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  • 7 Billionaires and Their Cars That Will Surprise You

    7 Billionaires and Their Cars That Will Surprise You

    Oftentimes, billionaires and the filthy rich focus on how luxurious and comfortable their transit to the workplace and other destinations is. And sometimes it becomes a statement of one’s success level and public image to the outside world. Billionaires and their cars can be inseparable.

    But that’s not the case with every billionaire. Some of them continue to drive cars that don’t reflect their true status and cost way below their means.

    They use their car for travelling from point A to B without much fuss or trying to impress others. Check out this list of seven well-known billionaires and the cars that don’t reflect their true status.

    1. Jeff Bezos

    The world’s richest person and CEO of e-commerce giant, Amazon with a net worth of around $128 billion, prefers to move around in a very simple and old car. He drives a 1996 Honda Accord model, which in today’s date would have cost around $4,000.

     Source: Wikimedia Commons

    2. Steve Ballmer

    Former CEO of Microsoft with a net worth of around $40 billion, Ballmer is a hardcore loyalist of Ford vehicles, the company in which his father worked. He drives a Ford Fusion Hybrid priced around $25,000 for his daily commute.

    He got his car during his stint with Microsoft from Ford CEO Alan Mullaly to celebrate the production of the millionth car based on SYNC, Microsoft’s infotainment system.

    Source: Wikimedia Commons

    3. Jack Ma

    The self-made billionaire and founder of Chinese internet giant, Alibaba also rides in his fairly priced mid-size SUV Roewe RX5 from SAIC, priced around $25,000.

    The car was jointly developed by Alibaba and SAIC and termed as Internet car which refers to the Internet of Things. Alibaba was responsible for developing the car’s operating system and infotainment system.

    Source: Wikipedia Commons

    4. Mark Zuckerberg

    Founder and CEO of Facebook and the sixth richest person leads a frugal life and avoids spending much on his clothes, cars, and travelling. His personal collection of cars include a black Acura TSX, Volkswagon GTI, and a Honda Fit, all under the price tag of $30,000.

    Source: Wikimedia Commons

    5. Warren Buffet

    The CEO of Berkshire Hathway and a successful investor, with a total net worth of $80 billion rides in his 2014 Cadillac XTS model priced at $55,000. He purchased this car after General Motors CEO, Mary Barra, convinced him to upgrade from his Cadillac DTS, which he had purchased in 2006.

    He auctioned his previous car for a charity, in which he fetched $122,500 to support Girls Incorporation. Warren Buffet has pledged a majority of his fortune to charity in last 10 years, his total contribution to charitable organizations stands at $27.5 billion.

    6. Jim Walton

    The youngest son of Walmart founder, Sam Walton, and Chairman of Arvest Bank, Jim Walton has a total net worth of $47.1 billion. The combined wealth of Walmart heirs is more than that of Bill Gates and Warren Buffet.

    Despite all his wealth, he chooses to lead a pretty modest life. One of his favourite rides includes a Dodge Dakota, a mid-size pickup truck priced around $8,845 (the base model).

    Source: Wikipedia

    7. Michael Bloomberg

    CEO of Bloomberg, the company he co-founded in 1971, Michael Bloomberg has a net worth of $45 billion. He retains almost an 88% stake in his company and is a major philanthropist who has donated around $5 billion to various social causes. His car of daily commute is Chevloret Suburban, which costs around $40,000.

    Source: Wikimedia Commons

    These humble billionaires truly show how focused they are on creating value for their stakeholders rather than splurging wealth on maintaining own luxurious lifestyles–well, vehicles at least.

    Featured image from Shutterstock.

  • New Apple MacBook Air Is the Greenest Apple Ever

    New Apple MacBook Air Is the Greenest Apple Ever

    The new Apple MacBook Air has just been launched and is supposedly the ‘greenest’ Apple in the company’s history. When an Apple dropped, it used to be something in relation to Isaac Newton’s laws of gravity, but not in this day and age.

    Apple has launched their new MacBook Air, new Mac Mini and iPad Pro in Brooklyn, New York. The Silicon Valley company is pulling out the stops in the run-up to the Christmas festive season with the launch and revamp of some top-notch products.

    Introducing the New Apple MacBook Air

    The new Apple MacBook Air is being lauded as the greenest Apple in history, using “100% recycled aluminum” that gives the product a lighter body and a thinner exterior. This is the first significant MacBook upgrade since 2015. Alongside the sleeker appearance, the product has a new 13.3-inch Retina Display.

    MacBook-Air-Retina-Display-10302018_inline.jpg.large

    The elegant MacBook Air laptop has a myriad of new features such as an Apple Touch ID fingerprint scanner, a new butterfly keyboard, a FaceTime HD camera, a Force Touch trackpad and 2x Thunderbolt 3 ports that will aid greater connectivity.

    These features will complement other upgrades that include macOS Mojave with its Dark Mode and lots of newly designed apps in the Mac App Store.

    Here is a list of the specs of the new Apple MacBook Air:

    • 8th-gen Intel dual-core i5 processor
    • 8GB or 16GB 2,133MHz memory
    • 128GB, 256GB, 512GB or 1.5TB SSD
    • 13.3-inch 2560×1600-pixel resolution display
    • 802.11ac Wi-Fi, Bluetooth 4.2

    The Launch of the New Mini Mac & iPad Pro

    When it comes to Apple’s smallest desktop, the Mini Mac is being updated for the first time since 2014. The new update includes 4 and 6-core Intel processors, 4x Thunderbolt ports that bring the product up to speed, and 68GB of RAM.

    MacBook-Air-Touch-ID-screen-10302018_inline.jpg.large

    The iPad Pro has also been waiting since 2015 to get an update, which is now happening. The upgraded iPad Pro enjoys a new all-screen display and is 11-inches in size, which pretty much has a similar body to the earlier 10.5-inch version.

    The tablet has the Apple Face ID recognition system, USB-C ports and a cool new Apple Pencil that is ideal for those budding artists amongst us. It also comes with an A12x Bionic Chip which is apparently 90% quicker than the previous version and supposedly 92% quicker than all the mobile PCs sold last year.

    Where and How to Buy the New MacBook Air

    Prices for the new MacBook Air start from $1,199 and can be ordered directly from Apple’s official website. However, you will not be able to buy one at Apple Authorized Resellers and Apple Stores until November 7.

    If you are looking to obtain the new graphics configurations for the MacBook Pro, they will also be available from the official website, Apple stores, and Apple Authorized Resellers on November 14.

  • Sony Reports $2 Billion in Q2 Profits Fuelled By Growth in Gaming Revenue

    Sony Reports $2 Billion in Q2 Profits Fuelled By Growth in Gaming Revenue

    Sony has reported record Q2 profits of $2.1 billion this week off the back of a 27% increase in its gaming revenue and the success of the Sony PlayStation.

    PlayStation has delivered $4.9 billion in console sales for Sony, with an operating profit for the PlayStation business alone of $800 million. The popular gaming consoles figures are up 65% year-on-year.

    A total of 86 million PS4 consoles have sold to date including 3.9 billion of the machines in Q2 illustrating the excellent performance of the latest PlayStation Model. According to reports, total sales of the PS3 were 80 million in 2013. Total sales for the first PlayStation model were 102 million.

    For recently released game titles, both “God of War” and “Spider-Man” sold over 3 million copies in their first three days after release.

    Sony’s other business areas are also delivering for the $60 billion company. Its financial services division and second-largest source of revenue, founded in 2004, offers life insurance and payments services. This side of Sony’s business also delivered a 27% rise in revenue.

    Sony’s Semiconductor Solutions Corporation builds imaging and sensing technology, it too delivered a revenue increase of 11%.

    Letting Sony down recently is Sony Mobile Communications where revenue fell 32% and losses reached $265 million for Q2.

    Sony’s Acquisition of EMI Music Publishing

    In May 2018, Sony announced a $2.3 billion deal to increase its stake in the world’s largest music publisher EMI which is thriving on new revenue from streaming services. Speaking at the time Sony CEO Kenichiro Yoshida said:

    “This investment in content intellectual property is a key stepping stone for our long-term growth.”

    In the deal, Sony’s 39.8% share in EMI Music Publishing increases to full control with its acquisition of both Mubadala Investment Company’s equity and the Michael Jackson Estate’s stake in EMI. The takeover of EMI was approved by the European Commission late this October, leaving Sony to reap the benefits.

    The company is confident on its overall results for 2018, with the inclusion of revenue from EMI, raising its operating profit forecast for the year to $7.7 billion and exceeding its original goal by 30%. Delivering on Sony’s year-end ambitions would deliver the company a record annual profit figure.

    Sony follows HSBC this week in reporting growth for 2018. HSBC’s Q3 earnings were also up 28% on Q3 2017.

    Featured image from Shutterstock.

  • Facebook Shares Dip and Rally in After-Hours Trading

    Facebook Shares Dip and Rally in After-Hours Trading

    Facebook shares went on a rollercoaster ride in after-hours trading on Tuesday, following a mixed third-quarter earnings report. However, amidst a barrage of criticism, dwindling stock over the last couple of weeks, and fleeing users, Facebook yesterday announced strong earnings, but a less-than-expected revenue and lower daily active and monthly users. The tech company also advised investors of increased expenses for the year ahead.

    Data scandals and election skewing accusations aside, some 2.6 billion people around the world still use the company’s apps each month. And they own quite a lot of things, so if you thought you were boycotting Facebook by taking a hiatus, you’re probably still using WhatsApp, Instagram, or Messenger (some 2 billion people use these every day).

    Low on Revenue and Active Users

    The Q3 report came up short on revenue and had lower daily and monthly active users than expected this quarter. The company’s earnings per share exceeded all analysts expectations, however, as they announced the results after the closing bell on Tuesday.

    Here are the stats:

    • Earnings per share (EPS): $1.76 vs $1.47 estimated (Refinitv)
    • Revenue: $13.73 billion vs. $13.78 billion estimated (Refinitiv)
    • Daily active users (DAUs): 1.49 billion vs. 1.51 billion estimated (FactSet and StreetAccount)
    • Monthly active users (MAUs): 2.27 billion vs. 2.29 billion estimated (FactSet and StreetAccount)
    • Average revenue per user: $6.09 vs. $6.09 estimated, per 2.29 billion (Street Account)

    Mixed Reports Sent Facebook Shares on a Wild Ride After-Hours

    After the report was announced, shares fell by as much as 6% before rebounding to up by 5% and finally settling by up almost 3% as investors took in the report and Facebook CEO’s comments on future growth.

    Facebook Shares
    Facebook Shares After Hours Tuesday

    He said in a statement:

    “Our community and business continue to grow quickly, and now more than 2 billion people use at least one of our services every day… We’re building the best services for private messaging and stories, and there are huge opportunities ahead in video and commerce as well.”

    The company also stated that headcount had increased by a massive 45%, but that costs had also rocketed by 53% due to considerable investment in Facebook stories that has lower advertising rates than its original model. Moreover, compliance with the EU’s GDPR had also cost the company.

    Still Better than Expected

    After the highly publicized security breach leaving more than 30 million user accounts vulnerable, the Facebook report was expected to sink like a stone with investors. But it didn’t show as much of a slowdown as projected.

    Zuckerberg recognized that protecting user data was a challenge but that the company expected to have it figured out by the end of next year. And also that major growth opportunities were to be had for the company in 2019 and beyond.

    Featured image from Shutterstock.

  • The Truth About the Pittsburgh Shooting – Freedom of Speech Reminds Us What We Don’t Want to Hear

    The Truth About the Pittsburgh Shooting – Freedom of Speech Reminds Us What We Don’t Want to Hear

    For the most part of my life, I’ve been blanketly in favor of freedom of speech. Growing up in my formative years in Saudi Arabia, a country in which women have no voice, and later witnessing the sweeping injustices between rich and poor while working in Latin America, I became somewhat of a champion for it.

    But over the last couple of years, I’ve realized that I’m not as in favor of freedom of speech as I thought I was. Which means I’m only really in favor of selective freedom of speech–which means, like so many of us, I’m not really in favor of freedom of speech at all.

    Selective Freedom of Speech

    I want to hear from those who’ve been repressed or suffered atrocities, from women who’ve been molested, or ethnic minorities who’ve been sidelined. I want to listen to the eccentric opinions of journalists and conspiracy theorists and make up my own mind about whether Neil Armstrong stood on the moon or 9/11 was ordered by Bush.

    What I don’t want to be reminded of is the glaring reality that giving people a voice also means having to accept that we don’t like what they have to say.

    It’s very easy to sit in an educated position and insist that people should be given a voice–until they use it and unleash an unholy trail of chaos and destruction.

    Let’s take 2016 for our first example. Would any proponent of free speech and civil liberties have imagined in their wildest dreams that the British public would lose control of all their senses and use their collective voice to vote out of the European Union? Or that the majority of Americans would say yes to having a misogynistic reality TV star in the White House?

    2016 was a year that shook even the staunchest supporters of freedom of speech to the core. They started to realize that they didn’t want to hear what their neighbors and colleagues had to say after all. They began to understand exactly how powerful words really are.

    We Might Not Like What People Have to Say

    Then there are social media platforms like Gab offering freedom of speech for those who may have been banned from socially acceptable sites like Facebook or Twitter. In these breeding grounds of racial hate and intolerance, everyday people can have a space to say what they want.

    GAB

    They can share in their mutual support of Trump and his travel ban. They can philosophize on nationalistic tendencies and they can spit their fiery rhetoric of white supremacy without being censored. And everyone’s happy. Until those words turn into a mass shooting in a synagogue.

    Like everything else in life, one might argue that freedom of speech is not black and white. But I have to disagree. It is absolutely black and white and you must come down on one side of the fence or the other. There’s no such thing as sitting in the middle. You are either for it or against, whether you like the implications of that or not.

    If you decide to throw yourself under the banner of freedom of speech, then under the banner you must be. You can’t pick and choose when to withdraw your support if you don’t like what people say–when the realization hits you that most of the world is xenophobic, racist, ignorant, undereducated, and resentful.

    Tech Companies’ Reactions to Gab

    So after the news emerged that the killer of the Pittsburgh shooting was a user of Gab, tech companies like PayPal, GoDaddy, and Stripe responded “appropriately” by threatening to withdraw their services. But they’re missing the point entirely.

    Freedom of speech has consequences. Freedom of speech is absolute. Not selective. And if we are to condone and even market it as a good thing, we must be prepared to accept that it may end up in the killing of 11 people in a synagogue.

    Gab has been thrust into the spotlight for failing to do enough to prevent the crime from happening. For failing to censor its users or curtail their right to post what they want. In short, for keeping their promise of defending freedom of expression.

    The Pittsburgh killer Rober Bowers was able to feature images of guns and white supremacist iconography, and even post anti-Semitic threats on the site just hours before the shooting. And while Gab said in a statement afterward:

    “Gab unequivocally disavows and condemns all acts of terrorism and violence”

    This only seems at odds with the whole purpose of freedom of speech in the first place and the truth that most of us simply don’t want to be reminded about. That we are not, in fact, the defenders of freedom of speech that we thought we were.

    And in fact, we need some kind of monitoring by a central authority whether it be a Facebook bot or a federal agency because the sad truth is that human beings are capable of things that most of us simply don’t want to hear about.

    Featured image from Manila Bulletin.

  • Target to Close Six Stores in February 2019

    Target to Close Six Stores in February 2019

    Target Corporation, US-based department store, is planning to close six stores in February 2019, as reported by Minneapolis/St. Paul Business Journal today. Earlier this year, Target closed 12 stores in Minnesota, Fergus Falls, and Hastings, among others, as part of their announcement in 2017.

    Two of these stores are located in Chicago, while the rest are located in Greenfield, Brooklyn Center, Commack, and Cordova. With almost 120 employees in Brooklyn Center, Target plans to offer jobs in other stores to the existing employees. The company will also offer severance packages to some employees in case they have to let them go.

    Target said that the decision was made after ‘decreasing profitability’ was observed in these stores. The company had even upgraded some of these stores and added new retail categories.

    Erin Conroy, Public Relations Senior Manager, said that even though it is a difficult task, the company performs such analyses every year. In this way, they keep their:

    “store portfolio healthy and ensure it’s always a small number”

    While the store in Brooklyn Center was opened in 1986, the two stores in Chicago were opened in 2002 and 2008. Now, only three stores are left in Chicago.

    Despite this news, Target has announced that it will open 30 small stores near colleges and urban areas. While an average Target store is around 120,000 square feet, the new stores will be 50,000 square feet in size in order to attract millennial customers.

    A Tug of War Between Target and Walmart

    One of the stores which is closing in the next year is located close to retail company Walmart. These companies are often competing against each other in order to entertain more customers. However, they decided to stand against Amazon as well by offering free two-day shipping this holiday season.

    The two retail stores often collaborate with celebrities to promote their brands. From The Oscars to The Grammys, they have appeared on TV screens in front of millions of people.

    Currently, Walmart’s stock has increased by 1.99% and has soared past $100, while Target’s stock is set at $86.12 with a 2.44% increase in the past 24 hours.

    Featured image from Shutterstock.

  • US Limits Exports to Chinese Semiconductors Firm Fujian Jinhua

    US Limits Exports to Chinese Semiconductors Firm Fujian Jinhua

    In a move that could escalate its trade war with China, the US has put in plans to restrict exports to a state-backed Chinese company Fujian Jinhua that makes semiconductors. The move could add further strain to a bilateral relationship which has seen a standoff between both countries on trade and market access.

    In a statement released by the US Commerce Department, the agency said that the Fujian Jinhua Integrated Circuit Company will require a special license before it can procure components from American manufacturers.

    The statement from the agency reads in part:

    “The Department of Commerce has taken action to restrict exports to Fujian Jinhua Integrated Circuit Company, Ltd. [Jinhua] by adding them to the Entity List [Supplement No. 4 to Part 744 of the Export Administration Regulations (EAR)], because Jinhua poses a significant risk of becoming involved in activities that are contrary to the national security interests of the United States.”

    Speaking on the ban, Commerce Secretary Wilbur Ross stated:

    “When a foreign company engages in activity contrary to our national security interests, we will take strong action to protect our national security.”

    According to Ross, the ban on Fujian Jinhua will limit the firm’s ability to threaten the supply chain for components used in America’s military systems.

    Fujian Jinhua Is a Security Risk

    The agency went on further to state that Fujian Jinhua poses a security risk as it could flood the market with cheaper semiconductors made by American companies that supply the US military.

    If this happens, American manufacturers for that component might go out of business and it could lead to the military sourcing components from abroad for items that should be procured within the country.

    This move by the Commerce Department comes on the heels of a federal lawsuit filed by Idaho based Micron Technology, against Fujian Jinhua, accusing the Beijing-based company of stealing its trade secrets last December.

    Fujian Jinhua fired back with its own countersuit in a Chinese court in January. The US government had also put a ban on Chinese smartphone manufacturer ZTE, accusing the tech company of deceiving American officials, by claiming to have punished employees who flouted US sanctions against Iran and North Korea. The ban was finally lifted after ZTE agreed to put in more oversight measures and pay a $1-billion fine.

    Fujian Jinhua is an advanced chip manufacturing enterprise that has state backing from the provincial government where it’s located. According to state media, the chip manufacturing company is currently building a $5.7 billion chip factory in the province.

    Featured image from Shutterstock. 

  • E-Scooter Craze Ramps Up a Gear as Unu Raises $12 Million in Funding

    E-Scooter Craze Ramps Up a Gear as Unu Raises $12 Million in Funding

    Forget about electric cars. Cumbersome vehicles that take forever to charge are no help when it comes to finding a parking space. E-scooters are speeding ahead as the next revolution in intra-city commuting. OK, so you might still need your car if you want to head out of state, but these nifty lightweight vehicles are the perfect method of getting around a heavily congested city.

    E-scooter rental businesses are cropping up around the world in its greenest places. From San Francisco to Singapore and all environmentally conscious developed cities in between, this is the latest craze.

    So, it’s perhaps unsurprising that German startup Unu just raised a cool $12 million in funding to further develop its e-scooter line and work on additional products and services. The funding was led by Ponooc. Existing Unu investors Iris Capital, Capnamic Ventures, NRW.BANK and Michael Baum also took part.

    Over the past five years, Unu had sold around 10,000 scooters, making it one of the most successful European e-scooter manufacturers alongside BMW and Govecs.

    Move over Tesla – E-Scooters Are so Much Cooler

    Unlike electronic cars, e-scooters are not only cooler, but they come with a multitude of extra perks. Namely, price savings, charging time, weight, and no worries about where to park your vehicle in a cluttered city. Being lightweight, e-scooters charge up way faster than cars and all you have to do is take the battery out and charge it at home.

    It’s not exactly a featherweight though, weighing around 20 pounds (9 kilos). But the battery has a long life and you can charge it from any power outlet and take advantage of someone else’s electricity.

    Unu currently markets its scooters as helping their owners to dodge traffic jams, and save time as well as the environment. But the company is potentially looking to tap into the exploding market for e-scooter rentals and scooter sharing services at home and abroad with this latest funding round.

    As younger generations look for ways to preserve the environment and their precious time, e-scooters are really taking off, particularly in metropolitan areas in Europe, with Paris, in particular, a major e-scooting hub.

    If Unu strikes it big with an e-scooter rental company, those 10,000 scooter sales could easily multiply tenfold. Or maybe they’re looking to enter the e-scooting rental market themselves.

    Featured image from Unu.

  • Wheel of Fortune to Give Away a $350,000 House as a Prize

    Wheel of Fortune to Give Away a $350,000 House as a Prize

    The popular American game show Wheel of Fortune is giving away a new home valued at $350,000 as a prize for one lucky viewer for the first time ever.

    Partnering with Minto Communities and Margaritaville Holdings, Wheels of Fortune will be airing their “Home Sweet Home Giveaway” program nationwide from October 29 through November 2.

    Home Sweet Home with Wheel of Fortune

    The $350,000 home is located at Latitude Margaritaville, which is a pristine active adult community at Watersound FL. In one of the most unique prizes in American game show history, Wheel of Fortune executive producer Harry Friedman said:

    “After 35 seasons it’s not an easy feat to do something for the first time, but thanks to Latitude Margaritaville, we’re doing just that by giving away a house. Our viewers welcome us into their homes each night, so we’re returning the favor by welcoming one of them into a new home of their own.”

    Alongside the Home Sweet Home house giveaway, other first prizes will include a variety of 20 Margaritaville gift cards with a value of $500 apiece, which can then be redeemed at either the Margaritaville website or their resorts and restaurants.

     

    The president of Minto Communities Mike Belmont also talked about how Latitude Margaritaville is an active adult community for people aged 55 and upwards who still want a fun and action-packed life. Everyone wants to stay young forever, and Belmont believes that the estate is a laid-back yet fun approach to getting older.

    Even if you’re younger and don’t particularly want to live amongst older people, you can always sell the house or get rid of the mother-in-law who’s been festering in your basement.

    How to Enter “Home Sweet Home” Giveaway

    If you want to enter the Wheel of Fortune “Home Sweet Home” giveaway, you need to tune into the show from October 29 to November 2. Make sure you take note of the bonus round puzzle solution, which you will then need to input into Wheel of Fortune website to enter.

    If you’re already a member of the Wheel of Fortune loyalty program, you will also get an additional entry to win the prize in a random draw.

    As part of the collaboration between Wheel of Fortune, Minto Communities and Margaritaville Holdings, other prizes will be available throughout the week. Luxury vacations to numerous Margaritaville Resorts in Florida, The Great Smokey Mountains, and the Caribbean will also be on offer.

    Featured image from Latitude Margaritaville.

  • Pret A Manger to Pay Almost $1 Million to Underpaid New York Staff

    Pret A Manger to Pay Almost $1 Million to Underpaid New York Staff

    The UK sandwich giant Pret A Manger will pay $875,000 to settle claims with its underpaid staff in New York. Earlier this month, employees filed a class-action lawsuit against the company, accusing the fast-food chain of violating US labor laws through an illegal practice called “time-shaving.”

    Pret A Manger Rounded Down Working Hours to Pay Less

    According to its employees, Pret A Manger wanted to profit from its staff by altering time records. The sandwich seller tried to avoid paying employees for part of the hours they worked, as well as overtime rates.

    After some mediation, staff managed to squeeze $875,000 in unpaid compensation out of the company, according to The Times.

    It’s the second time Pret A Manger has been forced to pay almost $1 million to settle wage claims with American employees. Back in 2014, 4,000 staff members from New York filed a similar lawsuit against the fast-food chain to recuperate their money.

    Just like this time around, employees hadn’t received overtime pay for the hours worked. In the first lawsuit, staff also accused Pret A Manger of illegal tip-pooling and not providing them with the appropriate wage statements. For the first settlement, the restaurant chain paid $910,000. The company did not admit liability, however.

    But with the reputation of being a bad employer, the picture doesn’t look too good for the sandwich-making giant, although, the company insists that they treat staff correctly and offer fair pay. A spokesperson for Pret A Manger told City AM:

    “We are absolutely committed to making sure all our team members are paid for all the hours that they work.”

    Several Lawsuits for Pret A Manger

    Whether that statement was dealt with any real conviction or not remains to be seen, since Pret A Manger seems to be leaping from one scandal to another. Although, most of them appear to be caused by inadequate labeling.

    Top management faced criticism after boss Clive Schlee failed to deal with the disaster generated by the death of Natasha Ednan-Laperouse.

    The teenager died in 2016 due to an allergic reaction caused by some of the ingredients used in preparing the baguette her sandwich was made with.

    The investigations following the girl’s death revealed that the labeling on the food was unclear, generating a wave of anger against the brand in the UK and abroad.

    The company is also battling another two lawsuits in the US, both for misleading customers by labeling products containing chemical substances as “natural.”

    Pret A Manger is known for using the same practices in the UK, where sandwiches are labeled as products that don’t contain preservatives, despite not meeting these characteristics.

    The company belongs to JAB Holdings, a Luxembourg-based investment fund, owned and managed by Germany’s billionaire Reimann family.

    The fund bought the fast-food chain this spring for $2 billion. Let’s hope they won’t see the name change soon to Pret A Fermer.

    Featured image from Shutterstock.