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Bloomberg
23 minutes ago
- Bloomberg
Trump Says China Violated Its Trade Agreement With US
US President Donald Trump accused China of violating an agreement with the US to ease tariffs, ratcheting up tensions between the world's two largest economies. 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!,' Trump wrote on his social media platform Friday.
Travel Weekly
27 minutes ago
- Travel Weekly
20 questions to ask a travel agency seller
Mark Pestronk Q: There is another agency in my community that I want to acquire. With my attorney's help, I have already drafted a nonbinding letter of intent with the key business terms, which I expect the prospective seller to sign. I have also reviewed the agency's financials, tax returns and key contracts. Now, I need to have my attorney draft the actual purchase agreement. To enable my attorney to do the best job, what information do I need to ask the seller for now? A: Here are 20 questions for the seller that will help your attorney zero in on all the legal issues and draft a good agreement: 1. What is the agency's full legal name, and where is it incorporated or organized? 2. What are the owners' full legal names, and how much does each own? 3. Is there an agreement among the owners, and if so, what does it provide for? 4. Are the owners related to each other? 5. Who are the agency's officers, directors or managing members? 6. Are there any other companies that are under the same or partly the same ownership? 7. Are there any nontravel-related lines of business within the company? 8. Does the agency have any debts or liens on its assets? 9. Does the agency have any employment or IC agreements that can't be terminated at will? 10. Does the agency have an ARC appointment? 11. Does the agency have a GDS contract, and if so, when does it expire? 12. Does the agency have an office lease, and if so, when does it expire and how much is the security deposit? 13. What other contracts does the agency have that cannot be terminated in 30 days or fewer? 14. Does the agency hold client deposits, and if so, how much are they? 15. Are there any future bookings that will require a buyer to pay out of its own funds (e.g., cruise group deposits paid in advance of collecting from clients)? 16. Which key employees will be retained, for how long, for what compensation, and what duties will they have? 17. Is there any threatened or actual litigation, and if so, what are the details? 18. Are there any other obligations not in the ordinary course of business? 19. Why does the owner want to sell? 20. When would the owner like to close the transaction? Once the agreement is drafted and is acceptable to the seller, you will need to get lots more information to add as exhibits to the agreement, such as lists of tangible assets, contracts, employees, ICs, top clients, top suppliers, client receivables and accrued vacation and other pay. You will also need to add financial statements, along with a warranty that the financials are correct. Finally, in the typical agency acquisition, commissions that are unpaid as of closing will often be automatically deposited into the seller's bank account. If the purchase agreement provides that you get any of this money, you need to list those commissions plus a commitment for the seller to remit them to you after closing.
Forbes
27 minutes ago
- Forbes
Metallica's Number Of Platinum Hits Explodes
Metallica has ranked as one of the bestselling rock bands of all time for decades, but the group's commercial success has largely been centered around albums, not singles — at least as far as certifications are concerned. For an act that has remained hugely popular for so long, many might be surprised to learn that the rock outfit claimed only a relatively small number of RIAA-certified hits — meaning tunes that have been named gold or platinum in the U.S. – until recently. That has changed, as Metallica scores dozens of new honors from the music industry organization, and in one fell swoop, the band proves once again just how massively popular its back catalog remains. Before May 28, when the RIAA handed down a new swath of certifications to Metallica, the band had only ever scored one platinum-certified hit in the U.S. 'Enter Sandman' was named a gold smash in 2008 and a platinum success in 2009. Now, it has advanced to nine-times platinum status, which means it has shifted nine million equivalent units in the U.S. One more of these awards, and it will become the rock outfit's first diamond-certified tune — a prestigious honor that is surely within reach. Nine other smashes by Metallica earn some kind of platinum status, with many moving up from gold, which any piece of music reaches after half a million units shifted. Some had never claimed any certification before. 'For Whom the Bell Tolls,' 'Master of Puppets,' 'Fade to Black,' 'Sad but True,' and 'The Unforgiven' all move up from gold to multi-platinum status. The greatest gainer of that bunch is one that jumps from half a million units to five million, or quintuple platinum. Several others reach the triple platinum tier, and the last three are now double platinum successes. Three other cuts — 'Seek & Destroy,' 'Turn the Page,' and 'Wherever I May Roam' — jump from no recognition to platinum, as they have now moved at least one million equivalent units in the U.S. alone. At the same time, 13 songs by Metallica snag their first plaques and are named gold-certified wins. That roundup includes 'Battery,' 'Blackened,' 'Creeping Death,' 'Don't Tread on Me,' 'Hardwired,' 'Hero of the Day,' 'I Disappear,' 'King Nothing,' 'Ride the Lightning,' 'The Four Horsemen,' 'The Memory Remains,' 'Welcome Home (Sanitarium),' and '...And Justice for All.'
