USPS Reports Strong Service Performance Beginning Fiscal First Quarter

The ACMA has won a hard-earned victory in its litigation against the California Franchise Tax Board (FTB). Siding with the ACMA, the California Superior Court ruled that the FTB went too far in dressing up substantive regulations as mere “guidance.” On December 13th, San Francisco Superior Court Judge Ethan Schulman issued a carefully reasoned order granting the ACMA’s motion for summary adjudication, concluding that two guidance documents published by the FTB in 2022, Technical Advice Memorandum 2022–01 and FTB Publication 1050, are void as invalid “underground regulations.”

The nearly 50-year-old kitchenware retailer, which filed for bankruptcy in July and said it would close over 50 of its 121 stores, has been sold for nearly $89 million to a joint venture between e-commerce investment firm CSC Generation and Marquee Brands LLC. The sale, which is still subject to bankruptcy court approval, was first reported by The Wall Street Journal. According to court documents, the joint venture plans to keep at least 50 Sur La Table stores open.

Bertelsmann’s Group revenues declined moderately last year by 4.1 percent to €17.3 billion (previous year: €18.0 billion). The organic decline in revenues amounted to 1.7 percent. The advertising-financed businesses and print businesses in particular recorded corona-related revenue declines in the first half of the year. In the second half of the year, almost all divisions were back in the black, especially in the final quarter. The proportion of digital businesses was further expanded, and stood at 53 percent. Operating EBITDA reached a new record level of €3.1 billion (previous year: €2.9 billion). Thanks to a strong operating performance, especially from the Penguin Random House publishing group and the services subsidiary Arvato, as well as capital gains from real estate sales, the operating result rose above the €3 billion mark for the first time. Group profit increased by 34 percent to €1.5 billion (previous year: €1.1 billion) – its highest level since 2006, and above the billion-euro mark for the sixth consecutive year.