Europe sales will keep rising, Ford says
DETROIT — A recovering economy and government incentives in some European countries will continue to contribute to better sales on the heels of a strong first quarter, said Peter Fleet, vice president of sales for Ford of Europe.
Ford sold 335,100 vehicles in the top 20 European markets in the first quarter, up 12.5 percent, and the industry is on pace to sell 15.6 million vehicles this year based on the strength of the first three months. There may be some pull ahead sales in the first quarter, Fleet said, noting Ford has said it expects sales of 14.8 million to 15.3 million vehicles in the region this year. That compares with sales of 14.6 million in 2014.
“There is still overcapacity out there with cars looking for homes,” he said last week, but there is also underlying industry strength and customers have more money to spend.
If there is a more optimistic outlook, Ford could share a revised guidance on April 28 when it reports first-quarter earnings. Executives are prevented from disclosing details before the release of the financial results.
Salaries staying flat for new lawyers
Salaries for lawyers starting out at firms have remained flat, with an annual pay of $160,000 continuing to be the top of the market, according to a new survey from the National Association for Law Placement.
Some 39 percent of the largest firms — those with 700 lawyers or more — reported paying that amount in the association’s 2015 law associates’ salary survey. This was up from last year, when only 27 percent of the big firms reported paying their new legal hires at the uppermost level.
But the percentage was still below 2009, when nearly two-thirds of the first-year salaries were at the top point of $160,000.
The reason is not that individual firms are paying less, said James G. Leipold, executive director of National Association for Law Placement, but “as more law firms have grown through acquisition and merger, the largest law firms are not as similar to one another as they used to be.”
The association said 556 law offices from across the country responded to the survey. Overall, the national median first-year salary at firms of any size was $135,000. That is a rise of $10,000 since 2014, but the association said that fewer smaller firms responded this year than in previous years.
— The New York Times
Taco Bell to reward customer loyalty
Taco Bell will start its first customer-loyalty program later this year in an effort to keep diners coming into the restaurants regularly.
Taco Bell’s loyalty program will be a part of the chain’s mobile-phone application, said Tressie Lieberman, senior director of digital platforms and social engagement.
“We’re thinking of our experience as more of a game and less your traditional punch card,” she said, while declining to provide the name of the plan nor any details about how it will work. The app and loyalty program are geared toward increasing customers’ visits to Taco Bell locations, Lieberman said.
The company earlier this month filed a U.S. trademark application for “Taco Baller” for a customer-loyalty program and restaurant services. Lieberman said Taco Baller isn’t the name of the new program.
The Mexican-themed fast-food chain has been trying to attract more U.S. diners with its mobile-phone ordering and payment app as well as new menu items. Restaurants’ loyalty programs typically give patrons discounts or free food as a reward for spending a certain amount.
The Taco Bell app, introduced last year, has been downloaded about 2.5 million times, Lieberman said. That helped the chain post a 6 percent same-store sales increase in the fourth quarter. Taco Bell also recently introduced a line of breakfast Biscuit Tacos that wrap taco-shaped biscuits around ingredients such as chicken, gravy, eggs and sausage.
— Bloomberg News
Professional Bull Riders changes hands
WME/IMG bought the Professional Bull Riders, the world’s premier bull riding circuit, from Spire Capital Partners, according to PBR Chief Executive Officer Jim Haworth.
He wouldn’t comment on financial terms of the deal, which a person with direct knowledge of the agreement said is for more than $100 million.
Spire, a New York-based private equity firm, bought a majority stake in the organization in 2007, taking the ownership interests of many of the retired founding riders.
Led by Ari Emanuel, WME/IMG represents some of Hollywood’s biggest actors, directors and writers, including Matt Damon and Ben Affleck.
Evercore Partners represented PBR in the sale.
According to its website, PBR was started in 1992 when 20 riders each invested $1,000, a few of them borrowing from family and friends, turning that investment into “millions.”
Besides Spire, PBR management and 44 cowboys had part ownership of the organization, according to the website, which doesn’t provide a breakdown.