized, double-blind, placebo-controlled Phase 2b clinical trial of PrimeC in people living with ALS. The clinical trial is evaluating PrimeC’s efficacy, as well as safety and tolerability. Study participants are dosed for six months after being randomized 2:1 to receive PrimeC or placebo, respectively. Participants who complete the 6-month study have the option to be treated with PrimeC during a 12-month open label extension (OLE) phase. 96% of participants who completed the 6-month portion of the trial have opted to continue with the OLE. Topline results for the six month study are expected in Q4 2023.

  • Phase 2 Alzheimer’s Disease (AD) Trial Under Preparation; Patient Enrollment to Commence Q3 2023

Data from an AD biomarker study completed in Q1 2023 demonstrated the therapeutic potential of NeuroSense’s combination drug platform for AD. The study revealed elevated levels of the novel biomarker TDP-43 in AD as compared to the healthy control group. NeruoSense’s platform has already shown a statistically significant reduction of TDP-43 in a prior Phase 2a clinical trial biomarker study in ALS. A Phase 2 double-blind proof-of-concept clinical study is now under preparation, with regulatory submissions and site readiness set for the end of Q2 2023. The first patient is expected to be enrolled in Q3 2023. NeuroSense is collaborating with QuantalX, using direct electrophysiology imaging technology (Delphi-MD) to provide multiple clinically objective and accurate measurements in the Phase 2 AD study.

  • Positive Results from Parkinson’s Disease (PD) Biomarker Study

In May 2023, NeuroSense reported results from a biomarker study conducted to evaluate the potential of its combination platform therapy for the treatment of PD. NeuroSense observed a statistically significant (p= 0.002) decrease in levels of AGO2, a novel PD biomarker, in newly diagnosed PD patients (n=15) when compared to the healthy control group. There were no significant changes observed in AGO2 levels of more advanced stage PD patients, indicating that this trend could be related to disease onset. NeuroSense’s platform combination therapy technology has already shown a statistically significant increase of AGO2 in a Phase 2a clinical trial biomarker study in ALS. These results strengthen the scientific rationale to develop NeuroSense’s platform technology for PD. NeuroSense is now exploring potential co-development for this asset with collaborators that have a core focus in PD.

  • Established Collaboration with Massachusetts General Hospital’s NeuroEpigenetics Lab

NeuroSense’s collaboration with Dr. Ghazaleh Sadri-Vakili, MS, PhD and Massachusetts General Hospital’s NeuroEpigenetics Lab explores the neurotherapeutic effects of PrimeC by utilizing a novel in vitro model generated from post-mortem ALS brain tissue (synaptoneurosomes (SNs) system). The objective of the collaborative studies is to expand the understanding of PrimeC’s mechanism of action in attenuating ALS-related pathology, specifically TDP-43 accumulation, autophagy defects, mitochondrial dysfunction, and oxidative stress.

  • Established Collaboration with QuantalX to Improve Early Detection and Treatment of Neurodegenerative Diseases

In addition to QuantalX’s Delphi-MD providing multiple clinically objective measurements in NeuroSense’s upcoming Phase 2 AD trial, the companies agreed that Delphi-MD will be used for early diagnosis and ongoing monitoring of trial participants in NeuroSense’s planned future pivotal Phase 3 ALS trial, pending the successful conclusion of PARADIGM.

Financial Summary

  • Research and development expenses for the three months ended March 31, 2023 increased to $2.09 million compared to $1.30 million for the three months ended March 31, 2022. This increase was primarily attributable to an increase in expenses to subcontractors and consultants as well as salaries and social benefits as a result of the commencement of a Phase 2b ALS clinical study in the second quarter of 2022, which were offset by a decrease in share-based compensation expenses. NeuroSense expects research and development expenses will remain steady through 2023 as a result of the ongoing Phase 2b ALS clinical study and the start of the Phase 2 AD study.
  • General and administrative expenses for the three months ended March 31, 2023 decreased to $1.54 million compared to $1.97 million for the three months ended March 31, 2022. This decrease was primarily attributable to a decrease in directors and officers insurance expenses and share-based compensation. NeuroSense expects that general and administrative expenses will remain steady through 2023.
  • Operating expenses for the three months ended March 31, 2023 were $3.64 million compared to $3.26 million for the three months ended March 31, 2022 due to the reasons described above.

As of March 31, 2023, NeuroSense had cash and short-term deposits of $4.41 million.

A summary of NeuroSense’s unaudited consolidated financial results is included in the tables below.

NeuroSense Therapeutics Ltd.

Condensed Interim Unaudited Consolidated Statements of Financial Position As Of:

U.S. dollars in thousands

March 31,

December 31,

2023

2022

Assets

Current assets:

Cash

1,359

3,543

Short term deposits

3,053

3,547

Other receivables

567

255

Restricted deposits

39

36

Total current assets

5,018

7,381

Non-current assets:

Property, plant and equipment, net

84

77

Right of use assets

210

229

Non-current restricted deposit

23

23

Total non-current assets

317

329

Total assets

5,335

7,710

Liabilities and Equity

Current liabilities:

Trade payables

419

498

Other payables

1,374

1,228

Total current liabilities

1,793

1,726

Non Current liabilities:

Long term lease liability

126

147

Liability in respect of warrants

527

218

653

365

Total liabilities

2,446

2,091

Shareholders’ equity:

Share premium and capital reserve

27,564

26,405

Accumulated deficit

(24,675)

(20,786)

Total Shareholders’ equity

2,889

5,619

Total liabilities and shareholders’ equity

5,335

7,710

NeuroSense Therapeutics Ltd.

Condensed Interim Unaudited Consolidated Statements of Income and Comprehensive Loss

U.S. dollars in thousands except share and per share data

Three months

Three months

For the year

ended

ended

ended

March 31,

March 31,

December 31,

2023

2022

2022

Research and development expenses

(2,098)

(1,296)

(6,416)

General and administrative expenses

(1,543)

(1,968)

(7,136)

Operating loss

(3,641)

(3,264)

(13,552)

Financing expenses

(310)

(23)

(45)

Financing income

62

572

1,257

Financing income (expenses), net

(248)

549

1,212

Net loss and comprehensive loss

(3,889)

(2,715)

(12,340)

Basic and diluted net loss per share

(0.33)

(0.24)

(1.07)

NeuroSense Therapeutics Ltd.

Condensed Interim Unaudited Consolidated Statements of Changes in Equity

U.S. dollars in thousands

Ordinary

Share
Premium
And
Capital

Accumulated

Total

Shares

Reserve

Deficit

Equity

Three months ended March 31, 2023:

Balance as at January 1, 2023

–

26,405

(20,786)

5,619

Share-based compensation

–

1,159

–

1,159

Net loss and comprehensive loss

–

–

(3,889)

(3,889)

Balance as at March 31, 2023

–

27,564

(24,675)

2,889

Three months ended March 31, 2022:

Balance as at January 1, 2022

–

17,452

(8,446)

9,006

Share-based compensation

–

1,597

–

1,597

Net loss and comprehensive loss

–

–

(2,715)

(2,715)

Cancelation of options

–

(96)

–

(96)

Exercise of warrants

–

4,314

–

4,314

Balance as at March 31, 2022

–

23,267

(11,161)

12,106

For the year ended December 31, 2022:

Balance as at January 1, 2022

–

17,452

(8,446)

9,006

Share-based compensation

–

4,735

–

4,735

Net loss and comprehensive loss

–

–

(12,340)

(12,340

Cancelation of options

–

(96)

–

(96)

Exercise of warrants

–

4,314

–

4,314

Balance as at December 31, 2022

–

26,405

(20,786)

5,619



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Australia business investment up 2.4% in Q1 By Reuters

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Australia business investment up 2.4% in Q1 By Reuters


© Reuters. FILE PHOTO: A shift worker at the Alcoa aluminium smelter leaves the plant during a 12-hour shift change before sunrise at Point Henry in Geelong February 27, 2014. REUTERS/Jason Reed

SYDNEY (Reuters) – Australian business investment rose strongly in the March quarter, helped by a jump in spending on mining, manufacturing and transport, while firms remained upbeat about spending for the year ahead.

Data from the Australian Bureau of Statistics on Thursday showed private capital spending climbed a real 2.4% in the first quarter from the previous quarter, compared with a 2.2% gain in December quarter.

Spending on new equipment and machinery rose 3.7% in the first three months of the year, the largest quarterly growth in two years.

Firms also lifted spending plans for the fiscal year to June 2024 to A$137.6 billion, up 6.4% on the previous quarter.



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