In The News:
On Friday, Starbucks (SBUX) announced the company will have to raise prices on some of its drinks offered in its US shops along with upping the price of its packaged coffee sold in supermarkets. The announcement comes weeks after J.M Smucker announced it would raise prices for its Folgers and Dunkin Donuts brand for the first time since 2011. The price increase, which ranges from 5 to 20 cents, will take effect on June 24 at Starbucks’ more than 7,100 company-owned U.S. stores. The price increase for some drinks, such as the chains grande brewed coffees, will be the first in almost 4 years.
Don’t despair… not all prices for Starbucks coffee are going up. Some of the chains most popular drinks like their grande latte, tall brewed coffee and Frappuccino will stay the same price in most stores. Shares of Starbucks closed down $ 0.63 on Friday.
We’re Back On…
The French government over the weekend agreed to buy a slice of Alstom, maker of the countries trains and other nifty things, from its leading shareholder, Bouygues. Under the agreement, the government will buy shares held by Bouygues at a discount to their market rate, with a minimum price of €35 ($47.60). The move should clear the way for General Electric (GE) to complete its bid for the company. The French government had warned it wouldn’t sign off on GE’s acquisition of Alstom until it had bought most of Bouygues’s stake in the company. The government’s intent is to become Alstom’s biggest shareholder allowing it to maintain control over the company and helping make decisions like where or in what country jobs would be created and keeping close tabs on politically sensitive technology such as turbines for nuclear plants the company makes.
In The Markets:
Asian markets started the week off mixed despite China’s Purchasing Managers’ Index (PMI) showing expansion for the first time in six months.
European markets closed slightly higher on Friday as investor’s contemplated M&A activity and the ongoing tensions in Iraq.
U.S markets closed out their week with modest gains as investors continued basking in the glow of last week’s Fed meeting. Friday’s gains pushed the S&P 500 and Dow Jones to it’s the latest string of record closings. DJIA: +25.62 16947.08 S&P 500: +3.39 1962.87 NASDAQ: +8.71 4368.04
In Dinner or Drink:
1/4 oz. brandy
3/4 oz. Calvados® brandy
1 dash grenadine syrup
1 dash sugar syrup
1/4 oz. lemon juice
4 oz. Champagne
Shake all ingredients (except champagne) well over ice cubes in a shaker. Strain into a champagne flute, slowly fill with champagne, and serve.
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Word of The Day…
The People’s Bank of China (also known as the PBOC or PBC):
The PBC is the central bank of China, and controls both the regulatory and monetary policy for mainland China. The bank was established on December 1, 1948, and is based in Beijing. The People’s Bank of China has the most financial assets of any single public financial institution.
We apologize for the delay in delivery today mother nature decided we didn’t really need electricity.