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Dillard’s, Inc. Holds Annual Meeting of Shareholders

Sat, 18 May 2013 13:13:43 -0500

Dillard’s, Inc. (NYSE: DDS) (the “Company” or “Dillard’s”) conducted its annual meeting of shareholders today in Little Rock, Arkansas.

Dillard’s Chief Executive Officer, William Dillard, II, provided an overview of the Company’s fiscal year 2012 and first quarter 2013 performances. During the meeting, Mr. Dillard reflected on Dillard’s favorable financial results in the periods discussed and stated that the Company should generate more cash in the near term than is required for operations. He noted the Company will consider uses for the potential excess cash which could include increased dividends and/or share repurchases.

Dillard’s Chief Financial Officer, James Freeman, noted that all director nominees had been elected by a wide majority of shareholders of both Class A and Class B Common Stock outstanding. A final vote count will be provided on Form 8k in the coming days.

Forward-Looking Information

The foregoing contains certain “forward-looking statements” within the definition of federal securities laws. The following are or may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995: statements including (a) words such as “may,” “will,” “could,” “believe,”, “should”, “expect,” “future,” “potential,” “anticipate,” “intend,” “plan,” “estimate,” “continue,” or the negative or other variations thereof, and (b) statements regarding matters that are not historical facts. The Company cautions that forward-looking statements contained in this report are based on estimates, projections, beliefs and assumptions of management and information available to management at the time of such statements and are not guarantees of future performance. The Company disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise. Forward-looking statements of the Company involve risks and uncertainties and are subject to change based on various important factors. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements made by the Company and its management as a result of a number of risks, uncertainties and assumptions. Representative examples of those factors include (without limitation) general retail industry conditions and macro-economic conditions; economic and weather conditions for regions in which the Company’s stores are located and the effect of these factors on the buying patterns of the Company’s customers, including the effect of changes in prices and availability of oil and natural gas; the availability of consumer credit; the impact of competitive pressures in the department store industry and other retail channels including specialty, off-price, discount and Internet retailers; changes in consumer spending patterns, debt levels and their ability to meet credit obligations; changes in legislation, affecting such matters as the cost of employee benefits or credit card income; adequate and stable availability and pricing of materials, production facilities and labor from which the Company sources its merchandise; changes in operating expenses, including employee wages, commission structures and related benefits; system failures or data security breaches; possible future acquisitions of store properties from other department store operators; the continued availability of financing in amounts and at the terms necessary to support the Company’s future business; fluctuations in LIBOR and other base borrowing rates; potential disruption from terrorist activity and the effect on ongoing consumer confidence; epidemic, pandemic or other public health issues; potential disruption of international trade and supply chain efficiencies; world conflict and the possible impact on consumer spending patterns and other economic and demographic changes of similar or dissimilar nature. The Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended February 2, 2013, contain other information on factors that may affect financial results or cause actual results to differ materially from forward-looking statements.

Actis Wunderman’s Anya Sverdlov to Head Internet Jury at IDEA! Festival in Russia

Fri, 17 May 2013 17:58:43 -0500

Anya Sverdlov, managing director, Actis Wunderman, will lead the Internet Jury at the upcoming IDEA! Festival, which runs from May 22-24 in Novosibirsk, Russia. IDEA! is open to agencies and advertisers that are creating advertising campaigns in Russia and the CIS territories. One of the biggest advertising festival’s in Russia, IDEA! has taken place in Novosibirsk since 1997.

“IDEA! is a celebration of ingenuity, creativity and it showcases the impactful advertising that is coming out of Russia at an increasingly rapid rate,” said Sverdlov. “It’s an honor to join with my fellow jurors to help honor the best Russia has to offer, and to help raise the bar for the next wave of Russian marketers.”

Every year more than a thousand entries are submitted from the leading advertising agencies in Russia, Ukraine, Belorussia and Kazakhstan. IDEA! helps “discover” new regional teams and gives agencies the opportunity to increase their creativity ratings. The festival’s results are factored in when calculating creativity ratings of advertising agencies in Russia. IDEA! features an exhibition of works from festival participants and presentations of the best campaigns. The exhibit showcases all submitted entries, including posters, calendars, videos and promotional items. The showcase may be viewed at www.idea.ru.

IDEA! features a rich educational program at the festival, too. A range of seminars and workshops are open to participants, with content covering different aspects of modern technologies, digital and marketing that are taught by the best local and foreign advertising experts and judges.

Official Facebook page: http://www.facebook.com/idea.ru.

About Wunderman

Advertising Age ranks Wunderman as the #1 global digital agency network. Founded by Lester Wunderman in 1958, Wunderman has 170 offices in 60 countries offering Brand Experience, Consumer Engagement, Data & Insights and World Health marketing solutions. Powered by complex analytics and strategic insight, creative content engages the consumer as participant, critic, creator and champion in always-on conversations to propel our clients’ growth. Best Buy, Citibank, Coca-Cola, Ford, Land Rover, Levi's, Microsoft, Nokia, Novartis, Telefonica and leading local and regional brands are among them. Wunderman is a member of WPP (NASDAQ: WPPGY) and part of Young & Rubicam Group. For more information: www.wunderman.com.

US Foods Announces Plans to Seek to Refinance Existing Term Loans

Fri, 17 May 2013 16:28:44 -0500

US Foods today announced plans to seek to refinance all of its existing term loans with a new term loan.

The Company expects that the new term loan will have lower interest rate margins than the existing term loans, and a longer maturity of March 31, 2019. The Company expects that other terms applicable to the new term loan will be similar to those applicable to the existing term loans.

About US Foods

With approximately $22 billion in annual revenue, US Foods is the 10th largest privately held company in America. As one of America’s great food companies and leading distributors, US Foods is Keeping Kitchens Cooking and making life easier for more than 200,000 customers, including independent and multi-unit restaurants, healthcare and hospitality entities, government and educational institutions. The company offers more than 350,000 products, including high-quality, exclusive brands such as the innovative Chef’s Line, a time-saving, chef-inspired line of scratch-quality products, and Rykoff Sexton, a premium line of specialty ingredients sourced from around the world. The company proudly employs approximately 25,000 people in more than 60 locations nationwide. US Foods is headquartered in Rosemont, Ill., and jointly owned by funds managed by Clayton, Dubilier & Rice Inc. and Kohlberg Kravis Roberts & Co. Discover more at www.usfoods.com.

Forward-Looking Statements

In this announcement, the Company’s use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent the Company’s current judgment about possible future events. The Company believes these judgments are reasonable, but these statements are not guarantees of any events or financial results, and the Company’s actual results may differ materially due to a variety of important factors. Among other items, such factors might include: the Company’s ability to remain profitable during times of cost inflation, commodity volatility, and other factors; competition in the industry and the Company’s ability to compete successfully; the Company’s reliance on third-party suppliers, including the impact of any interruption of supplies or increases in product costs; shortages of fuel and increases or volatility in fuel costs; any declines in the consumption of food prepared away from home, including as a result of changes in the economy or other factors affecting consumer confidence; costs and risks associated with labor relations and the availability of qualified labor; any change in the Company’s relationships with GPOs; the Company’s ability to increase sales to independent customers; changes in industry pricing practices; changes in cost structure of competitors; costs and risks associated with government laws and regulations, including environmental, health, and safety, food safety, transportation, labor and employment, laws and regulations, and changes in existing laws or regulations; technology disruptions and the Company’s ability to implement new technologies; product liability claims relating to products that the Company distributes; the Company’s ability to maintain a good reputation; costs and risks associated with litigation; the Company’s ability to manage future expenses and liabilities with respect to the Company’s retirement benefits; the Company’s ability to successfully integrate future acquisitions; the Company’s ability to achieve the benefits that the Company expects to achieve from the Company’s cost savings programs; risks relating to the Company’s indebtedness, including the Company’s substantial amount of debt, the Company’s ability to incur substantially more debt, and increases in interest rates. Additional information regarding these factors is contained in the company’s filings with the Securities and Exchange Commission, including, without limitation, its Registration Statements on Form S-4.

All forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of such statements.

Fifth Third Bancorp to Present at the 2013 Barclays Capital Americas Select Franchise Conference

Fri, 17 May 2013 15:58:43 -0500

Fifth Third Bancorp will present at the 2013 Barclays Capital Americas Select Conference on Wednesday, May 22, 2013 at approximately 11:15 AM BST / 6:15 AM ET.

Daniel T. Poston, executive vice president and chief financial officer will represent Fifth Third. Slides with audio webcast may be viewed live and for approximately 14 days after the conference through the Investor Relations section of www.53.com. Additionally, slides used in the presentation will be made separately available in a printer-friendly format on the Company’s website.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $121 billion in assets and operates 18 affiliates with 1,321 full-service Banking Centers, including 104 Bank Mart® locations open seven days a week inside select grocery stores and 2,426 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 28% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2013, had $318 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB."

Ernst & Young Names Borderfree CEO and President Michael Desimone as Finalist for Entrepreneur of the Year® 2013 in New York

Fri, 17 May 2013 15:58:43 -0500

Borderfree, the market leader in global ecommerce solutions for U.S. retailers, today announced that CEO and President Michael DeSimone has been selected as a finalist in the Ernst & Young Entrepreneur Of The Year^® 2013 program in New York. DeSimone will advance to the next round of the prestigious award program, which recognizes entrepreneurial leaders who have achieved success in growing a business through innovation, philanthropic and social achievements.

DeSimone’s career spans more than 20 years of foreign exchange and cross-border payment expertise. Under his leadership, Borderfree has transformed from a currency-only service to a leading comprehensive global ecommerce platform. Upon becoming CEO of Borderfree (formerly FiftyOne Global Ecommerce) in 2007, Michael quickly decided to leverage the company’s strengths in innovative technology and strong brand recognition in the industry into a pioneering ecommerce solution. Borderfree simplified international ecommerce, bringing global expansion to the forefront of the conversation and making it a strategic imperative for U.S. retailers. Today, Borderfree provides more than 100 of the top U.S. retailers with marketplace solutions essential to success in international ecommcerce and retailng.

"It’s a tremendous honor to be considered for Entrepreneur of the Year alongside so many of New York’s distinguished leaders," says Michael DeSimone, CEO, Borderfree. “This nomination is truly a reflection of our team’s commitment to paving the way for U.S. retailers to expand globally. We are constantly striving for excellence in our strategic direction and the services we provide each of our clients to scale their business and take advantage of the international retail opportunity.”

Now in its 27th year, the Entrepreneur Of The Year Program has expanded globally to recognize company builders in over 140 cities and in more than 50 countries throughout the world.

Regional award winners go on to compete at the national level. Award winners in several national categories, as well as the National Ernst & Young Entrepreneur Of The Year Overall Award winner, will be announced at the annual awards gala in Palm Springs, California, on November 16, 2013. The awards are the culminating event of the Ernst & Young Strategic Growth Forum®, the nation’s most prestigious gathering of high-growth, market-leading companies.

For more information about Borderfree and its award-winning leadership team, visit www.borderfree.com.

About Borderfree

New York City-based Borderfree is the recognized market leader in international ecommerce, operating a technology and services platform that the world’s most iconic brands rely on to expand globally and transact with customers in 103 countries and territories and more than 60 currencies worldwide. Borderfree manages all aspects of international online retailing including: localized pricing and payment processing, landed cost calculation, customs clearance and brokerage, fraud management, logistics orchestration, and customer-experience parity. For more information, visit www.borderfree.com.

Sponsors

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards are nationally sponsored by SAP America and the Ewing Marion Kauffman Foundation.

In New York, local sponsors include Marsh Inc., Merrill Corporation, Goodwin Procter LLP, Empire Valuation Consultants, HSBC, Scherzer International, SolomonEdwardsGroup, Cooley, Murray Devine, DLA Piper, WithumSmith+Brown, Orrick, Herrington & Sutcliffe, and Marks Paneth & Shron.

About Ernst & Young’s Entrepreneur Of The Year®

Ernst & Young’s Entrepreneur Of The Year is the world’s most prestigious business award for entrepreneurs. The unique award recognizes the significant contributions of entrepreneurs who inspire others with their vision, leadership and achievement.

About Ernst & Young LLP’s Strategic Growth Markets practice

Ernst & Young LLP’s Strategic Growth Markets (SGM) practice guides leading high-growth companies. Our multidisciplinary team of elite professionals provides perspective and advice to help our clients accelerate market leadership. SGM delivers assurance, tax, transactions and advisory services to thousands of companies spanning all industries. Ernst & Young is the undisputed leader in taking companies public, advising key government agencies on the issues impacting high-growth companies and convening the experts who shape the business climate. For more information, please visit us at ey.com/us/strategicgrowthmarkets, or follow news on Twitter at EY_Growth.

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

For more information, please visit ey.com.

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

VendScreen Adds Industry Innovator Jim Brinton to Board of Directors

Fri, 17 May 2013 15:43:44 -0500

VendScreen, Inc., inventor of the VendScreen Revolution™ smart device for vending machines, has added new vision to its Board of Directors.

Jim Brinton, former chairman of the National Automatic Merchandiser Association (NAMA), past president and chairman of Unified Strategies Group (USG), president of Evergreen Vending, and CEO of Avanti Markets, joins VendScreen as a member of the Executive Board. Brinton has extensive industry experience from the operator-side and is committed to advancing the industry. “I believe that technology will be what determines the market leaders as our industry moves forward. Evergreen has been an early adopter of the Revolution device and we are rolling this out to all of our machines. Cashless acceptance is very important and loyalty programs and increased user interaction via cell phones, and alternative payment solutions will become more important. The VendScreen platform is built to meet the needs of our consumers now, and will handle our needs going forward,” Brinton stated.

Glenn Butler, founder and CTO, and Brinton are aligned on this vision. Butler commented: “VendScreen Revolution™ is the most exciting product that I have ever worked on. Our goal is to transform the consumer experience to bring consumers back to vending and drive more revenue through existing machines. Jim’s guidance and support will help us meet these goals faster.”

The VendScreen Revolution™ Device

The VendScreen Revolution™ device is powered by Android and 3G wireless technology for seamless over the air updates as the platform evolves. The Revolution device can be easily retrofitted into the cutout slot of most vending machines and provides and interactive 4.3 inch touchscreen accepting standard credit cards and NFC for payment. VendScreen also is fully integrated with VendSys, MEI, and Streamware and manages all nutritional information. The platform enables advertising and promotions that can be directed at the user of the machine, while the machine itself is kept in compliance with nutritional information disclosures.

About VendScreen, Inc.

VendScreen, Inc. is the inventor of the VendScreen Revolution™ smart device, founded by two longtime veterans of the vending machine industry. Glenn Butler, actively working as VendScreen’s Chief Technology Officer, is a serial entrepreneur, having been involved in many startups from the “garage” stage to pre- and post-VC funding. Only two years out of college, he co-founded Streamware Corporation and sold it 10 years later to Crane Co (NYSE: CR). In addition to focusing on VendScreen, Inc., Butler is a contributing editor to Automatic Merchandiser magazine.

For more information, please visit www.vendscreen.com.

VendScreen Revolution is a trademark of VendScreen, Inc.

Accenture to Strengthen Digital Marketing and eCommerce Capabilities with Acquisition of Acquity Group

Fri, 17 May 2013 15:43:44 -0500

Accenture (NYSE: ACN) and Acquity Group Ltd. (NYSE MKT: AQ) have entered into a definitive agreement under which Accenture will acquire Acquity Group, a leading digital marketing and eCommerce company. The acquisition will further strengthen and expand the broad range of digital marketing services that Accenture provides to clients.

Accenture has agreed to pay $13.00 per outstanding American Depositary Share, each of which represents two ordinary shares ($6.50 per ordinary share), or a total of approximately $316 million, in cash for Acquity Group. The acquisition is subject to Acquity Group shareholder approval as well as other customary closing conditions.

Acquity Group provides strategy, digital marketing, and technical services to hundreds of companies to enhance their brand experiences and eCommerce performance. The acquisition will broaden Accenture’s own services in these areas, which the company provides through Accenture Interactive, its group that offers chief marketing officers (CMOs) and brand leaders a comprehensive suite of marketing, technology and analytics solutions to help them improve their marketing performance.

The addition of Acquity Group’s skills and capabilities in eCommerce and leading digital platforms such as Adobe and hybris, supported by Accenture’s industry depth and global delivery capability, will help Accenture Interactive further address the most pressing needs of today’s CMO in the midst of a digital transformation in marketing.

Acquity Group is the second-largest independent digital marketing company in the United States. It has grown rapidly in recent years, with revenues of $141 million for 2012, an increase of 32 percent over 2011. Once the acquisition is complete, Acquity Group’s more than 600 employees are expected to join Accenture Interactive.

“Chief marketing officers and brand leaders are looking for a new type of service provider that can blend the creative process with analytics and enabling technologies to engage consumers and deliver compelling user experiences across channels,” said Brian Whipple, global managing director of Accenture Interactive. “The acquisition of Acquity Group will expand our capabilities in key areas of digital marketing and eCommerce, complementing our strengths in strategy, analytics, scaled technology enablement and marketing operations.”

Chris Dalton, CEO of Acquity Group, said, “As one of the pioneers in eCommerce and digital marketing services, Acquity Group is pleased to be joining forces with Accenture, one of the largest and most successful consulting, technology and outsourcing companies in the world. Our combined expertise will allow us to deliver transformational ebusiness solutions for our clients at scale and attract the best talent in the industry.”

Kirkland & Ellis LLP is acting as Accenture’s legal adviser with regard to the transaction. Goldman Sachs (Asia) L.L.C. is acting as financial adviser to Acquity Group and Shearman & Sterling LLP is acting as its legal adviser with regard to the transaction.

About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with approximately 261,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page is www.accenture.com.

Accenture Interactive helps the world’s leading brands drive superior marketing performance across the full multichannel customer experience. Comprising more than 4,000 Accenture professionals dedicated to serving the marketing function, Accenture Interactive offers integrated, industrialized and industry-driven marketing solutions and services across consulting, technology and outsourcing powered by analytics. Follow @AccentureSocial or visit Accenture Interactive.

About Acquity Group

Acquity Group is a leading global Brand eCommerce® and digital marketing company, creating award-winning digital experiences for global brands. Our multi-disciplinary approach brings together strategy, design, and technology to create unique brand experiences that build firm customer relationships. Acquity Group works with leading brands like Adobe, American Express, General Motors, Grainger, and Tommy Bahama through offices in North America.

Forward-Looking Statements

Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These include, without limitation, risks that: Accenture and Acquity Group will not be able to close the transaction in the time period anticipated, or at all, which is dependent on the parties’ ability to satisfy certain closing conditions; the transaction might not achieve the anticipated benefits for Accenture; Accenture’s and Acquity Group results of operations could be adversely affected by volatile, negative or uncertain economic conditions and the effects of these conditions on Accenture’s and Acquity Group clients’ businesses and levels of business activity; Accenture’s and Acquity Group businesses depend on generating and maintaining ongoing, profitable client demand for Accenture’s and Acquity Group services and solutions, and a significant reduction in such demand could materially affect Accenture’s or Acquity Group’s results of operations; if Accenture or Acquity Group is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, Accenture’s or Acquity Group business, the utilization rate of Accenture’s or Acquity Group’s professionals and Accenture’s or Acquity Group’s results of operations may be materially adversely affected; the markets in which Accenture and Acquity Group compete are highly competitive, and Accenture and Acquity Group might not be able to compete effectively; Accenture or Acquity Group could have liability or Accenture’s or Acquity Group’s reputation could be damaged if Accenture or Acquity Group fails to protect client and/or company data or information systems as obligated by law or contract or if Accenture’s or Acquity Group’s information systems are breached; as a result of Accenture’s geographically diverse operations and its growth strategy to continue geographic expansion, Accenture is more susceptible to certain risks; Accenture’s Global Delivery Network is increasingly concentrated in India and the Philippines, which may expose it to operational risks; Accenture’s and Acquity Group’s results of operations could materially suffer if Accenture and Acquity Group are not able to obtain sufficient pricing to enable it to meet their profitability expectations; if Accenture’s pricing estimates do not accurately anticipate the cost, risk and complexity of Accenture performing its work or third parties upon whom it relies do not meet their commitments, then Accenture’s contracts could have delivery inefficiencies and be unprofitable; Accenture’s work with government clients exposes Accenture to additional risks inherent in the government contracting environment; Accenture’s and Acquity Group’s businesses could be materially adversely affected if Accenture or Acquity Group incurs legal liability in connection with providing its services and solutions; Accenture’s and Acquity Group’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; Accenture’s and Acquity Group’s results of operations and ability to grow could be materially negatively affected if Accenture and Acquity Group cannot adapt and expand its services and solutions in response to ongoing changes in technology and offerings by new entrants; Accenture’s alliance relationships may not be successful or may change, which could adversely affect Accenture’s results of operations; outsourcing services and the continued expansion of Accenture’s other services and solutions into new areas subject Accenture to different operational risks than its consulting and systems integration services; Accenture’s and Acquity Group’s services or solutions could infringe upon the intellectual property rights of others or Accenture and Acquity Group might lose its ability to utilize the intellectual property of others; Accenture and Acquity Group have only a limited ability to protect their intellectual property rights, which may be important to Accenture’s or Acquity Group ‘s success; Accenture’s and Acquity Group’s ability to attract and retain business and employees may depend on their reputations in the marketplace; Accenture might not be successful at identifying, acquiring or integrating businesses or entering into joint ventures; Accenture’s profitability could suffer if its cost-management strategies are unsuccessful, and Accenture may not be able to improve its profitability through improvements to cost-management to the degree it has done in the past; many of Accenture’s contracts include payments that link some of its fees to the attainment of performance or business targets and/or require Accenture to meet specific service levels, which could increase the variability of Accenture’s revenues and impact its margins; changes in Accenture’s or Acquity Group’s level of taxes, and audits, investigations and tax proceedings, or changes in Accenture’s treatment as an Irish company, could have a material adverse effect on Accenture’s or Acquity Group’s results of operations and financial condition; if Accenture is unable to manage the organizational challenges associated with its size, Accenture might be unable to achieve its business objectives; if Accenture or Acquity Group is unable to collect its receivables or unbilled services, Accenture’s or Acquity Group’s results of operations, financial condition and cash flows could be adversely affected; Accenture’s and Acquity Group’s share price and results of operations could fluctuate and be difficult to predict; Accenture’s and Acquity Group’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent annual report on Form 10-K and Acquity Group’s most recent annual report on Form 20-F and other documents filed with or furnished to the Securities and Exchange Commission by Accenture and Acquity Group. Statements in this news release speak only as of the date they were made, and Accenture and Acquity Group undertake no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s or Acquity Group’s expectations.

Net Element International Announces First Quarter 2013 Financial Results

Fri, 17 May 2013 13:13:44 -0500

Net Element International (NASDAQ:NETE), a technology-driven group specializing in electronic commerce and mobile payment processing, today announced financial results for its first-quarter ended March 31, 2013. Net Element International reported first-quarter net revenues of $874,515, which represents a significant increase over net revenues of $74,810 from the same period in the prior year as a result of launching its mobile payment processing business in Russia in the third quarter of 2012. General & Administrative expenses for first-quarter 2013 were $3,068,325 as compared to General & Administrative expenses of $4,017,747 (as restated) one year previously, representing a 23.6 percent improvement. Net loss for the quarter was $3,233,831, or $(0.11) per share, as compared to a net loss of $4,523,996 (as restated), or $(0.24) per share – representing a 28.5 percent improvement over the first quarter last year. Additional information regarding Net Element International’s results of operations for its first-quarter ended March 31, 2013 may be found in Net Element International’s quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commission (SEC) on May 15, 2013 and may be obtained from the SEC’s Internet website at http://www.sec.gov.

Other highlights for the quarter include:

In January, announced a 100 million rubles increase in factoring facility from Alfa Bank;
In March, Net Element International announced an agreement to acquire Unified Payments, a provider of payment services to small and medium size merchants in the United States, recognized by Inc. Magazine as the #1 fastest-growing privately held company in the U.S. in 2012, and the acquisition closed on April 16, 2013;
In March, announced entry into an agreement with NTH AG, which expands the availability of its mobile payments business to 39 more countries.

“We continue to build substantial traction in our business as we focus on monetization of our assets in Russia, United States and strategically selected emerging countries,” said Oleg Firer, CEO of Net Element. “These results illustrate the strong market for mobile payments in the emerging countries, as mobile subscribers increasingly use their mobile devices to pay for content," continued Mr. Firer.

About Net Element International (NASDAQ:NETE)

Net Element International (NASDAQ: NETE) is a global technology-driven group specializing in electronic commerce, mobile payments and transactional services. The company owns and operates a global mobile payments and transaction processing provider, TOT Group, as well as several popular content monetization verticals. Together with its subsidiaries, Net Element International enables ecommerce and content-management companies to monetize their assets in ecommerce and mobile commerce environments. Its global development centers and high-level business relationships in the United States, Russia and Commonwealth of Independent States strategically position the company for continued growth. The company has U.S. headquarters in Miami and international headquarters in Moscow. More information is available at www.netelement.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the extent to which Net Element International's agreement with NTH AG expands Net Element International’s mobile payments business to additional countries where it currently does not derive revenues and whether Net Element International or its business continues to grow. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element International and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: (i) Net Element International’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element International’s ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element International’s ability to successfully expand in existing markets and enter new markets; (iv) Net Element International’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies, including Unified Payments; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element International’s business; (viii) changes in government licensing and regulation that may adversely affect Net Element International’s business; (ix) the risk that changes in consumer behavior could adversely affect Net Element International’s business; (x) Net Element International’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K and the subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element International with the Securities and Exchange Commission. Net Element International anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element International assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.

NET ELEMENT INTERNATIONAL
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
Quarters Ended March 31, 2013 and 2012

	Quarter ended March 31,
	2013			2012 (As Restated)
Net revenues	$	874,515		$	74,810
Costs and expenses:
Cost of revenues		275,466			100,585
General and administrative (includes $0 and $2,661,772 of non cash
compensation for quarters ended March 31, 2013 and 2012, respectively		3,068,325			4,017,747
Provision for loan losses		406,585			-
Depreciation and amortization		43,075			68,663
Total costs and operating expenses		3,793,451			4,186,995
Loss from operations		(2,918,936	)		(4,112,185	)
Interest expense		(250,570	)		(72,674	)
Other expense		(80,541	)		(411,225	)
Loss before income tax provision		(3,250,047	)		(4,596,084	)
Income tax provision		-			-
Net loss from operations		(3,250,047	)		(4,596,084	)
Net loss attributable to the noncontrolling interest		16,216			72,088
Net loss		(3,233,831	)		(4,523,996	)
Foreign currency translation (loss) income		(26,073	)		100
Comprehensive loss	$	(3,259,904	)	$	(4,523,896	)

Net loss per share - basic and diluted	$	(0.11	)	$	(0.24	)

Weighted average number of common shares outstanding - basic and diluted		28,224,893			18,819,814

Source: Net Element

TransCard Congratulates FamZoo, Winner of One of Five 2013 FinovateSpring Best of Show Awards

Fri, 17 May 2013 13:13:44 -0500

TransCard, the leading provider of prepaid products to financial institutions of all sizes, would like to congratulate FamZoo, the winner of one of five 2013 FinovateSpring Best of Show awards. Bill Dwight, CEO and founder of FamZoo, presented its new family banking solution — a uniquely affordable, convenient, and educational prepaid card offering designed for families.

Developed with TransCard’s prepaid platform, the “family pack” of affordable, widely accepted cards are linked together and accessed online through FamZoo’s award-winning family finance management software tools that help parents teach kids good money habits.

“I would like to take this time to congratulate Bill Dwight on creating the best financial management and education platform for families,” says Craig Fuller, CEO of TransCard. “We are excited to be a technology partner, as well as a distribution channel for the product offering. We are already fielding in-bound inquiries from financial institutions that wish to offer FamZoo to their customers."

“We had a great show and experience at FinovateSpring 2013, and FamZoo is grateful for the award and recognition,” says Dwight. “We would like to thank the members of the TransCard team that helped bring this innovative technology to life. Their partnership and support helped make this product offering a reality.”

This is FamZoo’s second win as Best of Show at Finovate. In 2011, FamZoo was awarded at FinovateFall for the debut of its Partner Edition product, which brings co-branded family finance management solutions to banks and credit unions.

TransCard and FamZoo’s new prepaid card solution will be available on FamZoo.com or through partner financial institutions offering TransCard’s co-branded Unlimited Family Banking solution. Financial institutions can learn more about Unlimited Family Banking by visiting http://www.premierpaymentcards.com/unlimited-family-banking.html.

About FinovateSpring

FinovateSpring is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in San Francisco, the event offers an insight-packed glimpse of the future of money via a fast-paced, intimate, and unique format. FinovateSpring is organized by The Finovate Group. For more information on the event or to view videos of previous demos, please visit http://www.finovate.com/spring2013.

About FamZoo

FamZoo’s award-winning online software helps parents teach kids good personal finance habits through real-world, hands-on practice. Parents set up a private, fully customizable “Virtual Family Bank” to manage their children’s earnings, spending, saving, and charitable giving using IOU accounts or optional prepaid card accounts. FamZoo Partner Edition is a co-branded version of FamZoo with a built-in targeted advertising platform that allows financial institutions to deliver superior youth financial education while promoting their brand, expanding their family product offerings, cross-selling related products, and establishing a long-term relationship with their next generation customers. For more information about FamZoo, please visit http://www.famzoo.com.

About TransCard

Chattanooga-based TransCard is the leading provider of prepaid products to financial institutions of all sizes. The company’s platform enables financial institutions of all sizes to grow deposits and fee income, deepen their treasury relationships, expand product offerings to the underserved, and turn unprofitable customers from cost items to contribution items. Financial institutions interested in offering prepaid programs should visit http://corp.transcard.com/ and follow us on Twitter.

Wells Fargo Government and Institutional Banking Names Keith Grundy as Healthcare Leader for Western U.S.

Fri, 17 May 2013 11:58:44 -0500

Wells Fargo (NYSE:WFC) Government and Institutional Banking (GIB) has named Keith Grundy as regional manager and senior vice president of Healthcare Financial Services (HFS) team in the Western U.S. Based in San Francisco, Grundy leads a team of 13 healthcare finance experts who serve Wells Fargo customers in California, Hawaii, Idaho, northern Nevada, Oregon and Washington.

“With more than thirty years of industry experience, Keith has taken the helm of our western operations that serve the nonprofit healthcare industry,” said Jeff Ruehle, head of the HFS group. “His reputation in the financial and healthcare industries made Keith the clear choice to lead this growing team.”

Grundy’s career has focused exclusively on healthcare and nonprofit organizations. Before joining Wells Fargo, he served as a managing director for Hammond Hanlon Camp. Previously, he worked for Shattuck Hammond Partners. He also spent four years serving as the chief financial officer of Lucile Packard Children’s Hospital at Stanford. Grundy began his career in investment banking with John Nuveen & Co. and Dean Witter Reynolds.

Grundy earned a bachelor of science in physics from Stony Brook University in New York and a master’s degree in health administration from Duke University.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

A.M. Best Affirms Ratings of The Hanover Insurance Group, Inc. and Its Subsidiaries

Fri, 17 May 2013 11:13:44 -0500

A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a” of the subsidiaries of the parent holding company, The Hanover Insurance Group, Inc. (THG) [NYSE: THG], collectively referred to as The Hanover Insurance Group Property and Casualty Companies (The Hanover). Additionally, A.M. Best has affirmed the ICR of “bbb” and all existing debt ratings of THG. The outlook for all ratings is stable. The above named companies are headquartered in Worcester, MA. (Please see below for a detailed listing of the companies and ratings.)

The ratings reflect The Hanover’s solid risk-adjusted capitalization, stemming from generally favorable operating earnings in years with milder weather patterns. Despite catastrophes and other weather-related underwriting losses in recent years and periodic dividend payments to THG—with the exception of 2012—The Hanover has somewhat limited the reduction to its surplus base over the past five years through solid net investment income. In addition, the ratings reflect the group’s sound business profile and diversified product offerings, especially in the commercial and specialty segments of its book of business. Further, the subsidiaries of the parent company also benefit from the moderate financial leverage and financial flexibility at THG. Partially offsetting these positive rating factors are The Hanover’s comparatively high underwriting leverage, somewhat elevated—but improving—expense structure and pressure on underwriting results caused by significant weather-related losses, as witnessed especially in 2011 and 2012 when it posted a combined ratio of 106% and 109%, respectively, and net underwriting losses of approximately $573 million over the last two years. However, The Hanover has undertaken measures to counter this trend, including underwriting initiatives such as rate actions and reductions in exposure concentrations.

Although The Hanover’s underlying book of business, excluding catastrophe results, continues to perform reasonably well, negative rating pressure could result from a continued deterioration in overall underwriting performance (which includes catastrophe and other weather-related losses) and/or a decline in overall risk-adjusted capitalization levels.

A restoration of positive underwriting performance and favorable operating performance coupled with increased levels of risk-adjusted capitalization that is sustained over a period of time could result in potential future positive movement in the ratings.

In July 2011, THG acquired Chaucer Holdings PLC (Chaucer) (United Kingdom), a leading specialist insurance group and the holding company of Syndicate 1084’s managing agent, Chaucer Syndicates Limited, which has further diversified the organization’s book of business both in terms of product offerings and geographic spread. The acquisition of Chaucer also has given THG a global platform with which to create marketing and cross-selling opportunities for its entire range of businesses, which is well balanced between personal, commercial and specialty lines. THG benefited from this diversification in 2012 as The Hanover’s negative operating results during the past year were offset by Chaucer’s favorable results, allowing THG to post positive pre-tax earnings for the year.

The FSR of A (Excellent) and ICRs of “a” have been affirmed for the following subsidiaries of The Hanover Insurance Group, Inc.:

AIX Specialty Insurance Company
Allmerica Financial Alliance Insurance Company
Allmerica Financial Benefit Insurance Company
Campmed Casualty & Indemnity Company, Inc.
Citizens Insurance Company of America
Citizens Insurance Company of Ohio
Citizens Insurance Company of the Midwest
Citizens Insurance Company of Illinois
The Hanover American Insurance Company
The Hanover Insurance Company
The Hanover Lloyd’s Insurance Company
The Hanover New Jersey Insurance Company
Massachusetts Bay Insurance Company
NOVA Casualty Company
Professionals Direct Insurance Company
Verlan Fire Insurance Company

The following debt ratings have been affirmed:

The Hanover Insurance Group, Inc.—

-- “bbb” on $200 million 7.5% senior unsecured fixed rate notes, due 2020

-- “bbb” on $300 million 6.375% senior unsecured fixed rate notes, due 2021

-- “bbb” on $199.5 million 7.625% senior unsecured debentures, due 2025 (of which $120.9 million remains outstanding)

-- “bb+” on $166 million 8.207% subordinated deferrable debentures, due 2027 (of which $59.7 million remains outstanding)

-- “bb+” on $175 million 6.350% subordinated debentures, due 2053

The following indicative ratings under the shelf registration have been affirmed:

The Hanover Insurance Group, Inc.—

-- “bbb” on senior unsecured debt

-- “bb+” on subordinated debt

-- “bb+” on preferred stock

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Groupon and National Restaurant Association Offer Best Practices for Daily Deal Success

Fri, 17 May 2013 11:13:44 -0500

Based on polling more than 500 restaurant decision makers, including 152 who have participated in daily deal campaigns, and taking into consideration what prior research has shown, Groupon (NASDAQ: GRPN) and the National Restaurant Association are providing restaurateurs with some of the top tactics for success with daily deal marketing campaigns.

Groupon and the National Restaurant Association are providing restaurateurs with best practices to help ensure daily deal success (Photo: Business Wire)

Research shows that best practices for restaurateurs to help ensure daily deal success include:

Prepare staff to focus on customer service, look for upsell opportunities and track offer redemption
Schedule daily deal timing based on business needs and seasonality
Estimate and understand the promotion’s impact on profitability
Measure success by using free tools provided by daily deal company
Encourage repeat visitors with a customer loyalty program

Results from the recent online survey conducted by Ipsos MediaCT showed restaurateurs who had successful daily deal experiences stood out as experimental marketers that use a variety of different channels and tactics to drive customer acquisition and retention:

94 percent engage with customers via social media (vs. 75 percent of non-daily deal users)
77 percent have run more than one daily deal
73 percent connect with customers via email (vs. 59 percent of non-daily deal users)
79 percent monitor online review sites to see what others are saying about their business (vs. 68 percent of non-daily deal users)
71 percent have promoted their business with traditional newspaper and magazine ads (vs. 58 percent of non-daily deal users)

“Daily deals remain a very popular form of marketing for our members, and these are some important steps restaurateurs can take to help ensure a greater return on their investment,” said Julia Kanouse, VP, Strategic Marketing, National Restaurant Association.

“This study reveals how daily deals and the analytical tools that Groupon provides have become a powerful and measurable part of an active restaurateur’s marketing mix,” said Sanjay Gupta, VP, Merchant Marketing, Groupon.

Groupon and the National Restaurant Association have an ongoing partnership to provide restaurateurs with educational content and important marketing resources to help their businesses grow. This content will reside on www.grouponworks.com and http://www.restaurant.org.

The survey of 513 restaurant decision-makers was conducted by Ipsos MediaCT between February – March 2013 and was commissioned by Groupon. The data shown here focuses primarily on the total restaurateur daily deals users subgroup of n=152 and restaurateurs that were successful with daily deals n=78. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error. Additional research includes the Groupon Merchant Satisfaction Study run continuously by ForeSee.

About National Restaurant Association

Founded in 1919, the National Restaurant Association is the leading business association for the restaurant industry, which comprises 980,000 restaurant and foodservice outlets and a workforce of more than 13 million employees. We represent the industry in Washington, D.C., and advocate on its behalf. We operate the industry's largest trade show (NRA Show May 18-21, 2013, in Chicago); leading food safety training and certification program (ServSafe); unique career-building high school program (the NRAEF's ProStart); as well as the Kids LiveWell program promoting healthful kids' menu options. For more information, visit Restaurant.org and find us on Twitter @WeRRestaurants, Facebook and YouTube.

About Groupon

Groupon (NASDAQ: GRPN) is a global leader in local commerce, making it easy for people around the world to search and discover great businesses at unbeatable prices. Groupon is reinventing the traditional small business world by providing merchants with a suite of products and services, including customizable deals, payments processing capabilities and point-of-sale solutions to help them attract more customers and run their operations more effectively. By leveraging the company’s global relationships and scale, Groupon offers consumers incredible deals on the best stuff to eat, see, do, and buy in 48 countries. With Groupon, shoppers discover the best a city has to offer with Groupon Local, enjoy vacations with Groupon Getaways, and find a curated selection of electronics, fashion, home furnishings and more with Groupon Goods. To subscribe to Groupon emails, visit www.Groupon.com. To learn more about the company’s merchant solutions and how to work with Groupon, visit www.GrouponWorks.com.

Groupon will be at the National Restaurant Association Show May 18–21.

Let us know if you'll be there, too. We'd love to meet you at booth #9510.

Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130517005623/en/

JPMorgan Chase & Co. Declares Quarterly Coupon on Alerian MLP Index ETN

Fri, 17 May 2013 11:13:44 -0500

JPMorgan Chase & Co. announced today the quarterly coupon amount for the Alerian MLP Index ETN (NYSE Arca: AMJ). The table below summarizes the coupon amount for the Alerian MLP Index ETN (the “Notes”).

NYSE

Arca

Ticker

Registered

Issue Name

Declaration
Date

Ex-Date

Record

Date

Payment

Date

Coupon

Amount¹

per Note

Current

Yield²

AMJ

Alerian MLP

Index ETN

May 17,

2013

May 24,

2013

May 29,

2013

June 6,

2013

$0.5378

4.59%

The Notes are subject to a maximum issuance limitation of 129,000,000 Notes, which may cause the Notes to trade at a premium relative to the indicative note value. Investors that pay a premium for the Notes could incur significant losses if that investor sells its notes at a time when some or all of the premium is no longer present.

1) As defined in Amendment No. 6 to Reopening pricing supplement no. 1, dated June 14, 2012 for the Notes.

2) “Current Yield” equals the current Coupon Amount annualized and divided by the closing price of the Notes on May 16, 2013, and rounded to two decimal places for ease of analysis. The Current Yield is not indicative of future coupon payments, if any, on the Notes.

The Notes are senior, unsecured obligations of JPMorgan Chase & Co.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Investment suitability must be determined individually for each investor, and the Notes may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice.

Investors should consult with their own advisors as to these matters.

JPMorgan Chase & Co. has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates.

Before you invest, you should read the prospectus in that registration statement and the other documents relating to this offering that JPMorgan Chase & Co. has filed with the SEC for more complete information about JPMorgan Chase & Co. and this offering.

You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, JPMorganChase & Co., any agent or any dealer participating in this offering will arrange to send you the prospectus, the prospectus supplement, the product supplement and the pricing supplement if you so request by calling toll-free 800-576-3529.

Bloomberg Appoints Samuel Palmisano as Independent Adviser

Fri, 17 May 2013 10:43:44 -0500

Bloomberg LP announced today the appointment of Samuel J. Palmisano, the former Chairman and CEO of IBM, to serve as an independent adviser regarding the Company’s privacy and data standards.

Mr. Palmisano will immediately undertake a review of the Company’s current practices and policies for client data and end user information, including a review of access issues recently raised by the Company’s clients. In addition, Mr. Palmisano will make recommendations and advise on the implementation of any enhancements to these practices and policies, including the independent verification of the Company’s systems and procedures. Mr. Palmisano will report to Bloomberg’s Board of Directors.

To assist Mr. Palmisano and the Company in the review of data and privacy issues, the formulation of recommendations, and the implementation of any recommended enhancements, the Board has hired Hogan Lovells and the Promontory Financial Group. Additional expertise will be retained as necessary.

Daniel L. Doctoroff, Bloomberg CEO and President, said, “Nothing is more important than our clients’ trust. When a client brought these matters to our attention, we apologized for our mistake and took immediate action including the appointment of an internal Client Data Compliance Officer. We want, however, to go even further and get the benefit of independent leading experts so that we set the new standard for privacy and data security. This review will be completed expeditiously, thoughtfully and thoroughly.”

In addition, Bloomberg announced that Clark Hoyt, Editor-at-Large at Bloomberg News until today and formerly the public editor of the New York Times, will conduct a review of Bloomberg News’ relationship with the Company’s commercial operations, including privacy and data policies. He will make recommendations stemming from that review. All necessary resources will be made available to Mr. Hoyt, who will report to Mr. Doctoroff.

“We are committed to getting the best possible advice from experts with impeccable reputations in their respective fields,” said Peter T. Grauer, Chairman of Bloomberg. "Sam Palmisano is an expert at understanding issues related to technology and data use, having led the transition at IBM from computers to helping customers use technology to solve business challenges. Clark Hoyt is a great journalist and an impartial critic. His experience as the Times' public editor and his understanding of Bloomberg will serve us well. We are going to engage with our clients and other constituents in this process to ensure we’ve incorporated their advice.”

About Samuel J. Palmisano

Sam Palmisano is the former CEO of IBM, where he served until January 2012. He also served as Chairman of the company until September, 2012. He was promoted to CEO in March 2002 and named Chairman effective January 1, 2003. Under his leadership, IBM achieved record financial performance, transformed itself into a globally integrated enterprise and introduced its Smarter Planet agenda. He serves on the boards of ExxonMobil and American Express. He also serves on the Board of Bloomberg Philanthropies.

About Clark Hoyt

Prior to this appointment, Mr. Hoyt was an Editor-at-large at Bloomberg News. Before joining Bloomberg in 2010, Mr. Hoyt was public editor, or ombudsman, of The New York Times for three years. Prior to that he had worked for 38 years at Knight Ridder Newspapers in a variety of reporting and editing positions, including national correspondent in Washington, business editor of the Detroit Free Press, Washington bureau chief and vice president of news, its chief news officer. Mr. Hoyt shared the Pulitzer Prize for national reporting with Robert S. Boyd.

About Promontory Financial Group

Promontory is a leading strategy, risk management, privacy, data security and regulatory compliance consulting firm focusing primarily on the financial services industry. Led by Founder and CEO, Eugene A. Ludwig, former U.S. Comptroller of the Currency, Promontory professionals have deep and varied expertise in data and privacy. From fifteen offices in North America, Europe, Asia, Australia, and the Middle East, professionals assist clients in more than 50 countries on six continents. Promontory's affiliates complement its global strengths by providing compliance technology, reporting, financing, and funding solutions.

About Hogan Lovells

Hogan Lovells is a global legal practice that helps corporations, financial institutions, and governmental entities across the spectrum of their critical business and legal issues globally and locally. The firm has over 2,500 lawyers operating out of more than 40 offices in the United States, Europe, Latin America, the Middle East, and Asia. Hogan Lovells has one of the largest and most experienced Privacy and Information Management practices in the world, spanning the United States, the European Union, and Asia.

About Bloomberg LP

Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength -- delivering data, news and analytics through innovative technology, quickly and accurately -- is at the core of the Bloomberg Professional® service, which provides real time financial information to more than 315,000 subscribers globally. Bloomberg’s enterprise solutions build on the company’s core strength, leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively.

A.M. Best Withdraws Ratings of Household Life Insurance Company and Its Affiliates

Fri, 17 May 2013 10:28:44 -0500

A.M. Best Co. has affirmed the financial strength rating of B++ (Good) and the issuer credit ratings of “bbb+” of Household Life Insurance Company (Household Life) (Detroit, MI) its direct subsidiary, First Central National Life Insurance Company of New York (First Central) (New York, NY), and its property/casualty affiliate, HSBC Insurance Company of Delaware (HSBC DE) (New Castle, DE). The outlook for all ratings is stable. Concurrently, A.M. Best has withdrawn the ratings of all three companies in response to management’s request to no longer participate in A.M. Best’s interactive rating process.

On March 31, 2013, Enstar Group Limited (Enstar) (NASDAQ: ESGR) (Bermuda) completed the acquisition of the U.S. and Canadian closed-life insurance operations from HSBC Holdings plc. Enstar specializes in acquiring and managing insurance and reinsurance companies in run off.

The ratings of Household Life and First Central reflect their adequate risk-adjusted capitalization despite large stockholder dividends in recent periods and historically favorable operating results, particularly within their core credit life and accident and health lines of business. A.M. Best notes that Household Life reported substantial operating losses in 2012 due mainly to costs associated with exiting its term insurance business as well as reserve increases in this product line.

The ratings of HSBC DE recognize its sound risk-adjusted capitalization and historically strong underwriting and operating performance. In March 2013, HSBC DE received a capital contribution from its former parent that increased policyholders’ surplus from $2.1 million at year-end 2012 to over $10 million as of March 31, 2013.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.