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Taco Bell outlines a plan to start using cage-free eggs from January 2017

On November 17, 2015, Taco Bell announced plans to stop using eggs laid by caged hens. All Taco Bell restaurants will by the end of 2016 be required to use only cage-free eggs.

This announcement makes Taco Bell the first major fast-food chain to make a significant step towards sourcing cage-free eggs. Other fast-food chains including MacDonalds and Panera have announced plans to adopt use of cage-free eggs and products raised with minimal use of antibiotics. However, Taco Bell’s 2016 commitment comes way earlier than what the other players had announced.

Taco Bell CEO, Brian Niccol said that the fast-paced changes are good for the business as they underscore the company’s commitment to listen and respond to customer concerns. In the recent past, Taco Bell has been under great pressure from customers and lobby groups to consider issues such as animal rights and customer health in its supply chain.

Taco Bell also announced plans to remove artificial flavors, palm oil and added trans-fat from its menu items within the first quarter of 2016.

Mr. Timothy J. Sloan Appointed as the President and Chief Operating Officer of Wells Fargo

Wells Fargo announced on November 17, 2015 that Mr. Timothy J. Sloan was promoted to the position of president and chief operating officer. The C.E.O of the American multinational banking and financial services company, Mr. John Stumpf, said during the official announcement that the promotion of Mr. Sloan was an imperative move in enhancing the company’s future viability. According to the Wall Street Journal, the C.E.O further added that as a leading multinational banking company, Wells Fargo needs to expand its business dynamics by appointing a qualified talent. For this reason, the company was pleased to appoint Mr. Sloan to his new position.

Timothy Sloan has been in Wells Fargo for 28 years. The company announced that Mr. Sloan will continue to oversee his previous position as the head of wholesale banking, even as he serves in his new position. According to the Wall Street Journal, Mr. Sloan, in his role as the head of wholesale banking was extremely influential in helping Wells Fargo acquire about $50 billion in assets from General Electric Co. Sloan’s experience as a top executive goes way back, having served in previous positions as the chief financial officer and chief administrative officer. In his statement, Mr. Stumpf asserted that Mr. Sloan was the perfect choice to drive accelerated business growth in a very competitive banking industry. The C.E.O also emphasized that the newly appointed president and chief operating officer was best suited to help the company’s customers to thrive financially.

It is reported that Mr. Sloan could eventually be an ideal successor to Mr. Stumpf. The current C.E.O has been in the company since 2007, and his efforts have brought tremendous growth in the company. Mr. Stumpf has maintained the focus of the multinational company in various strategic operations including retail banking, investment banking and mortgage lending. Top business observers believe that Mr. Sloan’s wealth of experience and expertise will position him strategically to take over from Mr. Stumpf. Wells Fargo is confident that Mr. Timothy Sloan will deliver as the president and chief operating officer.

Japan In The Grips Of a Recession

It’s bad news for the world’s third largest economy as Japan sees negative growth for the second consecutive quarter.
Japan’s recession does not come as a shock. Her economy was expected to shrink following a reduction in size of 0.7 per cent in the second quarter. During the third quarter, it shrunk by 0.8 per cent.

This is the third time that Japan has seen been in a recession since the financial crash of 2008 in spite of a large monetary spending program, adding to fears that their loose central bank policies are succumbing to the law of diminishing returns. The Japanese government is expected to take measures to stimulate their economy however the fiscal policymakers have been very reluctant in responding to weak numbers as Japan’s inflation increases.

However a top economist at Capital Economics, believes that there will be no more easing from the Bank of Japan. “The upshot is that the preferred inflation method, which excludes prices of food and energy should start to moderate soon,” says Marcel Thieliant. “We therefore remain convinced that more stimulus will eventually be needed and now believe that the January meeting is the most likely venue for this announcement.”
In spite of forecasts predicting a 0.4 per cent decrease, business spending fell by 1.3 per cent. Japanese businesses recently reported record highs in their profits however they are reluctant to use that to increase the wages of their employees and reinvest in the economy. This will present a problem for Prime Minister Shinzo Abe.
But there is hope for Japan’s economy as the private sector, accounting for 60 per cent of the economy, rose by 0.5 per cent due to consumer spending picking up after a steady decline after an increase in sales tax last April, a move that helped them into a recession in 2014.
“While there are risks such as overseas developments,” said economics minister Akira Amari, the man tasked with enforcing Prime Minister Shinzo Abe’s ‘Abenomics’ policies. “We expect the economy to head towards a moderate recovery thanks to the effect of various stimulus steps taken so far.”
Despite the growth in consumer spending, early trade in Tokyo showed that the Nikkei 225 index went down by 1.1 per cent. Confidence among business leaders in Asia is at its lowest since 2012 according to a survey run by PriceWaterhouseCoopers. Less than 28 per cent of CEOs in Asia are ‘very confident’ that revenues will increase over the next twelve months, an 18 per cent drop from this time last year. Those that were ‘not very confident’ rose from 8 per cent to 27 per cent.