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boldcompanynews · 3 months ago
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Massy Group, 100 years and beyond - Notice Global Web - BLOGGER https://www.merchant-business.com/massy-group-100-years-and-beyond/?feed_id=174396&_unique_id=66c72140ecb50 Digital ProductsBusiness Ryan Hamilton-Davis2 Hrs AgoMassy SuperCentre, La Romain. – File Photo by Lincoln HolderThe Massy Group, distribution, retail, gas products and automobile and machine holdings company, celebrated its 101st year in February.The company, established on February 1, 1923, has grown over the past century to be an international conglomerate and a central figure in TT, and the Caribbean as a whole.Now, with the company facing a new direction for the next century and new leadership in the form of CEO David Affonso, Massy is well on its way to reaching its main goal of expanding to becoming a $25 billion company by the year 2030.Speaking to Affonso and chief financial officer James McLetchie at their office at BHP Building at Invaders Bay last Friday, Business Day was told its focus for the next hundred years is to expand in a responsible manner.Massy Group CFO James McLetchie. – Photo courtesy Massy GroupThe first goal in Massy’s plans for expansion is to pay dividends to shareholders, particularly the 600,000 shareholders who are pensioners.“We are simply the stewards of their money,” McLetchie said. “They invested their shares and a lot of them are institutional investors. That is an important role to play to make sure that those dividends are paid.”From Hi-Lo bags to Massy bagsIn 2014 Massy re-branded from the Neal and Massy Group to Massy, as part of a comprehensive re-branding exercise, with the aim of unifying all subsidiary companies and to create a strong corporate identity. The re-brand included a change in the group’s aesthetics, including the introduction of the now well-known Massy logo, which replaced iconic insignia such as the Hi-Lo logos on its grocery bags.“The Massy re-branding was to make it a little clearer the size and scope of the company, so the people buying shares would understand that Massy is not just Massy Motors or Massy Stores,” Affonso said. “Massy is into a lot of businesses and we have a significant footprint across the Caribbean. I think that, by and large, it worked, because people got a sense that Massy is pretty large.”Massy – which trades as Massy Holdings Ltd – employs more than 13,000 people, operates in eight countries, including the US, Colombia and several countries in the Caribbean and is the holding company for over 75 businesses. In its latest consolidated financial statements for the six months of the year ending June 30, the company boasted of a revenue of over $11 billion revenue, with a profit after tax of $465 million. Affonso said 70 per cent of the company’s business now comes from outside TT.Long ago, the company was considered a conglomerate, with several companies such as Nealco, Neal and Massy and Hi-Lo stores, which were not necessarily connected but operated under one umbrella.Massy Stores head office on Wrightson Road, Port of Spain. – File Photo by Roger Jacob“Each small company on its own doesn’t have strength, but when you say all of them are owned by Massy, then you will be borrowing on Massy’s strength,” Affonso said. “When you are negotiating with a service provider, if you are buying paper for the office, you are buying for 75 companies, so it gave some advantages.“What it doesn’t allow for is when you want to go further afield (internationally, etc) you don’t have the scale or size.”In 2019, Massy concluded that in order to achieve the growth that it wanted, it would have to expand wider regionally and even outside of the region.It also needed to design a business portfolio that would support the company’s plans.Massy divided its business into three portfolios – integrated retail, motors and machines and gas products.Its integrated retail portfolio, which includes Massy Stores and Massy Distribution, accounts for about 60 per cent of its business.“A lot of people see it as
just stores, but the distribution side is the same size, and maybe bigger than the stores side of the business. That is where we represent lines like Colgate, Palmolive, etc. We sell not only to Massy stores, but the competition as well,” Affonso explained.The motors and machines portfolio includes the Caterpillar dealership known as Trac Mac and all Massy Motors, including its motor dealerships in Colombia and Guyana.The gas products includes its gas distribution company IGL (St Lucia) IBC Ltd, which was acquired in 2022 for US$140.3 million.Massy Group CEO David Affonso. – Photo courtesy Massy Group –That same year Massy announced the acquisition of Rowe’s IGA Supermarkets – a chain in Florida – for US$47 million. It also announced the purchase of Air Liquide TT Ltd for US$58 million.With its new goals in mind, it is now refining its portfolios by evolving into an investment holdings company.“When we did the portfolio model, each of those pillars run like its own group – it has its own team, it makes its own decisions and it would feed back into the parent, so the parent would become the sum of its parts.“What we are doing now is refining the structures that support it. We will look for capital for the entire group and decide where they are deploying it to get the best returns,” Affonso said.McLetchie said the company will now look more into investing in the performance of the companies under its portfolios.“We are going to move to get to $25 billion by 2030. That is going to come from core growth, because the business is growing. It is going to come from expansion into markets like Guyana – we are going to put US capital in there and grow there, but in some cases we will find there are specific things we may buy. We know what we want to acquire and what we don’t want to acquire.”He added that the 2030 strategy also surrounds reducing its currency exposure.“That means a lot of our growth will generate hard currency so we can move around the markets.”Affonso said its decision to partner with SuperPharm, handing over its pharmaceutical section to the pharmaceutical distribution company. was also a move to help Massy focus on its core business portfolios while enhancing service and convenience for its customers.“Simply put, we put customers first,” he said. “We want the customer to have the best customer experience when they shop with us.”He compared the relationship to groceries and supermarkets in the US, noting that companies such as Target partners with CVS Pharmacy to provide the best service.“We want to focus on the supermarket business. We put the pharmacies there first of all to give customers convenience – but we are not pharmacy operators.“We always try to bring innovations such as the self-checkout and all these things. We always try to be first to market with first-world innovations and bring that to our customers here to elevate the shopping experience. The alliance with Superpharm gives us the opportunity to have our customers have the convenience of a pharmacy, but one that is run by a pharmacy operator, as opposed to a side business for us.”Massy Group CEO David Affonso and CFO James Mc Letchie, speak to Business Day on August 16. – Photo by Angelo MarcelleHe added that the change from Neal and Massy to Massy did not change its influence, as its branding can still be seen wherever there is a Caribbean person.“The Massy bag is almost as iconic as the Hi-Lo bag. I have seen that bag all over the world,” he said. “If you meet a Trini or someone from the Caribbean, they will have one in the back of their car. You can see it on the beach in some countries – you can’t miss it.”Facing changes and challengesMassy didn’t make it this far without facing a number of challenges and changes. One of its most recent was triggered at its annual general meeting in December 2023, when its then general counsel, Angelique Parisot-Potter, raised an issue over money being spent on a leadership programme. She claimed it trained people to communicate with the dead and heal with “white light.
” She said the programme took up valuable foreign exchange and required frequent travel to Fort Myers, Florida.After an internal investigation, the company’s executive decided that the programme did not pose any danger to Massy’s operations.Investigators concluded that Massy executives were free to select training programmes of their choosing.However, as the matter unfolded, CEO Gervase Warner decided in February to retire a year early, opening the door for Affonso to take up the role in April.Affonso said the situation caused a bit of noise in the public space.Warner chose to put the company first in taking early retirement, he said.“We are a publicly traded company and we were cognisant of that, because shares sometimes move on confidence as much as performance,” he said. “Gervase had one year left, and as he is, he took a hard look and asked himself what would be in the best interest of the company – would it be better to stay and run his time, or step aside and allow the company to move forward and not be at the centre of controversy. What he did, I think, is quite honourable, in that his thinking was that the company was more important than the individual.”Warner’s early retirement seemed to cause a domino effect, as in the following months several other executives decided to step down.Parisot-Potter took administrative leave during the investigation, leading to Wendy Kerry’s being appointed acting general counsel in January, and later on taking on the role permanently, as Parisot-Potter left the company.Vice president of global expansion David O’Brien announced his resignation from the group, effective June 8, in March.Alberto Rojo also retired as senior vice president of strategy and business development in the gas products portfolio effective June 30. His retirement was posted on May 13.On May 23, group executive vice president of people and culture Julie Avey also announced her retirement, effective May 31.Affonso said while the executive has seen several changes, it does not affect the company’s business operations. He said the fact that the company had replacements for all the people who retired was testament to the depth of the company’s executive roster.“I have always been the emergency successor for Gervase,” he said. “If he is out of the country I would normally hold his delegation.”He said when he was appointed CEO, he and Warner, who worked with each other for 14 years, went through a transition period, completing a checklist of tasks that needed to be done to complete the transition.He said while the transition was handled responsibly, changes at the top led to some executives making their own decisions on whether to stay or move on.“As with any change at the top, direction sometimes changes a bit. There may be some course correction, or the person at the top may probably have a different view of how things should happen,” he said. “Other executives will also have decisions to make, as with any inflection point, at any point of change.“Those changes take place and it is pretty normal, there is nothing sinister about it.”Massy, like other businesses, was also affected by crime, with the death of Che Mendez, an employee with Massy Distribution who was shot dead in St Ann’s in April. In June 2023, Allanlane Ramkissoon, employed with Massy Energy Engineered Solutions Ltd also died after suffering burns in an incident at the NiQuan Energy gas-to-liquids plant at the former Petrotrin compound at Pointe-a-PierreThe company’s challenges were not limited to crime and accidents:Massy Stores was also the victim of a cyber attack in 2022 affecting services in TT and Jamaica.Affonso said part of the systems and structures discussed in the development of its new directions included mitigating risks to infrastructure, systems and, most importantly, people.“We have a chief risk officer, and one of the things in his portfolio is to identify the likely risks,” Affonso said. “I like to put it that he handles what keeps you up at night, and what you worry about.
”“One of the risks you have is crime, with our stores. You can put security in place – physical security, that is one piece of mitigation there. You could have cameras, that is another piece of mitigation. You could have your car parks better lit; that is another piece of mitigation.“Even with cybersecurity there is a risk you put as much as you can in place in terms of firewalls and all the rest of it and then you insure against those risks. That is pretty much true across the entire business.”He said immediately after Mendez’ death the group stopped for a couple days to look again at the company’s security policies. He said the company spares no expense in protecting its people.Affonso added that the company also ensures staff have access to employee assistance programmes to help them deal with mental health and the struggle to maintain a proper work/life balance.The power to do more McLetchie said when Massy meets its goal in 2030, it will be able to do more for its employees, its shareholders and the communities in which it operates, and ultimately reach its goal of becoming a force for good.McLatchie and Affonso said Massy already contributes to people through the Massy Foundation which takes one per cent of the company’s profits to support communities and engage in giving back to the people.Affonso added that each Massy store is connected to one or more charities in its community.“Sometimes what gets lost in the performance numbers is the other things – the people, and the things we are able to do for employees and communities. We don’t like to boast about it,” McLetchie said. “I would argue that the more powerful we are financially, the more we get to do these things that we don’t talk about.”“We are not doing it for branding,” Affonso added. “It’s not about that, it’s a part of our culture. It is like when you bring up children you teach them certain values about doing things properly. I think it gives our team the opportunity to help others and give back.”Affonso, in speaking on becoming a $25 billion company said it would only take a ten per cent increase, year-on-year to meet the goal. He said, a major part of meeting the goal is managing the company’s cash flow.For the six months ending June 30, 2023, the company garnered $188.9 million in hard cash, according to its consolidated financial statements. For the same period this year, Massy garnered $640 million in cash.Affonso said the management of the cash flow through simple discipline – ensuring that the company doesn’t buy more than it needs, and that it gets paid on time – freed up over $400 million.Affonso added that the adjustment in cash flow directly affects its goals of ensuring shareholders are paid the dividends they deserve.“You can’t pay dividends with losses,” he said. “You have to pay them with profits.”Source of this programme “I be mad for add-ons, because they are awesome.”“The Massy Group, distribution, retail, gas products and automobile and machine holdings company, celebrated its 101st year in February. The company, established on February 1, 1923, has grown over the…”Source: Read MoreSource Link: https://newsday.co.tt/2024/08/22/massy-group-100-years-and-beyond/#DigitalProducts – BLOGGER – DigitalProducts http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/08/gaa6662b26da596cb5bad8f090faba63efaa67ea91991f6471ce418de0b1b9edf701cab3042ce8cb777440f9a7fc5419388a.jpeg #GLOBAL - BLOGGER ... BLOGGER - #GLOBAL
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onlinecompanynews · 3 months ago
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Massy Group, 100 years and beyond - Notice Global Web https://www.merchant-business.com/massy-group-100-years-and-beyond/?feed_id=174394&_unique_id=66c720234a27b ... BLOGGER - #GLOBAL Digital ProductsBusiness Ryan Hamilton-Davis2 Hrs AgoMassy SuperCentre, La Romain. – File Photo by Lincoln HolderThe Massy Group, distribution, retail, gas products and automobile and machine holdings company, celebrated its 101st year in February.The company, established on February 1, 1923, has grown over the past century to be an international conglomerate and a central figure in TT, and the Caribbean as a whole.Now, with the company facing a new direction for the next century and new leadership in the form of CEO David Affonso, Massy is well on its way to reaching its main goal of expanding to becoming a $25 billion company by the year 2030.Speaking to Affonso and chief financial officer James McLetchie at their office at BHP Building at Invaders Bay last Friday, Business Day was told its focus for the next hundred years is to expand in a responsible manner.Massy Group CFO James McLetchie. – Photo courtesy Massy GroupThe first goal in Massy’s plans for expansion is to pay dividends to shareholders, particularly the 600,000 shareholders who are pensioners.“We are simply the stewards of their money,” McLetchie said. “They invested their shares and a lot of them are institutional investors. That is an important role to play to make sure that those dividends are paid.”From Hi-Lo bags to Massy bagsIn 2014 Massy re-branded from the Neal and Massy Group to Massy, as part of a comprehensive re-branding exercise, with the aim of unifying all subsidiary companies and to create a strong corporate identity. The re-brand included a change in the group’s aesthetics, including the introduction of the now well-known Massy logo, which replaced iconic insignia such as the Hi-Lo logos on its grocery bags.“The Massy re-branding was to make it a little clearer the size and scope of the company, so the people buying shares would understand that Massy is not just Massy Motors or Massy Stores,” Affonso said. “Massy is into a lot of businesses and we have a significant footprint across the Caribbean. I think that, by and large, it worked, because people got a sense that Massy is pretty large.”Massy – which trades as Massy Holdings Ltd – employs more than 13,000 people, operates in eight countries, including the US, Colombia and several countries in the Caribbean and is the holding company for over 75 businesses. In its latest consolidated financial statements for the six months of the year ending June 30, the company boasted of a revenue of over $11 billion revenue, with a profit after tax of $465 million. Affonso said 70 per cent of the company’s business now comes from outside TT.Long ago, the company was considered a conglomerate, with several companies such as Nealco, Neal and Massy and Hi-Lo stores, which were not necessarily connected but operated under one umbrella.Massy Stores head office on Wrightson Road, Port of Spain. – File Photo by Roger Jacob“Each small company on its own doesn’t have strength, but when you say all of them are owned by Massy, then you will be borrowing on Massy’s strength,” Affonso said. “When you are negotiating with a service provider, if you are buying paper for the office, you are buying for 75 companies, so it gave some advantages.“What it doesn’t allow for is when you want to go further afield (internationally, etc) you don’t have the scale or size.”In 2019, Massy concluded that in order to achieve the growth that it wanted, it would have to expand wider regionally and even outside of the region.It also needed to design a business portfolio that would support the company’s plans.Massy divided its business into three portfolios – integrated retail, motors and machines and gas products.Its integrated retail portfolio, which includes Massy Stores and Massy Distribution, accounts for about 60 per cent of its business.“A lot of people
see it as just stores, but the distribution side is the same size, and maybe bigger than the stores side of the business. That is where we represent lines like Colgate, Palmolive, etc. We sell not only to Massy stores, but the competition as well,” Affonso explained.The motors and machines portfolio includes the Caterpillar dealership known as Trac Mac and all Massy Motors, including its motor dealerships in Colombia and Guyana.The gas products includes its gas distribution company IGL (St Lucia) IBC Ltd, which was acquired in 2022 for US$140.3 million.Massy Group CEO David Affonso. – Photo courtesy Massy Group –That same year Massy announced the acquisition of Rowe’s IGA Supermarkets – a chain in Florida – for US$47 million. It also announced the purchase of Air Liquide TT Ltd for US$58 million.With its new goals in mind, it is now refining its portfolios by evolving into an investment holdings company.“When we did the portfolio model, each of those pillars run like its own group – it has its own team, it makes its own decisions and it would feed back into the parent, so the parent would become the sum of its parts.“What we are doing now is refining the structures that support it. We will look for capital for the entire group and decide where they are deploying it to get the best returns,” Affonso said.McLetchie said the company will now look more into investing in the performance of the companies under its portfolios.“We are going to move to get to $25 billion by 2030. That is going to come from core growth, because the business is growing. It is going to come from expansion into markets like Guyana – we are going to put US capital in there and grow there, but in some cases we will find there are specific things we may buy. We know what we want to acquire and what we don’t want to acquire.”He added that the 2030 strategy also surrounds reducing its currency exposure.“That means a lot of our growth will generate hard currency so we can move around the markets.”Affonso said its decision to partner with SuperPharm, handing over its pharmaceutical section to the pharmaceutical distribution company. was also a move to help Massy focus on its core business portfolios while enhancing service and convenience for its customers.“Simply put, we put customers first,” he said. “We want the customer to have the best customer experience when they shop with us.”He compared the relationship to groceries and supermarkets in the US, noting that companies such as Target partners with CVS Pharmacy to provide the best service.“We want to focus on the supermarket business. We put the pharmacies there first of all to give customers convenience – but we are not pharmacy operators.“We always try to bring innovations such as the self-checkout and all these things. We always try to be first to market with first-world innovations and bring that to our customers here to elevate the shopping experience. The alliance with Superpharm gives us the opportunity to have our customers have the convenience of a pharmacy, but one that is run by a pharmacy operator, as opposed to a side business for us.”Massy Group CEO David Affonso and CFO James Mc Letchie, speak to Business Day on August 16. – Photo by Angelo MarcelleHe added that the change from Neal and Massy to Massy did not change its influence, as its branding can still be seen wherever there is a Caribbean person.“The Massy bag is almost as iconic as the Hi-Lo bag. I have seen that bag all over the world,” he said. “If you meet a Trini or someone from the Caribbean, they will have one in the back of their car. You can see it on the beach in some countries – you can’t miss it.”Facing changes and challengesMassy didn’t make it this far without facing a number of challenges and changes. One of its most recent was triggered at its annual general meeting in December 2023, when its then general counsel, Angelique Parisot-Potter, raised an issue over money being spent on a leadership programme. She claimed it trained people to communicate with the dead and heal with “white light.
” She said the programme took up valuable foreign exchange and required frequent travel to Fort Myers, Florida.After an internal investigation, the company’s executive decided that the programme did not pose any danger to Massy’s operations.Investigators concluded that Massy executives were free to select training programmes of their choosing.However, as the matter unfolded, CEO Gervase Warner decided in February to retire a year early, opening the door for Affonso to take up the role in April.Affonso said the situation caused a bit of noise in the public space.Warner chose to put the company first in taking early retirement, he said.“We are a publicly traded company and we were cognisant of that, because shares sometimes move on confidence as much as performance,” he said. “Gervase had one year left, and as he is, he took a hard look and asked himself what would be in the best interest of the company – would it be better to stay and run his time, or step aside and allow the company to move forward and not be at the centre of controversy. What he did, I think, is quite honourable, in that his thinking was that the company was more important than the individual.”Warner’s early retirement seemed to cause a domino effect, as in the following months several other executives decided to step down.Parisot-Potter took administrative leave during the investigation, leading to Wendy Kerry’s being appointed acting general counsel in January, and later on taking on the role permanently, as Parisot-Potter left the company.Vice president of global expansion David O’Brien announced his resignation from the group, effective June 8, in March.Alberto Rojo also retired as senior vice president of strategy and business development in the gas products portfolio effective June 30. His retirement was posted on May 13.On May 23, group executive vice president of people and culture Julie Avey also announced her retirement, effective May 31.Affonso said while the executive has seen several changes, it does not affect the company’s business operations. He said the fact that the company had replacements for all the people who retired was testament to the depth of the company’s executive roster.“I have always been the emergency successor for Gervase,” he said. “If he is out of the country I would normally hold his delegation.”He said when he was appointed CEO, he and Warner, who worked with each other for 14 years, went through a transition period, completing a checklist of tasks that needed to be done to complete the transition.He said while the transition was handled responsibly, changes at the top led to some executives making their own decisions on whether to stay or move on.“As with any change at the top, direction sometimes changes a bit. There may be some course correction, or the person at the top may probably have a different view of how things should happen,” he said. “Other executives will also have decisions to make, as with any inflection point, at any point of change.“Those changes take place and it is pretty normal, there is nothing sinister about it.”Massy, like other businesses, was also affected by crime, with the death of Che Mendez, an employee with Massy Distribution who was shot dead in St Ann’s in April. In June 2023, Allanlane Ramkissoon, employed with Massy Energy Engineered Solutions Ltd also died after suffering burns in an incident at the NiQuan Energy gas-to-liquids plant at the former Petrotrin compound at Pointe-a-PierreThe company’s challenges were not limited to crime and accidents:Massy Stores was also the victim of a cyber attack in 2022 affecting services in TT and Jamaica.Affonso said part of the systems and structures discussed in the development of its new directions included mitigating risks to infrastructure, systems and, most importantly, people.“We have a chief risk officer, and one of the things in his portfolio is to identify the likely risks,” Affonso said. “I like to put it that he handles what keeps you up at night, and what you worry about.
”“One of the risks you have is crime, with our stores. You can put security in place – physical security, that is one piece of mitigation there. You could have cameras, that is another piece of mitigation. You could have your car parks better lit; that is another piece of mitigation.“Even with cybersecurity there is a risk you put as much as you can in place in terms of firewalls and all the rest of it and then you insure against those risks. That is pretty much true across the entire business.”He said immediately after Mendez’ death the group stopped for a couple days to look again at the company’s security policies. He said the company spares no expense in protecting its people.Affonso added that the company also ensures staff have access to employee assistance programmes to help them deal with mental health and the struggle to maintain a proper work/life balance.The power to do more McLetchie said when Massy meets its goal in 2030, it will be able to do more for its employees, its shareholders and the communities in which it operates, and ultimately reach its goal of becoming a force for good.McLatchie and Affonso said Massy already contributes to people through the Massy Foundation which takes one per cent of the company’s profits to support communities and engage in giving back to the people.Affonso added that each Massy store is connected to one or more charities in its community.“Sometimes what gets lost in the performance numbers is the other things – the people, and the things we are able to do for employees and communities. We don’t like to boast about it,” McLetchie said. “I would argue that the more powerful we are financially, the more we get to do these things that we don’t talk about.”“We are not doing it for branding,” Affonso added. “It’s not about that, it’s a part of our culture. It is like when you bring up children you teach them certain values about doing things properly. I think it gives our team the opportunity to help others and give back.”Affonso, in speaking on becoming a $25 billion company said it would only take a ten per cent increase, year-on-year to meet the goal. He said, a major part of meeting the goal is managing the company’s cash flow.For the six months ending June 30, 2023, the company garnered $188.9 million in hard cash, according to its consolidated financial statements. For the same period this year, Massy garnered $640 million in cash.Affonso said the management of the cash flow through simple discipline – ensuring that the company doesn’t buy more than it needs, and that it gets paid on time – freed up over $400 million.Affonso added that the adjustment in cash flow directly affects its goals of ensuring shareholders are paid the dividends they deserve.“You can’t pay dividends with losses,” he said. “You have to pay them with profits.”Source of this programme “I be mad for add-ons, because they are awesome.”“The Massy Group, distribution, retail, gas products and automobile and machine holdings company, celebrated its 101st year in February. The company, established on February 1, 1923, has grown over the…”Source: Read MoreSource Link: https://newsday.co.tt/2024/08/22/massy-group-100-years-and-beyond/#DigitalProducts – BLOGGER – DigitalProducts http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/08/gaa6662b26da596cb5bad8f090faba63efaa67ea91991f6471ce418de0b1b9edf701cab3042ce8cb777440f9a7fc5419388a.jpeg #GLOBAL - BLOGGER Digital Products Business Ryan Hamilton-Davis 2 Hrs Ago Massy SuperCentre, La Romain. – File Photo by Lincoln Holder The Massy Group, distribution, retail, gas products and automobile and machine holdings company, celebrated its 101st year in February. The company, established on February 1, 1923, has grown over the past century to be an international conglomerate … Read More
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internetcompanynews · 3 months ago
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Massy Group, 100 years and beyond - Notice Global Web - BLOGGER https://www.merchant-business.com/massy-group-100-years-and-beyond/?feed_id=174393&_unique_id=66c7202211a84 Digital ProductsBusiness Ryan Hamilton-Davis2 Hrs AgoMassy SuperCentre, La Romain. – File Photo by Lincoln HolderThe Massy Group, distribution, retail, gas products and automobile and machine holdings company, celebrated its 101st year in February.The company, established on February 1, 1923, has grown over the past century to be an international conglomerate and a central figure in TT, and the Caribbean as a whole.Now, with the company facing a new direction for the next century and new leadership in the form of CEO David Affonso, Massy is well on its way to reaching its main goal of expanding to becoming a $25 billion company by the year 2030.Speaking to Affonso and chief financial officer James McLetchie at their office at BHP Building at Invaders Bay last Friday, Business Day was told its focus for the next hundred years is to expand in a responsible manner.Massy Group CFO James McLetchie. – Photo courtesy Massy GroupThe first goal in Massy’s plans for expansion is to pay dividends to shareholders, particularly the 600,000 shareholders who are pensioners.“We are simply the stewards of their money,” McLetchie said. “They invested their shares and a lot of them are institutional investors. That is an important role to play to make sure that those dividends are paid.”From Hi-Lo bags to Massy bagsIn 2014 Massy re-branded from the Neal and Massy Group to Massy, as part of a comprehensive re-branding exercise, with the aim of unifying all subsidiary companies and to create a strong corporate identity. The re-brand included a change in the group’s aesthetics, including the introduction of the now well-known Massy logo, which replaced iconic insignia such as the Hi-Lo logos on its grocery bags.“The Massy re-branding was to make it a little clearer the size and scope of the company, so the people buying shares would understand that Massy is not just Massy Motors or Massy Stores,” Affonso said. “Massy is into a lot of businesses and we have a significant footprint across the Caribbean. I think that, by and large, it worked, because people got a sense that Massy is pretty large.”Massy – which trades as Massy Holdings Ltd – employs more than 13,000 people, operates in eight countries, including the US, Colombia and several countries in the Caribbean and is the holding company for over 75 businesses. In its latest consolidated financial statements for the six months of the year ending June 30, the company boasted of a revenue of over $11 billion revenue, with a profit after tax of $465 million. Affonso said 70 per cent of the company’s business now comes from outside TT.Long ago, the company was considered a conglomerate, with several companies such as Nealco, Neal and Massy and Hi-Lo stores, which were not necessarily connected but operated under one umbrella.Massy Stores head office on Wrightson Road, Port of Spain. – File Photo by Roger Jacob“Each small company on its own doesn’t have strength, but when you say all of them are owned by Massy, then you will be borrowing on Massy’s strength,” Affonso said. “When you are negotiating with a service provider, if you are buying paper for the office, you are buying for 75 companies, so it gave some advantages.“What it doesn’t allow for is when you want to go further afield (internationally, etc) you don’t have the scale or size.”In 2019, Massy concluded that in order to achieve the growth that it wanted, it would have to expand wider regionally and even outside of the region.It also needed to design a business portfolio that would support the company’s plans.Massy divided its business into three portfolios – integrated retail, motors and machines and gas products.Its integrated retail portfolio, which includes Massy Stores and Massy Distribution, accounts for about 60 per cent of its business.“A lot of people see it as
just stores, but the distribution side is the same size, and maybe bigger than the stores side of the business. That is where we represent lines like Colgate, Palmolive, etc. We sell not only to Massy stores, but the competition as well,” Affonso explained.The motors and machines portfolio includes the Caterpillar dealership known as Trac Mac and all Massy Motors, including its motor dealerships in Colombia and Guyana.The gas products includes its gas distribution company IGL (St Lucia) IBC Ltd, which was acquired in 2022 for US$140.3 million.Massy Group CEO David Affonso. – Photo courtesy Massy Group –That same year Massy announced the acquisition of Rowe’s IGA Supermarkets – a chain in Florida – for US$47 million. It also announced the purchase of Air Liquide TT Ltd for US$58 million.With its new goals in mind, it is now refining its portfolios by evolving into an investment holdings company.“When we did the portfolio model, each of those pillars run like its own group – it has its own team, it makes its own decisions and it would feed back into the parent, so the parent would become the sum of its parts.“What we are doing now is refining the structures that support it. We will look for capital for the entire group and decide where they are deploying it to get the best returns,” Affonso said.McLetchie said the company will now look more into investing in the performance of the companies under its portfolios.“We are going to move to get to $25 billion by 2030. That is going to come from core growth, because the business is growing. It is going to come from expansion into markets like Guyana – we are going to put US capital in there and grow there, but in some cases we will find there are specific things we may buy. We know what we want to acquire and what we don’t want to acquire.”He added that the 2030 strategy also surrounds reducing its currency exposure.“That means a lot of our growth will generate hard currency so we can move around the markets.”Affonso said its decision to partner with SuperPharm, handing over its pharmaceutical section to the pharmaceutical distribution company. was also a move to help Massy focus on its core business portfolios while enhancing service and convenience for its customers.“Simply put, we put customers first,” he said. “We want the customer to have the best customer experience when they shop with us.”He compared the relationship to groceries and supermarkets in the US, noting that companies such as Target partners with CVS Pharmacy to provide the best service.“We want to focus on the supermarket business. We put the pharmacies there first of all to give customers convenience – but we are not pharmacy operators.“We always try to bring innovations such as the self-checkout and all these things. We always try to be first to market with first-world innovations and bring that to our customers here to elevate the shopping experience. The alliance with Superpharm gives us the opportunity to have our customers have the convenience of a pharmacy, but one that is run by a pharmacy operator, as opposed to a side business for us.”Massy Group CEO David Affonso and CFO James Mc Letchie, speak to Business Day on August 16. – Photo by Angelo MarcelleHe added that the change from Neal and Massy to Massy did not change its influence, as its branding can still be seen wherever there is a Caribbean person.“The Massy bag is almost as iconic as the Hi-Lo bag. I have seen that bag all over the world,” he said. “If you meet a Trini or someone from the Caribbean, they will have one in the back of their car. You can see it on the beach in some countries – you can’t miss it.”Facing changes and challengesMassy didn’t make it this far without facing a number of challenges and changes. One of its most recent was triggered at its annual general meeting in December 2023, when its then general counsel, Angelique Parisot-Potter, raised an issue over money being spent on a leadership programme. She claimed it trained people to communicate with the dead and heal with “white light.
” She said the programme took up valuable foreign exchange and required frequent travel to Fort Myers, Florida.After an internal investigation, the company’s executive decided that the programme did not pose any danger to Massy’s operations.Investigators concluded that Massy executives were free to select training programmes of their choosing.However, as the matter unfolded, CEO Gervase Warner decided in February to retire a year early, opening the door for Affonso to take up the role in April.Affonso said the situation caused a bit of noise in the public space.Warner chose to put the company first in taking early retirement, he said.“We are a publicly traded company and we were cognisant of that, because shares sometimes move on confidence as much as performance,” he said. “Gervase had one year left, and as he is, he took a hard look and asked himself what would be in the best interest of the company – would it be better to stay and run his time, or step aside and allow the company to move forward and not be at the centre of controversy. What he did, I think, is quite honourable, in that his thinking was that the company was more important than the individual.”Warner’s early retirement seemed to cause a domino effect, as in the following months several other executives decided to step down.Parisot-Potter took administrative leave during the investigation, leading to Wendy Kerry’s being appointed acting general counsel in January, and later on taking on the role permanently, as Parisot-Potter left the company.Vice president of global expansion David O’Brien announced his resignation from the group, effective June 8, in March.Alberto Rojo also retired as senior vice president of strategy and business development in the gas products portfolio effective June 30. His retirement was posted on May 13.On May 23, group executive vice president of people and culture Julie Avey also announced her retirement, effective May 31.Affonso said while the executive has seen several changes, it does not affect the company’s business operations. He said the fact that the company had replacements for all the people who retired was testament to the depth of the company’s executive roster.“I have always been the emergency successor for Gervase,” he said. “If he is out of the country I would normally hold his delegation.”He said when he was appointed CEO, he and Warner, who worked with each other for 14 years, went through a transition period, completing a checklist of tasks that needed to be done to complete the transition.He said while the transition was handled responsibly, changes at the top led to some executives making their own decisions on whether to stay or move on.“As with any change at the top, direction sometimes changes a bit. There may be some course correction, or the person at the top may probably have a different view of how things should happen,” he said. “Other executives will also have decisions to make, as with any inflection point, at any point of change.“Those changes take place and it is pretty normal, there is nothing sinister about it.”Massy, like other businesses, was also affected by crime, with the death of Che Mendez, an employee with Massy Distribution who was shot dead in St Ann’s in April. In June 2023, Allanlane Ramkissoon, employed with Massy Energy Engineered Solutions Ltd also died after suffering burns in an incident at the NiQuan Energy gas-to-liquids plant at the former Petrotrin compound at Pointe-a-PierreThe company’s challenges were not limited to crime and accidents:Massy Stores was also the victim of a cyber attack in 2022 affecting services in TT and Jamaica.Affonso said part of the systems and structures discussed in the development of its new directions included mitigating risks to infrastructure, systems and, most importantly, people.“We have a chief risk officer, and one of the things in his portfolio is to identify the likely risks,” Affonso said. “I like to put it that he handles what keeps you up at night, and what you worry about.
”“One of the risks you have is crime, with our stores. You can put security in place – physical security, that is one piece of mitigation there. You could have cameras, that is another piece of mitigation. You could have your car parks better lit; that is another piece of mitigation.“Even with cybersecurity there is a risk you put as much as you can in place in terms of firewalls and all the rest of it and then you insure against those risks. That is pretty much true across the entire business.”He said immediately after Mendez’ death the group stopped for a couple days to look again at the company’s security policies. He said the company spares no expense in protecting its people.Affonso added that the company also ensures staff have access to employee assistance programmes to help them deal with mental health and the struggle to maintain a proper work/life balance.The power to do more McLetchie said when Massy meets its goal in 2030, it will be able to do more for its employees, its shareholders and the communities in which it operates, and ultimately reach its goal of becoming a force for good.McLatchie and Affonso said Massy already contributes to people through the Massy Foundation which takes one per cent of the company’s profits to support communities and engage in giving back to the people.Affonso added that each Massy store is connected to one or more charities in its community.“Sometimes what gets lost in the performance numbers is the other things – the people, and the things we are able to do for employees and communities. We don’t like to boast about it,” McLetchie said. “I would argue that the more powerful we are financially, the more we get to do these things that we don’t talk about.”“We are not doing it for branding,” Affonso added. “It’s not about that, it’s a part of our culture. It is like when you bring up children you teach them certain values about doing things properly. I think it gives our team the opportunity to help others and give back.”Affonso, in speaking on becoming a $25 billion company said it would only take a ten per cent increase, year-on-year to meet the goal. He said, a major part of meeting the goal is managing the company’s cash flow.For the six months ending June 30, 2023, the company garnered $188.9 million in hard cash, according to its consolidated financial statements. For the same period this year, Massy garnered $640 million in cash.Affonso said the management of the cash flow through simple discipline – ensuring that the company doesn’t buy more than it needs, and that it gets paid on time – freed up over $400 million.Affonso added that the adjustment in cash flow directly affects its goals of ensuring shareholders are paid the dividends they deserve.“You can’t pay dividends with losses,” he said. “You have to pay them with profits.”Source of this programme “I be mad for add-ons, because they are awesome.”“The Massy Group, distribution, retail, gas products and automobile and machine holdings company, celebrated its 101st year in February. The company, established on February 1, 1923, has grown over the…”Source: Read MoreSource Link: https://newsday.co.tt/2024/08/22/massy-group-100-years-and-beyond/#DigitalProducts – BLOGGER – DigitalProducts http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/08/gaa6662b26da596cb5bad8f090faba63efaa67ea91991f6471ce418de0b1b9edf701cab3042ce8cb777440f9a7fc5419388a.jpeg Massy Group, 100 years and beyond - Notice Global Web - #GLOBAL BLOGGER - #GLOBAL
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joshhamilton11 · 3 months ago
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How To Report Trucking Income And Expenses?
Reporting trucking income and expenses accurately is crucial for maintaining compliance with tax laws and optimizing financial management. Here’s a comprehensive guide on how to report trucking income and expenses effectively:
1. Types of Income:
Freight Income: Gain earned from transporting goods.
Fuel Surcharge: Additional payment to cover fuel costs.
Accessorial Charges: Fees for additional services like loading/unloading.
Detention Pay: Compensation for delays at pickup or delivery.
Layover Pay: Compensation for delays during trips.
2. Recordkeeping:
Maintain detailed records of all income sources.
Use invoices, settlement statements, or load confirmation sheets as documentation.
Track income by customer, trip, and type of service provided.
3. Gross Income Calculation:
Sum all income sources to calculate total gross income.
Ensure accuracy by reconciling with bank statements and accounting records.
4. Income Reporting Forms:
Use IRS Form 1099-MISC to report payments to independent contractors (if applicable).
File IRS Form 1099-NEC for non-employee compensation.
Employers report wages and income using Form W-2 for employees.
Reporting Trucking ExpensesTrucking expenses encompass all costs associated with operating your trucking business. Properly documenting and categorizing these expenses is essential for maximizing deductions and managing cash flow effectively.
1. Types of Expenses:
Fuel Costs: Including diesel, gasoline, and DEF (Diesel Exhaust Fluid).
Maintenance and Repairs: Including parts, labor, and regular servicing.
Insurance Premiums: Liability, cargo, and vehicle insurance.
Permits and Licenses: State, federal, and local permits.
Tolls and Parking Fees: Expenses incurred during trips.
Equipment Costs: Including lease payments or depreciation for owned equipment.
Driver Wages and Benefits: Including salaries, bonuses, and benefits.
2. Documentation:
Keep receipts, invoices, and bills for all expenses.
Use electronic tools or apps for real-time expense tracking.
Maintain logs for mileage, tolls, and other deductible costs.
3. Deductible vs. Non-Deductible Expenses:
Deductible expenses reduce taxable income and include those directly related to business operations.
Non-deductible expenses, such as personal expenses or fines, cannot be used for tax deductions.
4. Expense Reporting Forms:
Use Schedule C (Form 1040) or Form 1120 for reporting expenses and income for sole proprietors or corporations.
Include detailed breakdowns of each expense category, supported by documentation.
Best Practices for Reporting
1. Accuracy and Consistency:
Ensure all income and expenses are accurately recorded and consistently reported.
Reconcile financial records regularly to avoid discrepancies.
2. Compliance with Tax Laws:
Stay updated with IRS guidelines and regulations regarding income and expense reporting.
Consult with a tax professional or accountant for complex tax issues or changes in tax laws.
3. Use of Technology:
Utilize accounting software or apps for efficient expense tracking and reporting.
Automate recordkeeping to streamline reporting processes and reduce errors.
4. Review and Audit Preparation:
Conduct regular reviews of financial statements and tax returns for accuracy.
Maintain organized records to facilitate audits and inquiries from tax authorities.
Conclusion
Accurate reporting of trucking income and expenses is essential for managing your business's financial health and complying with tax obligations. By maintaining thorough records, understanding deductible costs, and leveraging technology, trucking businesses can optimize tax efficiency and maintain financial transparency. For complex tax situations or specific queries, seeking advice from a trucking tax preparer ensures compliance and minimizes risks.
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yourproperty0 · 6 months ago
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Top Commercial Real Estate Agent in Burlington
In the ever-evolving commercial real estate market, having a top-tier agent by your side is essential for making informed decisions and achieving your property goals. As the top commercial real estate agent Burlington we provide unmatched expertise, personalized service, and a deep understanding of the local market to help you navigate every aspect of your commercial property journey.
Why Burlington is an Ideal Location for Commercial Real Estate
Burlington's strategic location, vibrant economy, and exceptional quality of life make it a prime destination for businesses and investors. Here are some key reasons why Burlington stands out:
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Burlington's proximity to major highways and public transportation networks, including the QEW, Highway 403, and the GO Train, provides seamless connectivity to Toronto, Hamilton, and beyond. This makes it an attractive hub for businesses requiring easy access to regional and international markets.
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Burlington is consistently ranked as one of the best places to live in Canada, thanks to its excellent schools, healthcare facilities, and abundant recreational options. This high quality of life attracts top talent and fosters a productive and satisfied workforce.
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The city offers state-of-the-art infrastructure, including well-maintained roads, advanced utilities, and top-tier commercial properties. This infrastructure supports efficient business operations and enhances the overall appeal of commercial real estate in Burlington.
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We offer a full spectrum of commercial real estate services tailored to meet the diverse needs of our clients. Whether you are looking to buy, lease, invest, or manage commercial property, our expert team is here to assist you.
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Finding the right commercial property requires a thorough understanding of the market and your specific needs. Our property acquisition and leasing services include:
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Investing in commercial real estate can offer substantial returns when approached strategically. Our investment advisory services help you make informed decisions with confidence:
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Effective property management is crucial for maximizing the value and performance of your commercial assets. Our property management services ensure your properties are well-maintained and profitable:
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Securing the right commercial space is vital for business success. Our tenant representation services are designed to help you find and secure the ideal location:
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If you're looking to sell or dispose of a commercial property, our team can help you achieve the best possible outcome:
Property Valuation: Accurate property valuations based on market conditions.
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Choosing the right commercial real estate agent can significantly impact the success of your property ventures. Here’s why we are the top choice for businesses and investors in Burlington:
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We prioritize our clients' needs and work diligently to achieve their objectives. Our client-centric approach ensures that we provide personalized, proactive, and responsive service tailored to your unique requirements.
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We have a proven track record of successful transactions and satisfied clients. Our commitment to excellence and attention to detail ensure that we deliver outstanding results and exceed client expectations.
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Our extensive network of industry contacts and local connections allows us to offer exclusive access to prime properties and investment opportunities. We leverage our relationships to provide our clients with the best possible outcomes.
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We are dedicated to maintaining the highest standards of professionalism, integrity, and service. Our commitment to excellence ensures that we provide exceptional value and support to our clients throughout their real estate journey.
Client Success Stories
Expanding a Retail Chain
We recently assisted a national retail chain in expanding their operations in Burlington. By identifying prime retail spaces and negotiating favorable lease terms, we helped them open several new locations, significantly boosting their market presence.
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An international logistics company sought a new distribution center in Burlington. We found a state-of-the-art industrial facility that met their requirements, facilitating efficient operations and reducing logistical costs. Our tailored approach ensured the client’s specific needs were met.
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Several investor clients have benefited from our strategic investment advisory services. We helped them identify high-potential properties, optimize their portfolios, and achieve substantial returns on their investments. Our guidance has enabled these clients to make informed and profitable decisions.
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For all your commercial real estate needs in Burlington, trust our team to deliver exceptional service and results. Contact us today to schedule a consultation and discover how we can help you achieve your property goals.
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kieron141-blog · 9 months ago
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Wisest Considerations for best moving companies near me in Hamilton
Moving out of previous home can be a stress inducing job, however with the best tips and checklist in place, you can make the process smoother and more organized. Whether you're relocating for a task or starting a brand-new chapter in your life, correct preparation is essential to ensuring a successful move. 1. Begin as soon as you can: Start your preparations as soon as possible to permit adequate time for all the essential jobs. 2. Write down a personalized project checklist: A comprehensive list of anything that needs to be done before, during, and after the move. This will assist you to stay organized and guarantee absolutely nothing is ignored. 3. Research your brand-new state: Familiarize yourself with the policies, laws, and requirements of your new state relating to housing, utilities, transportation, etc 4. Work with professional movers: Think about hiring knowledgeable movers who concentrate on long-distance moves. Get numerous quotes and check out reviews to find reputable professionals who can manage your particular requirements. 5. Declutter before packaging: Take this chance to declutter your possessions by eliminating products you no longer need or usage. This will decrease the overall volume of items being moved and conserve you time and money. 6. Pack strategically: Label boxes clearly according to their contents and destination rooms in your brand-new home. Load delicate items with additional care using proper padding products. 7. Alert important parties: Inform appropriate celebrations about your change of address, consisting of banks, utility companies, insurance service providers, schools if suitable, and federal government agencies. 8. Organize essential files: Keep vital files such as identification papers, medical records, financial statements safely organized throughout the moving procedure for simple gain access to when needed. 9. Arrange for energies transfer or cancellation: Contact energy companies at both ends to arrange disconnection at your existing home and connection at your new home on moving day or soon after. 10. Take care of yourself throughout the relocation: Moving can be physically demanding and emotionally draining; keep in mind to take breaks when needed and focus on self-care to stay energized and focused throughout the process. By following these leading 10 pointers, you'll be well-prepared for your out-of-state relocation, making sure a smoother shift and a favorable start to your brand-new chapter.
https://amsaffordablemovingservices.com/best-moving-companies-near-me-hamilton/
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itsrattysworld · 10 months ago
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Without Prejudice Mervelee Myers Colonisation In Reverse Honouring The Strong Women Everywhere As Sir Mark Rowley Nigel Pearce Seb Adjei-Addoh New Met For London Must Be Taken To Task Via CPPDP Copyright Intellectual Property Images YouTube Monetization Role Of Social Media Cyberbullies Harvesting Community HUB 2009 Decriminalization Need ERT Under Cover Margaret Horn Lecture 2020 Holly Sweeney Led Racist Thugs Nikki Wright And CO Murder Me To Say Commit Suicide Neil Solliss Nikki Babb MOPAC Response Evidence Pattern Of Hate Crimes Against Me From IOPC JCIO BSB SRA Fail To Act Winsome Duncan Barrister Ryan Clement Verbal Threats Sent Police To Section Me Malicious Allegations I Write On Facebook I Was Feeling Suicidal Refer To HCT Group Impact Report 1 In 5 Of All Suicides Associated With Unemployment Rights Denied Richard Harty Panic Call Mobile Barclays Scam Me 2nd Time Financial Ombudsman Service Emma Martin-Hamilton Get YT Trustpilot To Remove Posts PC Edward Allen To Contact Me Sent Email HMCTS Miscarriages Of Justice Freer Simler Kernaghan Jones Doyle Shanks Parfitt Dight Boothe CCMCC Sterlini Zimmel Rand Bell Fail Collect Judgement Strike Claims Court Enforcement Services Ltd Send Order 4 Years Later I Write To Robert Buckland Reasons County Court Clerkenwell Shoreditch District Judges Some Of Whom I Did Not Attend Will Not Get Away Label Me Violent Nuisance 1st High Blood Pressure Amly Spent 60th Birthday In IC Dostan Died Prostrate Cancer Housing For Women Solicitors Sent Bundle Sunday Monday Take Husband To Do Diabetes Eye Test Posted On SM I Was Stress Need Support 1st August 23 DJ Sterlini Signature Case Behind Back DJ Hayes Claim I Had Enough Time To Attend Barrister Angela Delbourg Said I Must Be Whiter Than White She Was Scared I Would Shout At DJ I Did Not See DJ Bell Before DDJ Bastin 19/12/23 Attend GP Surgery Decima Road Mental Health Appointment 20/12/23 Was Not Aware Of DJ Naidoo DJ Piagram Was Helpful But I Will Not Fall How I Was Stitched Up By Legal Aid Tim Bittlestone Croydon Magistrates Court 2021 Housing Ombudsman Service MP Neil Coyle Harriet Harman Aware Of Housing For Women Targeting Vulnerable Tenants I Will Go To Lewisham To Interview Tenants Experience Terrorism By Samantha Gibbs Started With H4W April 22 Sent Me Invite To ASB Meeting May On Long-Term Sick Leave Is She Getting Paid Trina Philbert Visit With Candy Smith Adult Social Care June Month After Starting Mimi Owusu 12 Pages Witness Statement Convict Those Involved Unlawful Injunction Threats Eviction Writing Therapy Father Stricken Parkinson's Find My Vision Website Created From Scratch I Have Certification For Work Ball In Guy Lawful Court UK Society Treat 100 Year Old Less Favourably Than Animals 2024 I Was Offered £46-55,000 SENCO Job Smart Teachers Negotiation Starts There Kicked Out UEL 28/1
Refer to Without Prejudice Holocaust 2024 Memorial Gives Me Reasons To Reflect Systemic Discrimination After Death Of Mama Lou With Dementia I Wrote To Dilys Epton Eve Mothering Sunday 2015 Am Depressed Dying Slowly Of Torture 10 Years Judiciary Of England Wales Criminal Justice System Crown Prosecution Service Career Criminals Names Facebook Memories Tell World About A-Z Of Abusers With Friends…
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sublimeobservationarcade · 1 year ago
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Pezzullo Pissing In Political Pockets
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Michael Pezzullo, according to 60 Minutes, has been revealed as a Machiavellian character operating inside the halls of power in Canberra. Pezzullo pissing in political pockets in search of influence is operating well outside the remit of a member of the public service. The expose by Nine Fairfax investigative reporters shows him to be a right wing power broker rather than an apolitical appointment. The Home Affairs Secretary in his clandestine relationship with Liberal Party insider Scott Briggs has crossed the line repeatedly and consistently over many years. The trove of once encrypted messages now revealed should ring the death knell on his career. “The Age and 60 Minutes first revealed the series of texts between Pezzullo and Liberal powerbroker, Scott Briggs, in which the home affairs secretary disparaged senior Coalition ministers and advocated for a right winger to be minister responsible for his department. In a statement on Monday, the home affairs minister, Clare O’Neil, said: “I am aware of reporting regarding communications between Mr Michael Pezzullo and Mr Scott Briggs.” “ - (https://www.theguardian.com/australia-news/2023/sep/25/home-affairs-department-head-michael-pezzullo-referred-to-public-service-commissioner-over-leaked-texts)
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Neoliberal champions who led us where we find ourselves - ripped off by our own economy!
Michael Pezzullo’s Text Messages Reveal Political Power Plays
The stench coming from Pezzullo’s promptings and covert campaigning within the Turnbull/Morrison Coalition government is pungent. This is another light on a very bad government. The disgraceful Robodebt debacle. Scott Morrison secretly making himself the Minister for everything. Sports rorts. Rape and sexual abuse allegations in parliament. The PwC tax scandal. The bodies are mounting up like our SAS unlawful killings in Afghanistan. Many of the bad actors like Stuart Robert, Alan Tudge, Marise Payne and Chistian Porter have already left the building.
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Public Servants Behaving Badly Under Morrison
As an observer of the Abbott/Turnbull/Morrison federal governments It is hard not to see it as a low watermark in recent Australian political history. A time where self-interest and aggrandisement were modelled and encouraged by the leaders of the day. A decade where the entrenched wealthy become much richer at the expense of fairness and equality within Australia. The Liberal Party  lost its way under the aegis of the leering Tony Abbott and the lying Scott Morrison. Morality and transparency became opaque. Jobs for the boys and a public service aggressively brown nosing its way to fulsome pay packets. Robodebt would cost tax payers $1.8 billion and several vulnerable Australians would lose their lives. Half a million Australians were wrongly accused of owing large amounts of money to Centrelink. The senior public servants in these departments were an absolute disgrace and should be prosecuted.
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People like this man! Pezzullo Built His Home Affair's Fiefdom Michael Pezzullo lobbied for and created the Home Affairs department. He would become king of this castle under the Coalition. Pezzullo seemingly adored Dutton, during his time as the minister in charge. Pezzullo had a penchant for strong right wing types, it appears. He wanted Peter Dutton to replace Turnbull as PM, but settled for Scomo instead. He lobbied Scott Briggs tirelessly for what he wanted and there must have been plenty of back scratching in return – it would be interesting to examine his actions in light of this. This could well be a plumb case for the NACC. Corruption and inappropriate behaviours in the halls of power must be properly addressed in Australia. For too long we have been a bad joke in this regard. Robert Sudha Hamilton is the author of Money Matters: Navigating Credit, Debt, and Financial Freedom. ©WordsForWeb
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joshhamilton11 · 7 months ago
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Preparing For Audits: Tips For Trucking Business
In the fast-paced world of trucking, staying compliant with regulations is crucial for the success and longevity of your business. One aspect of compliance that often causes anxiety for trucking companies is the dreaded audit. Whether it’s a tax audit, a safety audit, or an audit of your financial records, being prepared can make all the difference. Here are some essential tips to help you prepare for audits and navigate them with confidence.
Maintain Impeccable Records: One of the best ways to prepare for audits is to maintain accurate and organized records. Keep detailed records of all financial transactions, including invoices, receipts, bank statements, and payroll records. For safety audits, ensure you have up-to-date records of driver qualifications, vehicle maintenance, and compliance with safety regulations.
Stay Up-to-Date with Regulations: Regulations in the trucking industry are constantly evolving. Stay informed about any changes to tax laws, safety regulations, or financial reporting requirements that may affect your business. By staying ahead of the curve, you can ensure that your operations remain compliant and minimize the risk of audit findings.
Implement Internal Controls: Internal controls are policies and procedures designed to safeguard assets, ensure accuracy in financial reporting, and promote compliance with regulations. Implementing robust internal controls can help prevent errors and irregularities that may trigger audits. Conduct regular audits of your own internal controls to identify and address any weaknesses.
Train Your Staff: Your employees play a crucial role in ensuring compliance with regulations. Provide comprehensive training to your staff on topics such as record-keeping, safety protocols, and financial reporting requirements. By ensuring that everyone understands their responsibilities and how to fulfill them, you can minimize the risk of non-compliance issues that may lead to audits.
Work with Experienced Professionals: Sometimes, navigating audits can be overwhelming, especially for small trucking companies with limited resources. Consider hiring experienced professionals, such as certified public accountants (CPAs) or compliance consultants, to assist you in preparing for audits and addressing any audit findings. Their expertise can prove invaluable in ensuring a smooth audit process.
Conduct Mock Audits: Conducting mock audits can be an effective way to identify potential areas of concern before the real audit takes place. Simulate the audit process by reviewing your records, policies, and procedures as if you were being audited. This can help you uncover any deficiencies or areas for improvement that need to be addressed prior to the actual audit.
Be Transparent and Cooperative: When facing an audit, transparency and cooperation are key. Provide auditors with access to all requested documents and information in a timely manner. Be prepared to answer any questions they may have and address any concerns promptly.
By partnering with professionals providing trucking business advisory services, companies can strengthen their compliance practices, enhance their audit preparedness, and minimize the risk of non-compliance issues. With their specialized expertise and support, trucking businesses can navigate audits more effectively and focus on achieving their operational and financial goals.
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itsrattysworld · 10 months ago
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mydearburkhart · 3 years ago
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The Amy-verse
(masterpost) | previously on The Amy-verse
Disclaimer: This is a work of fan fiction using characters from That '70s Show, which is created by Bonnie and Terry Turner and Mark Brazill. I own nothing, except for my original character, Amy Hamilton.
Warning: I'm not fluent in English and this is one of the ways I found to learn on my own. So if you find any mistakes, please let me know :)
TW: Mentions of military dictatorship and political views. Based on facts.
Notes: If you have the chance to get the vaccine, please don't waste it. If you don't, please take care and stay at home if you're able.
Amy's political views will be frequently mentioned during the story. If you're not into politics, or if it makes you uncomfortable, or if you don't agree with her political views and feel the need to make a rude comment, I kindly suggest you to not read this.
And last, but not least: I hate you, Bolsonaro. Fuck you. I hope you die of a nasty, slow, and painful disease. :)
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1×03
*during a phone call*
Jackie: Why didn't you come to the basement today?
Amy: Elis made a mess in my living room, I literally just finished cleaning her shit.
Jackie: Ew.
Amy: I know... but why didn't you tell me the president is coming to town?
Jackie: 'Cause you hate him?
Amy: Fair enough. But still.
Jackie: Amy, I'm serious. The secret service will be there, don't do anything stupid.
Amy: Oh please, Jackie. When have I ever done something stupid?
Jackie: You'd do almost anything to yell at the president. Especially if it's about your country.
Amy: Well, can you blame me? The US government supported financially the military dictatorship in my country. God knows what they would've done if that hadn't worked.
Jackie: Okay, I don't understand what you're saying. Just promise me you won't get yourself in trouble, please.
Amy: Don't worry about me, I'll be fine.
[...]
*school*
Principal: Now, as you all know President Ford will be visiting our fair city and I know there are some of you out there that might be planning some sort of quote-unquote social statement type protest...
Amy: I can't believe he interrupted cheer practice to give us a lecture...
Jackie: Yeah... ew! Those freshman creeps are staring at us.
[Amy glares at them until they stop]
Jackie: How do you do that?
Amy: I'll tell you later.
Principal: So let me tell you another thing Mr. or Mrs. Punk, protesting accomplishes nothing!
Amy: Bullshit!
Principal: Oh, sure, you might see a chance to prove your manhood or show you're cool...
Jackie: Amy, what are you planning?
Principal: But this is our President... our President, darn it! So no shenanigans, you hear me?
Amy: I'm not planning anything, believe me.
Principal: If that's your kind of attitude, you might just as well go home right now!
Jackie: Oh, you are planning something, and I will find out!
[...]
*basement*
Fez: If you hate the fuzz on your ass, then why don't you shave it off?
Amy, who just came into the basement: Who's gonna get their ass shaved, and why are you guys talking about that?
Fez: Hyde hates the fuzz on his ass.
Amy, giggling: Oh, okay. [to Hyde] You should apply some oil first, you'll be smooth like a newborn.
Hyde: That's not what we were talking about.
Amy: Then what was it?
Kelso: We're streaking!
Amy, suddenly interested: Like a... protest?
Kelso: Yeah! Say, Amy, you wanna join us?
Amy: Back off, asshole. [proceeds to take a seat on the couch] Why are you protesting?
Hyde: Against the corrupt electoral system.
Fez: Because people won't be chasing us with torches and pointy sticks.
Kelso: So I can run buck naked through a sea of people!
Eric: I'm pro-nudity.
Amy: Are you doing this too, Donna?
Donna: Hell no.
Amy: So, Hyde's got a solid purpose, Eric is a dumbass, Kelso is a sick perverted and Fez... [looks at him] That was awfully specific... are you okay?
Fez, tearing up: Well, you were the first person who asked me this today. But, yes, I am okay.
Amy: If you say so.
Eric: Amy, it's not that I don't like you or anything...
Amy: I know you don't like me, you don't have to pretend you do.
Eric: Why are you here without your "in" to the group?
Amy: I'm hiding from Jackie, and since she knows I wouldn't come here without her, she won't look for me here.
Donna: Why are you hiding from her?
Amy: I can't lie to Jackie, but if I tell her the truth she's not gonna let me do it.
Donna: Do what?
Amy, obviously lying: Nothing.
Donna: We already know you're lying.
Amy: But you don't know the truth and you're not gonna make me say it, I could tell you another lie and you wouldn't know.
Kelso: I don't understand.
Amy: I didn't think you would. But, anyways, Jackie knows me really well, she'd take the truth out of me.
[...]
*fantasy sequence, interrogation room*
Jackie: I know you're lying, so just tell me the truth!
Amy: Fine! I confess I'm planning something!
[...]
*back to the basement*
Amy: The point is that I'm gonna stay here until I'm sure she'll be back at her house. Then tomorrow, I'll just avoid her at school... So, what was that shaving talk about?
Fez: Hyde hates the fuzz on his ass.
Donna, Eric, Hyde, and Kelso: *groaning*
[...]
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*the next day, at the electoral commission*
Kelso: You are so lucky I'm naked, pal!
Jackie: Amy, don't think I can't see you trying to sneak in!
Amy: Well, hello to you too Jackie.
Jackie: What are you wearing?
Amy, gesturing to her clothes: This is my outfit for today, and if you don't like it, you could leave...
Jackie: Why are dressed like a communist?
Amy: What do you mean? Just because I'm wearing a red shirt and a barret with a red star in it, does not mean I'm dressed like a communist. I always wear red clothes, Jackie! That's actually kinda stereotypical, we should...
Jackie: Quit the rambling! Do you want the secret service to call Immigration? Do you wanna get deported? You promised me you wouldn't get in trouble, Amy!
Amy: Technically, I did not promise you anything. I said, "don't worry about me, I'll be fine". [she stops when she notices that Jackie is crying] Don't cry, Jackie. I'm not gonna do anything stupid, like your boyfriend and his friends. I just want to express my frustration and try to spread awareness and, perhaps, help my homeland. Please, try to understand me.
Jackie: And I just want my best friend to stay safe and away from jail. Please, try to understand me.
Amy, now also crying: Do you trust me?
Jackie: Yes.
Amy: I'll be fine.
Jackie: Okay.
[...]
Mr. Forman: Hey, Jerry. Here's my question, how the hell could you pardon Nixon?
[...]
Jackie, clearly upset: What are you going to do? They'll be leaving soon...
Amy: I'm not gonna do anything, I'm a coward.
Jackie: How can you say that, Ames? You're not a coward!
Amy: Yes, I am! I had the chance to finally do something that could help my country, and I chickened out...
Jackie: You got scared, Amy! They could deport you.
Amy, crying: Even Eric did something!
Jackie: Don't remind me, I'll have nightmares about this... The thing is that you're smart, and you have me as your best friend, and you're hot because I only hang out with hot people. And even though you talk a lot about politics, you're really good company. You'll have another chance to make a huge protest and start a revolution, or something like that.
Amy, sniffing: Thanks, Jackie... Hey, you wanna sleepover tonight?
Jackie: Will that make you feel better?
Amy, nodding: Yes, we could do face masks and take turns on what we talk about, make-up or politics.
Jackie, huffing: Okay... you're lucky you're my best friend!
Amy, hugging her friend: I know.
[...]
*Amy's room*
Jackie, painting her nails pink: Your mom is so nice, is she really gonna bake a cake for tomorrow's breakfast just because I'm here?
Amy, painting her nails red: Yep, I hope you like corn cake, that is the only recipe she knows.
Jackie: It sounds good.
Amy: Believe me, it is! But if you don't like it, we can make a carrot cake with chocolate again... [winks]
Jackie: I love you!
Amy: I love you too!
taglist
@kim1918, @supernannygirl704things, @snookstheallmighty, @boysdonntcry, @scaponigifs
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jkottke · 4 years ago
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We Need to Reckon with the Aerosol Spread of Covid-19
A spin studio (aka an indoor gym with stationary bikes) in Hamilton, Ontario is dealing with an outbreak of Covid-19 stemming from one asymptomatic patron that has resulted in 69 positive cases so far, even though the studio "followed the rules". From the CNN report:
SPINCO, in Hamilton, Ontario, just reopened in July and had all of the right protocols in place, including screening of staff and attendees, tracking all those in attendance at each class, masking before and after classes, laundering towels and cleaning the rooms within 30 minutes of a complete class, said Dr. Elizabeth Richardson, Hamilton's medical officer of health, in a statement.
As the Washington Post reports, patrons were allowed to take their masks off while exercising:
Although Hamilton requires masks to be worn in most public settings, the law includes an exemption for anyone "actively engaged in an athletic or fitness activity." In keeping with that policy, the studio, SPINCO, allowed riders to remove their masks once clipped into their bikes, and told them to cover up again before dismounting.
The problem here is that while the studio may have followed the rules, they were not the right rules. This outbreak appears to be another clear-cut instance of Covid-19 spread by aerosols. A group of people indoors, without masks, breathing heavily, over long periods of time in what I'm guessing is not a properly ventilated room -- this is exactly the sort of thing that has been shown over and over again to be problematic.1 The science is there, but governments and public health agencies have not caught up with this yet. If you take the transmission by aerosols into account, the rules for gyms (and bars and restaurants) being open is that they should probably not be open at all -- or if they are, they should be well-ventilated and the wearing of masks should be mandatory at all times.2 (via @DrEricDing)
To return once again to aerosol expert Jose-Luis Jimenez's excellent smoke analogy, attending a spin class with an asymptomatic patron who is breathing heavily is like being in a room with someone who is furiously chain-smoking for an hour. Unless that room is extremely well-ventilated, everyone is going to be breathing in so much smoke.↩
And to compensate these businesses for their public service in remaining closed, they should be financially supported by the government. We cannot let these businesses, especially small businesses, and their owners go under, for people to lose their savings or go bankrupt, etc. as they help keep the rest of us safe. If we want to have bars and restaurants and gyms and movie theaters and concert venues on the other side of this pandemic, they have to be compensated for their sacrifice on our behalf.↩
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dreaminginthedeepsouth · 4 years ago
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 LETTERS FROM AN AMERICAN
October 6, 2020
Heather Cox Richardson
In the past three years, it has so often felt like things were reaching the breaking point. But the image of Trump on the balcony of the White House last night, defiantly taking off his mask as he gasped for breath, truly looked to me like the beginning of the final chapter.
Today coronavirus infections continued to mount in the vicinity of the White House. At least 34 people near Trump have contracted the virus in the past few days. The press corps near the White House is down to a skeleton crew as the White House press secretary, Kayleigh McEnany, and four press aides have tested positive. So have top aide Stephen Miller and Admiral Charles Ray, the vice commandant of the Coast Guard Admiral.
Along with other military leaders, Ray attended an event celebrating Gold Star families last Sunday at the White House. That event included some of the same people who had been at the event the previous day in honor of Amy Coney Barrett, whom Trump nominated to take the seat of the late Justice Ruth Bader Ginsburg on the Supreme Court. Those who attended both events included Trump and the First Lady.
Senior military leaders attended meetings with Ray last week in a secure room at the Pentagon, and now are self-quarantining. They include the Chairman of Joint Chiefs of Staff General Mark Milley; the Vice Chairman; the Army chief of staff; the Naval Operations Chief; the Air Force chief of staff; the CyberCom Commander; the SpaceForce operations chief; the director of the U.S. National Security Agency, Gen. Paul Nakasone; the Chief of the National Guard, Gen. Daniel Hokanson; and the deputy commandant of the Marine Corps, Gen. Gary Thomas.
The White House has apparently not done any contact tracing, and it declined the help of the Centers for Disease Control and Prevention to do it.
The administration appears to be committed to a strategy of community spread, rejecting the use of masks and of distancing. Deputy press secretary Brian Morganstern told NPR’s Mary Louise Kelly that the White House still does not require masks because “everyone needs to take personal responsibility.”
That the White House appears to be the center of a coronavirus hotspot has hurt Trump’s reelection campaign. The infections in the face of the fact that the administration refused to take the virus seriously, the ride around the hospital to wave at supporters while endangering Secret Service agents, the struggle to the balcony in a strongman scene, all appear to have demonstrated not Trump’s strength, but his weakness.
His behavior today has reinforced that sense. Trump left the hospital last night and returned to a locked-down White House. The few aides who met with him were dressed in PPE, while the West Wing is virtually abandoned as people have decamped to work from home. Trump has been on a Twitter spree today, tweeting and retweeting his old material, “the Russia Hoax” and Hillary Clinton’s emails, which now feel like ancient history, disconnected from today’s pressing crisis. Tonight, he tweeted: “I have fully authorized the total Declassification of any & all documents pertaining to the single greatest political CRIME in American History, the Russia Hoax. Likewise, the Hillary Clinton Email Scandal. No redactions!” He hit the same points again in another tweet: “All Russia Hoax Scandal information was Declassified by me long ago. Unfortunately for our Country, people have acted very slowly, especially since it is perhaps the biggest political crime in the history of our Country. Act!!!”
He sounds desperate. And on the heels of his tweets, Representative Ted Lieu (D-CA) tweeted to the Justice Department “Per the President’s orders, can you please provide the [House Judiciary] Committee the full unredacted Mueller Report immediately? Thank you.”
Other dropping stories make it look like the tide is running against Trump.
Patricia and Mark McCloskey, the St. Louis, Missouri, couple who held guns on protesters in June, were indicted today by a grand jury on charges of exhibiting guns and tampering with evidence. Trump invited the McCloskeys to speak at the Republican National Convention. “What you are witnessing here is just an opportunity for the government, the leftist, democrat government of the City of St. Louis to persecute us for doing no more than exercising our Second Amendment rights,” McCloskey said.
Two weeks ago, the administration blocked strict guidelines for a coronavirus vaccine, but today the Food and Drug Administration (FDA) released those guidelines over White House objections. This will make a vaccine before the election unlikely. Trump tweeted “New F.D.A. Rules make it more difficult for them to speed up vaccines for approval before Election Day. Just another political hit job!”
Today, the New York Times revealed the findings of an internal investigation by the Justice Department’s inspector general Michael Horowitz into the policy of separating children from their parents at our southern border. The policy was engineered by Stephen Miller, but the Justice Department has tended to blame then-Department of Homeland Security Kirstjen Nielsen for the policy. Horowitz’s investigation has established that then-Attorney General Jeff Sessions and his deputy Attorney General Rod Rosenstein were far keener on the policy than she was. In a sign of changing times, a 32-page response to the Horowitz’s investigation, written by Miller’s ally Gene Hamilton, said that Justice Department officials had simply followed orders from the president.
Facebook, too, sees the writing on the wall, and has announced that it will ban all QAnon conspiracy theory accounts. These accounts spread disinformation, including the idea that a heroic Trump is secretly leading an effort to round up a ring of pedophiles and cannibals based in the nation’s entertainment and political elites. The ban is one of the broadest Facebook has ever enacted.
Today, Federal Reserve Chair Jerome Powell said that a new coronavirus relief bill is imperative, but just hours later, Trump announced on Twitter that he was cancelling further talks between the White House and House Speaker Nancy Pelosi. Stocks dropped 600 points, and vulnerable Republican senators panicked. Biden released a statement including a pithy condemnation: “Make no mistake: if you are out of work, if your business is closed, if your child’s school is shut down, if you are seeing layoffs in your community, Donald Trump decided today that none of that — none of it — matters to him. There will be no help from Washington for the foreseeable future. Instead, he wants the Senate to use its time to confirm his Supreme Court Justice nominee before the election, in a mad dash to make sure that the Court takes away your health care coverage as quickly as possible.” A few hours later, Trump changed his tune.
Today both the New York Times and the Boston Globe endorsed Biden, and General Michael Hayden, the retired four-star general who served as the Director of the CIA under President George W. Bush, released a video not just endorsing Biden, but also warning that "If there is another term for Trump, I don't know what happens to America." “Biden is a good man,” Hayden says. “Trump is not.”
Financial services company Goldman Sachs today forecast that the Democrats will take both the White House and the Senate, and said a Democratic sweep would mean a faster recovery and thus would be good for the economy. Moody’s Analytics, a subsidiary of another financial services company, recently found that Biden’s plans would add 7.4 million more jobs to the economy than Trump’s would.
Today in Gettysburg, Pennsylvania, a town hallowed by history, Biden gave a blockbuster speech calling for the nation to put aside division and come together. He talked about race: “Think about what it takes for a Black person to love America. That is a deep love for this country that for far too long we have never fully recognized.” He talked about disparities of wealth: “Working people and their kids deserve an opportunity.”
And he talked about Lincoln, and how, at Gettysburg, he called for Americans to dedicate themselves to a “new birth of freedom” so that the men who had died for that cause “shall not have died in vain.”
“Today we are engaged once again in a battle for the soul of the nation,” Biden said. “After all that America has accomplished, after all the years we have stood as a beacon of light to the world, it cannot be that here and now, in 2020, we will allow government of the people, by the people, and for the people to perish from this earth.
“You and I are part of a great covenant, a common story of divisions overcome and of hope renewed," he said. "If we do our part, if we stand together, if we keep faith with the past and with each other, then the divisions of our time can give way to the dreams of a brighter, better, future.”
—-
LETTERS FROM AN AMERICAN
Heather Cox Richardson
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