McDonald’s Fourth Quarter Earnings
Olympic sponsor McDonald’s reports that its fourth quarter profits rose by 11 percent.
The fast-food chain says net income increased to $1.38 billion from $1.24 billion over last year. Revenue grew 10 percent from $6.21 billion to $6.82 billion.
McDonald’s global sales increased by 7.5 percent with the U.S. up 7.1 percent and Europe up 7.3 percent.
CEO Jim Skinner said the company plans to invest billions of dollars this year in new restaurants as well as updating older locations. "We plan to invest about $2.9 billion of capital – roughly half dedicated to opening more than 1,300 new McDonald’s restaurants and the other half allocated to investing in our existing locations, including the reimaging of over 2,400 restaurants."
"I am confident that the investments we are making today will yield long-term value for our shareholders," he added.
Moody’s Downgrades Panasonic’s Rating
Moody’s downgraded the long-term debt ratings of TOP sponsor Panasonic by one notch from A2 to A1.
The credit-ratings firm said the downgrade reflects a "concern that the weakness in Panasonic's financial profile will continue, given the challenging operating environment."
Moody's pointed to the company’s deteriorating financial profile since acquiring Panasonic Electric Works and Sanyo Electric Co. Ltd.
Due to losses in its television business, declines in earnings in the semiconductor business and weak earnings in Sanyo’s electronic devices and energy businesses, Moody’s added that "Panasonic is unlikely to restore its financial profile in a timely manner."
Marriott Hotels to Open in Sochi
Marriott International will open three new hotels in the host city of the 2014 Winter Olympics.
In late 2013 in Sochi, the hotel company will open the Marriott Krasnaya Polyana Hotel and Courtyard by Marriott Sochi Plaza Hotel. The JW Marriott Sochi Golf Resort will follow shortly after, opening in early 2014.
"Sochi has long been known as Russia’s most fashionable resort destination, and now with the upcoming 2014 Winter Olympic games, the world’s spotlight will be focused on the city," said Amy McPherson,president and managing director for Marriott International in Europe.
"We look forward to opening these great new hotels and welcoming guests from around the world to Sochi to enjoy all this incredible destination has to offer, in 2014 and for many years to come."
Samsung Renews IAAF League
Samsung will continue to serve as the title sponsor for the IAAF’s Diamond League.
The electronics company initially signed a two-year contract in July 2010 sponsoring the annual series of track and field events. It has renewed the deal for the 2012 season.
"For the IAAF’s top invitational series of meetings to continue with a title sponsor such as Samsung, a world leader in consumer electronics, among other product categories, with a history of over 70 years of excellence, reconfirms the attractive benefit of sponsoring Athletics," said IAAF president Lamine Diack.
Samsung App Showcases Great Britain
Visitors can use a new Samsung smartphone application to check out the "Best of Britain."
In partnership with national travel agency VisitBritain, Samsung is launching an application that showcases the country and attempts to attract visitors during and after the London Olympics.
"Samsung and VisitBritain are enabling visitors to feel closer to the Olympic and Paralympic Games embracing a shared ambition to create a lasting legacy," said Sunny Hwang, Samsung Electronics VP and head of worldwide sports marketing.
"Samsung will continue to develop its relationships with other Olympic partners to progress its goal for London 2012 to be ‘Everyone’s Olympic Games’ where everyone can enjoy, take part in and share the Olympic Games experience, using smart technologies."
To check out a demonstration video, click here.
Athlete Signs with Puma
Indian swimmer Rehan Poncha is partnering with sportswear company Puma.
Indian media reports that Poncha will represent the brand, donning Puma accessories and apparel at competitions.
Written by Ann Cantrell.
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