'There is a lot to like' in LATAM markets amid global tariff uncertainty: Allspring
Allspring's Derrick Irwin highlights "huge surprise" with Latin American strength amid tariffs, while praising Reliance Industries' "very solid" strategy amid Asia's continued outperformance.
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Miami Herald
2 hours ago
- Miami Herald
After Chapter 11 bankruptcy, fast-food chain faces liquidation
Chicken has become a major battleground in the fast food space. You have your dedicated chicken chains like KFC and Chick-fil-A, and there's also Popeye's, Zaxby's, Raising Cane's, and countless others devoted specifically to selling chicken. You also have McDonald's Burger King, and Wendy's, which have all made chicken, a major part of the menu. Related: Popular Latin American chain files bankruptcy, closes restaurants That makes it incredibly hard to break into the space. Maybe you can offer a better product but does that difference matter when so many other chains, with so many locations are your competition? In some ways, fried chicken has become like craft beer. There are a lot of people who are very passionate about it that want to enter the space, but it's nearly impossible to differentiate yourself. Trying to market your chicken chain as superior to others seems like a really challenging idea, That's exactly what Sticky's has tried to do boldly using the marketing line "the best damn chicken finger you have ever tasted." Don't miss the move: Subscribe to TheStreet's free daily newsletter The company tried to justify that boast on its website. "Sticky's was created out of a love for chicken fingers and the desire to think outside of the box. Our founders realized that there were a lot of New Yorkers who really loved chicken fingers but didn't have a great place to get them; and thus, Sticky's was born! Our mission is to create the best damn experience through the comfort of chicken fingers in a fun, inclusive space," it shared. Image source: Getty Images While it opened with noble intentions (or at least lofty goals), Sticky's was not able to deliver. The chain has been in Chapter 11 bankruptcy for almost a year. During its period of court protection, the company closed three locations and a ghost kitchen. At the time of its filing with U.S. Bankruptcy Court for the District of Delaware, the company reported $500,000-$1 million in assets and $1 to $10 million in liabilities, with the largest creditor being distributor U.S. Foods. It seemed in late-April that the chain had found a lifeline. More Food & Dining: Popular Mexican chain closing all restaurants, no bankruptcyIconic Warren Buffett candy store suddenly closing after 30 yearsWalmart's Sam's Club makes a Costco-style food court changePopular Trader Joe's wine brand has bad news, making harsh choice "Sticky's won a Delaware bankruptcy judge's tentative permission Tuesday to sign a contract to sell its assets to an investment fund for $2 million after surging poultry prices and New York City's congestion pricing program imperiled the company's Chapter 11 turnaround plan," Law360 reported on April 30. That court order is now under scrutiny which could lead to the company being liquidated. Harker Palmer Investors LLC tried to defend its offer in a June 3 court filing in the US Bankruptcy Court for the District of Delaware. The company sought to answer an objection from a Justice Department bankruptcy watchdog objection to the $2 million deal. It argued that the US Trustee's legal arguments are "unsupported" and that no creditors - including landlords and supplier US Foods - oppose the revised proposa," Bloomberg Law first reported. If the offer is not approved, Harker Palmer's lawyers argued, the fried chicken chain will have to be liquidated. "If the Modified Plan is not confirmed, conversion to Chapter 7 will follow resulting in no recovery to any creditors," the firm said in the filing. Chapter 7 would involve a trustee-supervised liquidation process. Related: Subway owner makes major billion-dollar fast food acquisition Sticky's, which has also faced a lawsuit over its name, built its business on the idea that it offers higher-quality chicken fingers than its rivals. "At Sticky's we use the finest ingredients, including fresh never frozen antibiotic-free chicken. We take great pride in what we do and what we serve. With a selection of over 18 sauces made in house, it is a labor of love. We believe this process is necessary to serve our customers 'The Best Damn Chicken,' it posted on its website. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
9 hours ago
- Yahoo
Russian Urals oil to India sells at narrowest discounts since 2022, traders say
MOSCOW/NEW DELHI (Reuters) -Discounts for Russian flagship Urals crude oil for delivery to Indian ports in July hit their narrowest levels since 2022 as spot supplies have tightened, four traders involved in the market said on Friday. Narrowing discounts and tight spot supplies are nudging Indian refiners to scout for alternatives through buying tenders. Spot discounts for Urals crude narrowed to $2.25 per barrel on average for cargoes arriving in India in July, from $2.70 to $3.10 per barrel to dated Brent on delivery ex-ship (DES) basis in the previous month, the sources said. That is the narrowest discount for Urals oil cargoes sold to India since the Ukraine war broke out in 2022. India became the largest buyer of Russian seaborne crude after Moscow diverted its energy supply away from the European Union which imposed a ban. Some Indian refiners which do not have long-term supply agreements with Russian oil companies are not getting enough Urals oil in July, the sources said. India's largest private refiner, Reliance Industries, locked in a term supply contract with Russian oil giant Rosneft last year, which reduced the availability of Urals in the spot market, they said. Russian oil traders cited higher demand for the grade from refiners in Turkey, which has recently increased buying, boosting competition with Indian refiners over the supply. Turkey's largest oil refiner, Tupras, resumed buying Urals in April after stopping earlier this year, because of tougher U.S. sanctions on Moscow. Two of the traders also said improving refining margins globally also helped boost Russian oil demand as refiners are eager to increase crude runs. India remains the biggest buyer of Russian Urals oil by sea, with imports hitting a 10-month high in May. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 hours ago
- Yahoo
Private refiners tap India's drivers as export markets tighten
By Nidhi Verma NEW DELHI (Reuters) -India's two major private-sector refiners, which have long prioritised exports, are turning to local sales, grabbing share in the country's fast-growing $150 billion fuel retail market as weaker global demand squeezes profit margins offshore. Reliance Industries and Nayara Energy are stepping up sales at home as fuel demand growth slows in developed markets and China, the world's second biggest oil consumer, with the transition to electric vehicles. The lower demand offshore combined with supply competition from new refiners, such as Dangote in Nigeria, and rising exports from China's underutilised processors have compressed global refining margins and have made the Indian market, where suppliers save on freight and taxes, more attractive. As a result, "private refiners are increasingly looking to supply to the domestic market, which is still growing at a healthy pace," said Prashant Vasisht, senior vice president at credit rating firm ICRA. The International Energy Agency expects India will become the largest source of global oil demand growth out to 2030, in contrast with China, where fuel demand may have already peaked. FGE analyst Dylan Sim said Indian gasoline consumption and diesel demand are on track to grow around 4% and 2% per year, respectively, over the next decade or so. "Couple that with the market volatility and uncertainties seen in recent years, it makes sense for these private companies to try and diversify their businesses," Sim said. PRIVATE PLANTS HOLD CRUDE ADVANTAGE Offering discounts and growing their networks of big, modern stations featuring expansive retail offerings, private sector operators expanded their share of diesel sales to 11.5% and gasoline sales to 9.2% in the fiscal year that ended in March 2025, up from 5.2% and 6.7% respectively two years earlier, government data showed. Reliance, controlled by billionaire Mukesh Ambani, and Nayara have a key advantage that allows them to undercut the dominant state-owned refiners at the pump. They can run cheaper crudes through their plants than their bigger rivals, which have simpler, aging refineries. The two are the country's biggest buyers of discounted Russian crude, available since 2022. While the private refiners do not publish their refining margins, analysts at Jefferies expect Reliance's margin to hold around $2 a barrel stronger than the benchmark Singapore refining margin due to its blending of cheaper Russian and Canadian crudes. Reliance sells fuels through Jio-BP, its retailing tie-up with UK major BP which has 1,916 outlets in India. Its domestic sales volumes of diesel rose by 35% and gasoline by 24% in the quarter ended in March from a year ago, Reliance told analysts in May, without specifying volumes. Jio-BP plans to invest about 10 billion rupees ($117 million) annually to expand its local footprint in coming years as it sees a "long pathway" and growth in diesel demand in India through at least 2040, Vinod Tahiliani, chief financial officer at Reliance BP Mobility, told Reuters. Jio-BP offers discounts of 1 rupee ($0.01) per litre of diesel and petrol off the price charged by state-owned retailers at its service stations. Nayara, whose biggest shareholder is Russia's Rosneft, in April reintroduced discounts of 2-3 rupees per litre on gasoline and 1 rupee per litre on diesel. Selling through more than 6,500 fuel stations, it aims to add 400 this year, according to its website. Nayara did not reply to a request for comment. State players Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which operate more than 90% of India's roughly 97,000 filling stations, have not cut pump prices as they seek to recoup losses on sales of cooking gas at government-fixed below-market rates, company sources say. The three did not respond to Reuters' requests for comment. SERVICE STATIONS GET CREATIVE India, meanwhile, is expanding its highway network and auctioning large roadside plots for building fuel stations featuring a host of amenities for motorists. Sukhmal Jain, who recently retired as head of marketing at BPCL, said state refiners are rapidly building their networks, including bidding for highway-side plots, and looking to offer services such as eateries, recreational areas and gym facilities in order to compete and boost sales. The state retailers are also opening stores under a common brand name Apna Ghar, which means "Own House", with amenities such as dormitories, barbers, self-cooking facilities, laundry, and doctors on call for truckers who are on the road for more than 20-25 days a month, Jain said. India's oil ministry said recently that Apna Ghar operates at 350 locations with 4,431 beds. S.P. Singh, who manages a fleet of about 800 trucks and 150 trailers for New Delhi-based Chaudhary Transport, said his drivers are drawn to the amenities and cheaper fuel at private operators. "They have convenience stores and cafes. Their staff is more responsive to customers and their toilets are clean," he said. ($1 = 85.7900 Indian rupees) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
