Krispy Kreme owner buys Panera for $7.5 billion

Talk about carb loading. Sandwich chain Panera has agreed to sell itself to JAB, a German conglomerate that owns Krispy Kreme and the Einstein and Noah bagel chains, for $7.5 billion.

Shares of Panera (PNRA) surged nearly 15% in early trading Wednesday. The stock soared on Monday as rumors surfaced that Panera was in merger talks.

JAB was named as a possible suitor, as were McDonald’s (MCD), Starbucks (SBUX), KFC parent company Yum! (YUM) and Domino’s (DPZ).

In a statement Wednesday, Panera and JAB said they hope the deal would close in the third quarter of this year.

Panera founder and CEO Ron Shaich said in a statement that selling to JAB would allow Panera to increase its investments in its digital and mobile ordering technology as well as increase its focus on using healthier ingredients.

JAB partner and CEO Olivier Goudet added that he and the rest of his team “strongly support Panera’s vision for the future, strategic initiatives, culture of innovation, and balanced company versus franchise store mix.”

So fans of Panera’s soup and sandwiches probably shouldn’t expect any major menu changes as a result of the deal.

Related: Is your favorite restaurant about to get taken over?

Panera has been a star of the so-called fast casual restaurant industry over the past few years, reporting strong sales and profits.

To that end, the company also said Wednesday that same-store sales at its restaurants (although Panera calls them ” bakery-cafes”) rose a healthy 5.3% in the first quarter from the same period a year ago.

Some have argued that Panera, which now has more than 2,300 restaurants in the United States and Canada, has even taken over the title as the leader of the rapidly growing fast casual segment from Chipotle (CMG).

The burrito chain stumbled due to an outbreak of E. coli at its restaurants in 2015. Chipotle’s sales still haven’t fully recovered.

It is interesting that Panera is agreeing to be taken over since it’s doing well. But the company has picked a partner that is rapidly emerging as a big player in the U.S. food industry.

In addition to Krispy Kreme and the Einstein Noah bagel chains, JAB also owns K-cup coffee king Keurig Green Mountain, the Gevalia brand of coffee as well as coffee chains Caribou, Peet’s and Stumptown.

JAB also owns a big stake in a fair number of non-food brands, such as shoe and handbag company Jimmy Choo, beauty products maker Coty and Reckitt Benckiser, the company behind Lysol. Woolite and the Durex brand of condoms.

Related: Chipotle’s E, coli woes might not be over

The Panera-JAB deal may also put more pressure on other restaurant chains to look for bigger partners as well. If Panera, which actually has been thriving, decided to sell out, then how can less successful restaurant chains continue to go it alone?

There already has been a flurry of restaurant mergers lately. Burger King and Tim Hortons owner Restaurant Brands (QSR) — which is backed by Warren Buffett — bought Popeyes Louisiana Kitchen earlier this year.

Bob Evans Farms (BOBE) sold its restaurant business to private equity firm Golden Gate Capital for $565 million in January. Golden Gate acquired Red Lobster from Olive Garden owner Darden Restaurants in 2014.

And Darden (DRI) just announced last week it was buying casual dining chain Cheddar’s Scratch Kitchen for $780 million.

Popular sandwich chain Jimmy John’s sold a majority stake last September to investment company Roark Capital too.

from Business and financial news – CNNMoney.com http://ift.tt/2o9Dp7K
via IFTTT

Trump would virtually eliminate budget for EPA vehicle testing

WASHINGTON (Reuters) – The Trump administration would virtually eliminate federal funding for the Environmental Protection Agency’s budget for vehicle emissions and fuel economy testing but will seek to raise fees on industry to pay for some testing, a government document shows.

The cuts would slash by more than half the staff of the EPA department that conducts vehicle, engine, and fuel testing to verify emissions standards are met and mileage stickers are accurate. Its work helped lead to Volkswagen AG’s 2015 admission that it violated vehicle emissions rules for years.

In a March 21 budget document posted online by the Washington Post, the Trump administration proposed eliminating $48 million in federal funding for EPA vehicle and fuel testing and certification.

It represents a 99 percent federal cut to the vehicle testing budget and would require “pretty much shutting down the testing lab,” said Margo Oge, who headed the EPA’s Office of Transportation and Air Quality under President Barack Obama.

The proposal, which would also cut 168 out of 304 full-time jobs, seeks to partially fund current operations by boosting fees automakers and engine manufacturers pay for testing. An EPA official confirmed the document’s authenticity.

The Trump administration has proposed cutting the EPA’s budget by 31 percent and eliminating more than 50 programs.

EPA spokesman John Konkus declined to answer questions about how the cuts could affect vehicle testing. “We know we can effectively serve the taxpayers and protect the environment. While many in Washington insist on greater spending, EPA is focused on greater value and real results,” Konkus said.

Gloria Bergquist, a spokeswoman for the Alliance of Automobile Manufacturers, an auto trade association, said automakers were concerned the proposed cuts could delay certification of new vehicles “and getting products to consumers.”

Janet McCabe, a former EPA official in the Obama administration, said Monday that companies that take care to comply with the rules can be at a disadvantage without strong enforcement of the rules.

“We know that a little bit of cheating can mean a lot of air pollution,” McCabe said.

The administration plans to release a detailed budget plan in May.

In March, Trump ordered a review of tough U.S. vehicle fuel-efficiency standards put in place by the Obama administration.

The EPA stepped up scrutiny of automakers after Volkswagen admitted to cheating diesel emissions tests in 580,000 U.S. vehicles. VW agreed to pay up to $25 billion in penalties and buyback costs and pleaded guilty in March to felony charges.

In September 2015, EPA said it would review emissions from all U.S. diesel vehicles after Volkswagen’s admission it used secret software to emit up to 40 times allowable emissions.

That review prompted the allegation by the EPA in January that Fiat Chrysler Automobiles NV used undisclosed software to allow excess diesel emissions from 104,000 U.S. trucks and SUVs. Fiat Chrysler denies wrongdoing.

The EPA is also scrutinizing emissions from Daimler AG’s Mercedes-Benz vehicles. It has not approved Daimler or Fiat Chrysler’s request to sell 2017 model diesels.

The EPA has also investigated cases of several automakers overstating mileage on window stickers in recent years.

In 2014, the EPA hit Korean automakers Hyundai Motor Co and affiliate Kia Motors Corp with $350 million in penalties for overstating fuel economy ratings.

Reporting by David Shepardson

Related Video:

from Autoblog http://ift.tt/2oBzXEh
via IFTTT

Netflix Now Lets Windows 10 Users Download And Watch Offline

After rolling out offline viewing for Netflix’s iOS and Android apps last year, the streaming giant is now extending the option to desktop. Netflix announced today that Windows 10 users can download Netflix shows and movies and then watch them offline.

As is the case on iOS and Android, not everything on Netflix is available to download. A lot of Netflix original content is available for offline viewing, while Breaking Bad and Parks and Recreation are also available (via The Verge). Here’s a trailer that Netflix released to promote the announcement:

The offline viewing option for Netflix does not cost extra. The ability to download TV shows and movies is not available yet on consoles or other Netflix streaming apps.

In other Netflix news, the company has renewed its Drew Barrymore zombie/cannibal show The Santa Clarita Diet and announced four more movies with Adam Sandler.

For more, check out this roundup of all the new TV shows and movies on Netflix in April.

from GameSpot’s PC Reviews http://ift.tt/2nBYdRw
via IFTTT

6 Surprising Inspirations Behind Your Favorite Games

The word "inspire" derives from the Latin term "inspirare," which means "to breathe into," because creativity blows in from some transdimensional reservoir of ideas; when it feels like it, at least. Video game developers are particularly susceptible to these fancies, which is great, because without these oddly-inspired classics we’d have to spend a lot more time, ugh, outside. 

1. The Sims was made after its creator lost everything in a housefire

sims

On October 19, 1991, an unextinguished grass fire in California’s Berkeley Hills quickly turned into a massive suburban firestorm that engulfed 1,500 acres across southern Berkeley and northern Oakland. Officially called the Tunnel Fire, the disaster caused more than $1.5 billion in damages as it consumed over 2400 homes. 

It just so happened that one of those homes destroyed by the fire belonged to video game designer Will Wright. He was a founder at Maxis, the game developers that helped kids across the world tolerate computer class with their 1989 classic, SimCity. As the story goes, Wright was one of the first to react to the blaze and even saved a neighbor, fleeing with the flames nearly licking at his tailpipe.

As he surveyed charred remnants of his home and the molten globs of metal formerly his cars, Wright was surprised by an overwhelming feeling of apathy. He realized he only needed a few essentials: a toothbrush, preferably clean underwear, a roof over his head, and maybe two or three Lamborghinis. Despite this feeling, Wright enjoyed redecorating his home with new furniture so much that he decided to give gamers the same experience. Minus the firestorm. 

sims

Around this time Wright and Maxis released their third title, SimAnt, which is exactly what it sounds like. Wright came up with the idea of an ant simulator simply because he liked watching ants. Scaling the idea up to human colonies, Maxis pitched an initial version of The Sims, called Dollhouse, to EA. The concept mixed the feeling of watching insects scurry around their habitat with the satisfaction Wright felt while rebuilding his life from the ground up. The original version was judged too sterile, but once The Sims themselves become more lifelike in their reactions, an eventual epic was born, allowing you to vicariously live a better life through a virtual avatar that’s more attractive, hygenic and all-around likable than the real you. And all it took was one person’s life being ruined.

 

2. Pokemon is based on a 400 year-old card game

pokemon

As a burgeoning Pokemon master, you traversed the globe and enslaved endemic fauna and to fight for your whimsy and honor. The dynamics changed with the introduction of the card game in 1996, which replaced the persistence of hunting with the persistence of annoying your parents for another deck, which contained exactly three Magikarps, some grass energy cards, and another goddamned Dugtrio.

More importantly, no longer could you overlevel your way to victory and crush early-game rivals with a level 57 Butterfree. Instead, the card game required masterful cunning and strategy to reduce opposing children to tears, continuing a historical tradition that stretches several continents and over 500 years into the past.

It starts in the 16th century, when numbered playing cards reached Japan via European traders. The cards offered a distraction from the mélange mindboggling new diseases that mysteriously originated around the same time. Until 1633, when the Tokogawa shogunate banned all numbered cards to discourage gambling as well as stifle the influence of Westernization.

pokemon

But the already-addicted populace skirted the draconian card ban by producing "artistic" pictorial cards, including a variant known as "obake karuta," which depicted monsters and ghouls from Japanese folklore, known as yōkai. Every card had its own type and special abilities that would help it succeed (or doom it to failure) when battling it out with other cards. The player who collects the most cards by the end of the game wins — in other words, you "gotta catch ’em all." Sound familiar yet?

These were Japan’s first collectible monster cards, emblazoned with figures from popular mythology, as number of Pokemon are, with some directly inspired by their yōkai forebears.

undefined
art credit Weird N’Wild Monsters of the Mind
 

In 1889, shortly after the card ban was lifted, a man named Fusajiro Yamauchi established a small card-manufacturing concern to mass produce Hanafuda decks, composed of 48 flowery cards of four different suits. You may have heard of that company. It’s called Nintendo.

  

3. Star Fox was inspired by a famous Japanese shrine

star fox

Star Fox recounts the struggle of a 30-year-old vulpine aeronaut and his subordinate animal wingmen to save their home planet Corneria from the malicious astral shapeshifter Andross. But this particular intergalactic adventure wasn’t the result of an adolescent science fiction binge or even drugs, but a Shinto shrine that Nintendo mastermind Shigeru Miyamoto frequented as a youth.

Fushimi Inari-taisha’s multitudinous vermilion torii, those traditional red gates you see in most pictures of Japan, are recreated in Star Fox as the Cornerian arches and other obstacles that added to the game’s mind-blowing sense of three-dimensionality were.

 star fox

Torii are doorways into sacred places, and Fushimi Inari shrine boasts supposedly boasts 10,000 of them, but that number may be closer to 30,000 — one for each of its subsidiary shrines in Japan. The largest are donated by businesses hoping to get on the Gods’ good sides, but you can donate one yourself for a measly several thousand dollars.  

So why is Fox McCloud a fox? Because Fushimi Inari is Japan’s most prominent shrine devoted to Inari, the Shinto patron spirit of foxes, fertility, and agriculture.

inari shrine

Unlike Greek and Roman gods who appear mostly as older white men in togas and sandals, Inari is ambiguous, but generally depicted two ways: either as an ethereal fox goddess, stylized like an early 80s Avengers villain, or a jovial senior flanked by several fox companions like the one seen above. Historians have yet to confirm whether said foxes were friends with annoying frogs. 

4. Mii Avatars

mii avatar

The wonderfully customizable Mii avatars allow gamers to recreate themselves, though for obvious reasons many would rather adopt an alternate likeness and have replicated a variety of celebrities and historical figures. Including former presidents, like Barack Obama, stern Barack Obama, and the new blissful retirement Barack Obama. For this we can thank the Japanese lumberjacks of the mid-to-late Edo Period.

Around 200 years ago, loggers in the well-forested Tohoku region were frustrated that the miserable winters made work an impossibility. So the lumberjacks frittered their time away sculpting wooden dolls for their children and lounging at hot spring bathhouses known as onsen. Eventually, to earn some offseason cash, the lumberjacks sold prototypical kokeshi to bathhouse patrons, who came for the special massage but left with Japan’s hottest-trending handicraft.

kokeshi

As kokeshi fame spread across Tohoku’s onsen, eleven distinct styles emerged, each with distinct regional influences. The kokeshi all feature a bulbous head and a long slender body, but the exact dimensions and shape vary by locality(http://www.http://ift.tt/2oPbjfdkokeshi_02.jpg). Each area has its preferred style of dress, be it floral, ideological, or simple everyday working garb. The dolls from Naruko, Miyagi Prefecture, can also swivel their heads and squeak, supposedly uttering the name of their hometown. There’s even a short, stubby Cartman-esque kokeshi.

Making a kokeshi is a sacred experience akin to a religious ceremony. The art is passed down through many generations of masters and apprentices, and it’s believed that each kokeshi carries its crafter’s soul. Let’s hope the same isn’t true of the Miis.

5. Bowser

bowser

Nintendo’s most iconic antagonist Bowser, King of the Koopas, is more uniformly and universally recognized as a villain than some real-life dictators with seven digit body counts. Also known as The Sorcerer King as per the original US game manual, Bowser first appeared in 1985 in the inaugural Super Marios Bros. game, Super Mario Bros.

In Japan Bowser went by the appellation Daimaō Kuppa. Daimaō meaning something like "terrible demon god" and kuppa being a rice soup. Kuppa is a Japanization of gukbap, a Korean dish belonging to a family of soups fortified with rice and other solids. The naming committee chose gukbap over two other Korean dishes, bibimbap (rice bowl) and yukhoe (Korean beef tartare).

So in the end, "Koopa" is really just a synonym for lunch. We can only imagine what Bowser would have been named had they served chimichangas at the Nintendo cafeteria that day.

bowser

As far as appearance goes, Shigeru Miyamoto initially designed an ox-like Bowser, inspired by a despotic bovine antagonist in Alakazam the Great, an animated Japanese musical about a macaque monkey who learns magic from Merlin and pisses everyone off with it until an otherworldly king kicks his ass. As you can see from the Japanese cover art for the original NES Super Mario Bros, it wasn’t until later installations that Bowser received a testudinal design to better mesh with his turtle-ish Koopa underlings.

bowser

Thankfully, somewhere along the line they got rid of Toad’s visible bellybutton, too.

6. Tetris

tetris

In the 34 years since its release Tetris has surprisingly become one of the most influential titles in gaming history, despite a severe lack of explosions and exaggeratedly large breasts. 

Before Tetris Pajitnov developed something that can generously be described as a game called Genetic Engineering. Based on all the information on actual genetic engineering made public by tight-lipped Soviet scientific institutions, the goal was to reconfigure four square pieces into different shapes.

It was a slightly simpler version of a puzzle game popular in Russia called pentomino, a jigsaw game consisting of pieces each made of five adjoined squares, because anything past five was considered Western luxuriance.

tetris

Pajitnov kind of borrowed the pentomino pieces and his game morphed into the more sophisticated, vertically-scrolling version we know today. Pajitnov derived the name Tetris as a marriage of the words "tetromino" and "tennis," his favorite sport, which he had apparently never seen.

But Tetris wasn’t initially designed as entertainment. Pajitnov created it and other small, infinitely more obscure puzzle games to test the mettle of Soviet computers for the Soviet Academy of Sciences.

Pajitnov describes Tetris as a "feel-good game" focused on creation rather than destruction, as all the feel-good games nowadays are. The fact that your constructs are transient and quickly disappear is a slightly less feel-good but fitting metaphor for life in general.

tetris

Yet Tetris may have never graced the capitalist global quadrant if not for game developer and entrepreneur Henk Rogers. The Sickle and Hammer owned the Tetris rights, because the Soviet Union owned everything, though through some smooth negotiating Rogers somehow avoided lifetime imprisonment in a salt mine and secured the rights to the game. Afterward, Tetris co-creators Dmitry Pavlovsky and Vadim Gerasimov were removed from the record. Everything else, as they say, is history.

from Dorkly – Home http://ift.tt/2oPmapw
via IFTTT