Tag Archives: bar

NJ will offer $ 35 million to food and beverage companies that have been hit hard by the COVID-19 pandemic | Instant News


Certain restaurants, bars, breweries and wineries across New Jersey that have been negatively affected by the coronavirus pandemic will be eligible for additional assistance as many seek to expand indoor and outdoor dining services to customers.

New Jersey will provide $ 35 million in federal COVID-19 assistance to a state-wide struggling food and beverage company with no more than 50 employees, according to laws are signed into law Friday by Governor Phil Murphy.

“Over the past year, our restaurant has done well, and we know that the fight is not easy,” said Murphy. “This law will provide a much needed lifeline for small business owners, who, through no fault of their own, have been destroyed by this pandemic.”

Funding will be distributed through the New Jersey Economic Development Authority, which will be asked to set rules regarding eligibility and the size of available grants.

State officials say the grants will help food and beverage companies reopen safely amid a public health crisis and help recover previously lost jobs.

That bill passed both state legislative assemblies last month with unanimous bipartisan support.

Among the main sponsors of the law included Assemblyman Lou Greenwald (D-Burlington / Camden) and Vincent Mazzeo (D-Atlantic).

“Prior to the COVID-19 pandemic, there were more than 19,000 food and beverage companies across New Jersey, with restaurants employing nearly 8 percent of the workers in our state,” the Assembly’s joint sponsor said in a statement.

“The public health emergency has had a significant impact on this industry, which many of us are benefiting from and enjoying. We must provide support to this company to help them through this crisis and enable them to employ New Jersey residents while continuing to serve residents and visitors for years to come. “

The legislation is part of a five-bill, $ 100 million effort by New Jersey to support small businesses across the state hit by the COVID-19 pandemic. Country already dedicates $ 15 million to help arts and cultural institutions across New Jersey persistently amidst a public health crisis.

Since last month, indoor dining service in the restaurant and bar has been allowed on 50% capacity statewide.

Indoor dining continued in New Jersey last September at 25% capacity after being closed for nearly six months. Originally scheduled to be continued early July, but officials postponed plans after the surge in COVID-19 cases in other states that have reopened restaurants.

When COVID-19 cases spiked again last November, Murphy ordered the restaurant to close indoor dining between 10pm and 5am and to limit bar seating. The act also affects clubs, lounges and casinos.

The state later lifted a curfew on indoor dining services and increased the occupancy limit at restaurants to 35%. in February. Bar seating, however, remains banned statewide due to the proximity of customers and staff.

New Jersey allows eat outdoors service since last June. Restaurants across the state looking to expand their outdoor dining services to public spaces and sidewalks has been allowed to do so since February.

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Italy has entered a 3-day Covid-19 lockdown to block Easter travel and get-togethers | Instant News


Italy entered into a three-day national coronavirus lockdown on Saturday to prevent Easter trips and get-togethers even as the spike in new infections sparked by that country’s variant begins to wane.

The government announced last month that it would place all regions into the strictest “red zone” over the Easter weekend to limit the possibility of transmission, taking the same precautions enacted over Christmas and New Year.

Travel between regions and visits to relatives is limited to Monday. Non-essential shops were closed and restaurants and bars were only open for take-out.

“People are tired, but they realize that protecting health is very important in these times,” said Major Fabio Palletta, a Carabinieri military police officer guarding a checkpoint in Rome on Saturday, one of many established across the country. this weekend to make sure people on the street are allowed to travel.

The Interior Ministry also ordered extra police patrols to break up large gatherings in squares and parks, which are usually packed with picnicgoers during Easter.

“I’m glad they did the checks. It means something is at work throughout this mess, ”said Amato Monatanari, who was drawn for questioning in Rome.

Italy, where the European outbreak began, has recorded more than 110,000 Covid-19 deaths, more than any other European country apart from Britain. Another 21,000 infections were reported Saturday in Italy, along with 376 people dying.

An estimated 87% of Italy’s latest cases have been traced to the highly contagious variant that was first detected in the UK. But the Health Ministry reported on Friday that for the second week in a row, new cases “eased slightly.”

But as Italian hospitals in much of the region still exceed their COVID-19 capacities in intensive care units and other wards, the ministry concluded that new infections were still “too high … to allow for a reduction in current restrictive measures.”

Italians, however, are resentful of a choked up vaccination campaign in the country, which despite pledging to prioritize parents has left many of Italy’s oldest and most vulnerable people while teachers, police officers and other professional workers get their shots.

The Lombardy region, Italy’s largest, has suffered more infections and COVID-19 deaths than anyone else but still has a faltering vaccination campaign, getting a personal visit this week from Italy’s new virus czar, General Francesco Figliuolo.

“There are things that are not going well,” said Figliuolo. “We’ll write it down, then we’ll fix it together.”

More than three months after Italy’s national vaccination campaign, Lombardy this week opened a new centralized appointment portal after the previous system sent some elderly people hundreds of kilometers (miles) from home to get injections and kept others unable to make appointments.

The governor of the embattled Lombardy region, Attilio Fontana, acknowledged “some difficulties” but insisted that it did not affect the overall vaccination campaign. He said criticism of the regional effort was “sickening.”

Italy has administered 10.8 million vaccines nationwide, although only 3.3 million of the country’s 60 million people have received both doses. Lombardy, which counts one sixth of the population and has long prided itself on its health care system, has administered 1.7 million doses.

On a Saturday in Sicily, a church opened its doors temporarily to become a pop-up vaccination center.

“For Christians who celebrate Easter, today means above all being good and honest citizens,” said Pastor Michele Viviano, parish priest of the Salesian Don Bosco parish in San Gregorio in Catania, Sicily.

This means also collaborating with immunization campaigns, participating in and organizing them, he said.

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This story has been published from wire agent bait without modification to the text. Only the title has been changed.

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Blackstone Offer to Buy Australian Crown Resorts | Instant News


SYDNEY—

Blackstone Group Inc.

BX -0.77%

made a takeover bid for an Australian casino operator

Crown Resort Ltd.

DOG 18.46%

worth $ 6 billion, as regulators investigated Crown’s business practices and threatened to revoke its casino license.

The US investment firm has offered 11.85 Australian dollars, or the equivalent of $ 9.15, a stake for Crown, a 20% premium over last week’s closing share price, Crown said Monday. The deal is dependent on Australian gambling regulators allowing Blackstone to own and operate Crown casinos in Sydney, Melbourne and Perth.

Crown said its board had not yet decided whether to support the deal and would begin assessing Blackstone’s offer. Blackstone, which already owns nearly 10% of Crown’s shares, confirmed it had submitted the proposal. Blackstone already has real estate assets in Australia and a trail of play in other countries, including the casino and resort Cosmopolitan in Las Vegas.

The offer came at a critical time for Crown. Last month, an investigation by gambling regulators in the state of New South Wales ruled Crown was unsuitable for operating a new casino on Sydney’s waterfront.

Crown has spent an estimated $ 1.6 billion on the gleaming new skyscrapers that include hotel rooms and residences apart from a VIP-only casino. Officials in the states of Victoria and Western Australia, where Crown also operates casinos, have opened their own investigations into whether Crown remains fit to operate casinos there.

View of the Sydney Crown resort (center). Crown has spent about $ 1.6 billion on the new skyscraper, but hasn’t convinced regulators that it can run a casino there.


Photo:

Brent Lewin / Bloomberg News

A 751-page report from New South Wales, based on 60 days of public hearings that included Crown executives, found that Crown was neglecting the welfare of its employees in China by pursuing lucrative highrollers – ultimately leading to the arrest of Crown employees in China for gambling-related crimes.

Bank accounts at Crown subsidiaries are used to launder money, and Crown is working improperly with junkyard operators in Asia to bring gamblers to Australia, the report also found. Regulators began investigating Crown after questionable business matters were reported in the local media.

Crown has previously taken steps to address some of the issues raised by the New South Wales report, such as cutting off all junkets and creating a compliance and financial crime department. The report said Crown could implement certain changes to improve its suitability, and Crown said it was in discussions with regulators on the matter.

Blackstone’s bid gives Crown’s major shareholder, Australian billionaire James Packer, a chance to get out of business amid regulatory uncertainty. The New South Wales report criticized Mr. Packer, who previously sat on Crown’s board of directors but no longer does so, having too much control over the company. After the report, several members of the Crown board who had ties to Mr. Packer resigned.

Mr Packer controls about 37% of Crown’s shares through his investment company Consolidated Press Holdings. A CPH spokesman declined to comment on Blackstone’s offer.

As well as regulatory concerns, Crown’s business has taken a big hit from the coronavirus pandemic. International travel restrictions have slowed the flow of top players to Australian casinos from abroad, and have had to close casinos at various points due to local lockdowns. The company said revenue fell 62% in the six months to December, and reported a loss of half of about $ 93 million.

Crown, which operates private gaming clubs in London apart from Australian casinos, once had a wider international footprint and sought to expand further. But it pulled back from its global ambitions after the arrest of its employees in China in late 2016, and sold a stake in a Macau casino operator and pulled out of the Las Vegas casino project.

The US company has previously expressed interest in Crown. In 2019,

Wynn Resorts Ltd.

, made an indicative takeover offer that later valued Crown at $ 7.1 billion, but Wynn dropped the discussion after saying Crown had disclosed their talks prematurely.

Write to Mike Cherney at [email protected]

Copyright © 2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appears in the print issue of March 22, 2021 as ‘Blackstone Seeks Australian Casino.’

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Grubhub Buyers Start a New Food Battle | Instant News


A Just Eat Takeaway.com delivery cyclist in Berlin in January.


Photo:

Liesa Johannssen-Koppitz / Bloomberg News

Just Eat Takeaway.com

TKWY 5.87%

came aggressively for lunch to its European competitors. This is a good indicator of how companies will behave in the US

A business based in Amsterdam – which will become the world’s largest food delivery player by revenues outside of China afterwards i $ 7 billion takeover from Chicago

Grubhub

GRUB 4.58%

finished this year – said on Wednesday that sales are up 54% in 2020. Like most online food businesses, they are benefiting from large restaurant chains, including McDonalds, signing up to sell via its website and more consumers entering to order food during the pandemic. The company’s shares rose 4% in early trading.

Growth is expensive. JET incurred an annual loss of € 151 million, the equivalent of about $ 180 million at current exchange rates, leaving deeper losses than before the pandemic. Has poured money into the UK to fend off Uber Eats and

Amazon

Supported Deliveroo, which is preparing an initial public offering in London. The Just Eat brand, which Takeaway.com previously acquired last year, has lost market share and is looking to take it back by 2021. The company also plans to invest heavily in France and Spain. The higher cost might explain why stocks have only risen 16% over the past year.

JET’s business model too put him in a position to be slightly disadvantaged during the crisis. As restaurants spend much of 2020 closed, players like Uber Eats who specialize in getting food to customers’ doors have an edge. Just Eat Takeaway.com has a bigger market business that only connects visitors and restaurants via a digital platform. Orders that also meet deliveries are a relatively low 26% from last year’s tally.

However, the mix should be an advantage as the company pushes towards the US with the Grubhub acquisition. JET will be able to use cash generated in countries such as Germany and the Netherlands, where lucrative market settings still dominate, to lure American visitors. Management is betting that by keeping shipping costs less than half the rates charged by others in a given market, competitors will be forced to either cut their prices and deepen their losses, or start letting go of customers.

For rivals based in the US

By Dash

and Uber Eats, trends in Europe can be a preview of what menus are on their domestic market. Like Just Eat in the UK, Grubhub has lost market share in the US. Competition can become more violent when the well-funded industry veteran JET comes along to revamp his latest acquisition.

Demand for food deliveries has surged amid the pandemic, but restaurants are struggling to survive. In a highly competitive industry, delivery services are struggling to gain market share while facing increasing pressure to lower commission costs and provide more protection to its workers. Video / Photo: Jaden Urbi / WSJ

Write to Carol Ryan at [email protected]

Copyright © 2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Olo Is Not Everyone’s Food Delivery Staple | Instant News


It is as if the online food delivery industry not convoluted enough, apparently there are other intermediaries.

Unlike

ByDash

and

Grubhub,

15 year old Olo is not a name your average eater will know. From a consumer’s point of view, that is largely behind their experience of ordering online from a restaurant, helping the chain with things like third-party order integration and fulfillment. It competes with online delivery platforms in some aspects of its business, but considers it a significant customer on the other. It also boasts another key difference: Its business is designed to be more like a software as a service company.

Food delivery, but make it SaaS, basically. In filing its initial public offering last month, Olo gave investors an idea of ​​the advantages most food delivery platforms have yet to achieve on a sustainable basis. Even DoorDash, which increased revenue by 226% in 2020, is still losing money for the year. But Olo says it generates more than $ 3 million in net revenue in 2020 from revenue growing at less than half the rate of leading US food delivery platforms.

However, it is not clear how easily the profits can be recovered. Unlike typical SaaS models, where the business has significant visibility into future revenue thanks to up-front paying contracts, Olo calls itself a “transactional SaaS” model, where revenue comes not only from subscriptions but also from costs per transaction. This last source of income is important because it now forms the majority of its business: Although Olo says less than 7% of its revenue came from transactions in 2018, that percentage is growing to nearly 57% in 2020.

That mix of businesses alone should make SaaS investors bite their fingers. But things become even more uncertain when you consider that food delivery platforms that hope to see a significant moderation in their pace of growth over the next year are some of Olo’s biggest customers. According to its filing, Olo provides DoorDash access to its order fulfillment, aggregator and channel management solutions. Transaction revenue from DoorDash accounted for at least 19% of Olo’s overall top line last year, up from 2.6% in 2018.That likely means the DoorDash pandemic-driven business boom was a key factor in Olo’s ability to turn a profit – Olo lost money in two the year before 2020.

Slows down growth not the only risk associated with DoorDash. Olo also disclosed in his public offering that his party was being sued by the company, which alleges a breach of contract related to fees. While Olo said the allegations were baseless, the more than $ 7 million DoorDash was seeking would be insignificant if given. Furthermore, the lawsuit could threaten to injure what is clearly a significant financial relationship for Olo.

Demand for food deliveries has surged amid the pandemic, but restaurants are struggling to survive. In a highly competitive industry, delivery services are struggling to gain market share while facing increasing pressure to lower commission costs and provide more protection to its workers. Video / Photo: Jaden Urbi / WSJ

Olo may be the newest food trading technology company to hit the public market, but it’s nothing new. Preceding DoorDash, Uber Eats and even Grubhub, the company says its name actually stands for “online ordering,” which in the dial-up era used to be three words.

Olo started his business long before, sending text message orders to printers before the world owned iPhones. Investors must now wonder if it has taken a front on its own.

Write to Laura Forman on [email protected]

Copyright © 2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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