FINANCE

64 SAN FRANCISCO RESTAURANTS SHUT DOWN SINCE MINIMUM WAGE HIKE LAST YEAR

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( Dailywire ) If you’re a leftist in San Francisco or Oakland, California (highly likely), you probably cheered as the city implemented a minimum wage hike last summer raising the wage to $13 an hour, soon to be $14 an hour this July 1, and $15 an hour on July 1, 2018.

…In the winter of 2016-17, 64 restaurants around the Bay Area have closed. And these weren’t your garden-variety restaurants that were parts of national chains; they closed all over the area, from Berkeley to Hayes Valley to Oakland to the Embarcadero to Inner Richmond to the Marina to the financial district.

But that possibility didn’t matter to the groups fighting for a wage hike, including “Fight for 15,” which stated, “We’re robbed on the job by our employers looking to cut corners. And it’s not like our employers are struggling — these are multi-billion dollar corporations.”

In April, the Harvard Business School, released a study that examined restaurants in the San Francisco Bay Area between 2008 and 2016 titled, “Survival of the Fittest: The Impact of the Minimum Wage on Firm Exit.”  The study posited that a $1 increase in the minimum wage led to a roughly 14% increase in the likelihood of a median 3.5 star restaurant closing. The study concluded that over the next two years, San Francisco’s restaurant industry would shrink, meaning the workers would lose jobs.

 

Read more: Surprise, San Francisco Restaurant Workers! Minimum Wage Hike Is Killing Restaurants By The Dozens

WOW! US UNEMPLOYMENT CLAIMS LOWEST SINCE 1988, LOWEST IN 28 YEARS

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WOW! US Unemployment Claims in April at Lowest Level since 1988,  lowest level in 28 years. Only 1.9 million Americans received  unemployment insurance benefits at the end of April.

Another thing:  Averaging over the past four weeks, total unemployment benefit claims are running at the lowest rate since 1974, despite the workforce being 75 percent bigger.

 

The Washington Examiner reported:

The end of April saw the fewer workers getting unemployment benefits than anytime in the last 28 years, the Department of Labor reported Thursday in a sign of the labor market’s increasing health.

Just 1.9 million people received unemployment insurance benefits at the end of the month, the fewest since 1988. Benefits are available for up to 26 weeks in most states.

Even more engouraging: Averaging over the past four weeks, total unemployment benefit claims are running at the lowest rate since 1974, despite the workforce being 75 percent bigger.

Thursday’s report also showed new jobless claims dropping to 236,000 in the first week of May, an extremely low level.

 

TRUMP TO CUT CORPORATE TAX RATE TO 15%

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Trump To Order Corporate Tax Rate Cut To 15%,

Trump has ordered his White House aides to accelerate his tax plan, the WSJ writes, “slashing the corporate rate to 15% and prioritizing cuts in tax rates over an attempt to not increase the deficit” which means that without an offsetting source of revenue, Trump is about to unleash up to $2 trillion in extra debt, a proposal which will face fierce pushback from conservatives as it appears to be a continuation of the status quo under the Obama administration, and may well be DOA.

Read full article: Trump To Order Corporate Tax Rate Cut To 15%, Loading Up To $2 Trillion In Extra Debt

 

 

10 of Hollywood’s Worst Tippers: Madonna, Sean Penn, Britney Spears, Tiger Woods, Bill Cosby…

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  • Madonna-  She has a reputation of being rude to waiters and usually doesn’t leave a tip at all.  One time she left an $18 tip on a $400 bill

 

While celebrities like Johnny Depp  tipped $4000 on a $4400 bill in a restaurant in Chicago and Julia Roberts reportedly always tips 100%, there are wealthy celebrities who make servers and bartenders cringe for being bad tippers.

Here’s a list of 10 Hollywood starts that are the worst tippers, according to TheRichest.com

 

Katherine Heigl-  She’s also a lousy customer. She reportedly always complains about her food and sends it back multiple times, not to mention she’s very demanding. FYI: she’s worth $25 million.

Sean Penn-  He ran up a $450 bill at a restaurant in New Orleans, then left without tipping a cent.  He’s worth $100 million.

 

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Britney Spears-  She once threw change at the feet of a valet attendant and said, “There’s your tip.”  She also left a $26 tip on a $500 bill.

And, on a separate occasion she was in a Vegas restaurant,and had a waiter run across the street and get her Starbucks.  She didn’t tip him, or even reimburse him for the coffee.  She’s got an estimated $200 million in the bank, but can’t afford a white mocha?

Kirsten Dunst-  She reportedly left no tip on a $223 bill.

Also, a restaurant once comped her entire meal and she left no tip.  She’s worth $25 million.

Usher-  He’s been known to leave autographed pictures of himself instead of money. Would you want that instead?  He’s worth about $140 million.

Rachael Ray-  Since she is in the food industry, you’d figure that she would be a good tipper.  But she regularly tips less than 10%, and has  said on her TV show, that 7% is good enough.  She’s worth $60 million.

Bill Cosby:  He once left a $3 on a $350 bill.  Less than 1% tip. He’s worth $350 million .

Jeremy Piven-  Was banned from all Nobu Matsuhisa restaurants after he took 12 of his friends to one in 2007.  The place was over booked and he didn’t have a reservation, and STILL got him a table. So what did HE do after him and his buddies ate…He left the Season One DVD set of “Entourage” as a tip, and when he left, he told the manager, quote, “Thanks for nothing.”   He has a net worth of $15 million.

Madonna-  She has a reputation of being rude to waiters and usually doesn’t leave a tip at all.  One time she left an $18 tip on a $400 bill.  That’s 4.5%.  She’s worth $650 million. I guess it makes since…she used to be married to fellow “bad tipper,” Sean Penn. “Birds of a feather…”

Tiger Woods:  While on a vacation with one of his women in Las Vegas, Tiger didn’t leave a tip. . . so the woman that he was with left a tip. Tiger has $500 million in the bank.

 

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BILL GATES WEARS $10 CASIO WATCH, LOVES McDONALD’S AND BURGER KING, DIDN’T LET HIS THREE KIDS HAVE PHONES UNTIL THEY ARE 14

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Gates (far left) and his wife, Melinda (third from left), are parents to Jennifer (second from left), 20; Rory (far right), 17; and Phoebe (second from right), 14

 

WOW! Bill Gates tells how he BANNED his kids from having mobile phones until they turned 14, loves McDonald’s and wears a $10 Casio watch.

Read full story below:


 

 

Microsoft founder Bill Gates, the world’s richest man, says that he did not permit his children to own a mobile phone until they turned 14.

Gates made the revelation during an interview on Thursday with the British newspaper The Mirror.

Not only does Gates force his kids to wait until age 14 to get a smartphone, but he also limits the amount of time they could use them before going to bed.

Smartphones are also banned from the dinner table.

‘We often set a time after which there is no screen time and in their case that helps them get to sleep at a reasonable hour,’ the tech titan told The Mirror.

Gates and his wife, Melinda, are parents to Jennifer, 20; Rory, 17; and Phoebe, 14.

Despite the irony of Gates playing a pivotal role in the technological revolution of the digital age, he still thinks limits need to be in place for children.

‘You’re always looking at how it can be used in a great way – homework and staying in touch with friends – and also where it has gotten to excess,’ the Microsoft founder said of smartphones and social media.

…The Mirror reports that during its interview with Gates, he was wearing a Casio watch worth $10.

He also insists that he’s ‘big on pretty mainstream American hamburgers, McDonald’s, Burger King.’

Read more: Bill Gates tells how he BANNED his kids from having mobile phones until they turned 14, loves McDonald’s and wears a $10 Casio watch

 

 

PANERA BREAD FOUNDER RON SHAICH MADE $400 MILLION PRE-TAX AFTER COMPANY SOLD FOR $7.5 BILLION TO JAB HOLDING

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( Forbes ) The $7.5 billion acquisition of Panera Bread by an investment vehicle affiliated with JAB Holding is worth nearly $400 million to founder Ron Shaich.

Shaich owns more than 1.2 million shares of Panera (both A shares and B shares that are convertible to A shares), according to the latest 13-G filing with the Securities and Exchange Commission in December 2016. At the acquisition price of $315 per share, that’s a cool $393 million (before taxes) for Shaich.

….Shaich co-founded Au Bon Pain in 1981, which purchased Saint Louis Bread Co., the predecessor company to Panera, in 1993. Six years later, Panera sold off Au Bon Pain. Since then, the fast-casual soup and sandwich chain with more than $5 billion in systemwide sales, has been one of the few outperforming restaurant chains in an increasingly difficult sector. The deal price represents a 30% premium to Panera’s volume-weighted share price as of March 31, the last trading day before speculation broke about the deal.

Shaich, 63, has said that he wasn’t looking to sell the company, but changed his mind after being approached by JAB. He will remain on as CEO. “I’m here and and I’m doing this,” he told ABC earlier on Wednesday. “They’ll have to carry me out with my boots on.”

JAB Holding, a Luxembourg-based private equity shop, had previously purchased Krispy Kreme and Peet’s Coffee & Tea, as it has pushed heavily into the U.S. food business. JAB is 95% owned by several members of the German billionaire Reimann family, descendants of the German chemist Ludwig Reimann who inherited the Johan A. Benckiser company. The Panera acquisition is being done through JAB BV, an investment vehicle of both JAB Holding and JAB Consumer Fund.

 

READ MORE: https://www.forbes.com/sites/amyfeldman/2017/04/05/how-ron-shaich-made-nearly-400-million-pretax-and-beat-buffett-along-the-way/#2449aacb485e

 

 

KRISPY KREME OWNER BUYS PANERA BREAD FOR $7.5 BILLION

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( CNN Money ) Talk about carb loading. Sandwich chain Panera has agreed to sell itself to JAB, a German conglomerate that owns Krispy Kreme and the Einstein and Noah bagel chains, for $7.5 billion.

Shares of Panera (PNRA) surged nearly 15% in early trading Wednesday. The stock soared on Monday as rumors surfaced that Panera was in merger talks.

JAB was named as a possible suitor, as were McDonald’s (MCD), Starbucks (SBUX), KFC parent company Yum! (YUM) and Domino’s (DPZ).

…In addition to Krispy Kreme and the Einstein Noah bagel chains, JAB also owns K-cup coffee king Keurig Green Mountain, the Gevalia brand of coffee as well as coffee chains Caribou, Peet’s and Stumptown.

JAB also owns a big stake in a fair number of non-food brands, such as shoe and handbag company Jimmy Choo, beauty products maker Coty and Reckitt Benckiser, the company behind Lysol. Woolite and the Durex brand of condoms.

 

READ MORE: Krispy Kreme owner buys Panera