Latest news with #Schneur
Scottish Sun
30-05-2025
- Business
- Scottish Sun
Rags-to-riches story of Russian-born Rangers tycoon who leads $500m plan to transform USA's most crime-ridden areas
He's one of three new faces joining Andrew Cavenagh and Paraag Marathe on the Rangers board GENE GILLS Rags-to-riches story of Russian-born Rangers tycoon who leads $500m plan to transform USA's most crime-ridden areas RANGERS' announcement of their takeover by 49ers Enterprises has been greeted with delight by fans. But not every new member of the board at Ibrox will be familiar to Gers supporters. Advertisement 3 Andrew Cavenagh and 49ers Enterprises' takeover of Rangers is finally complete Credit: Kenny Ramsay 3 Paraag Marathe is coming in as vice-chairman at Ibrox Credit: PA 3 Gene Schneur is one of three new faces on Gers' board Businessman Andrew Cavenagh is coming in as chairman of Rangers, with Leeds chief Paraag Marathe serving as vice-chairman. Existing board member Patrick Stewart, Fraser Thornton, John Halsted, and George Taylor are staying on, but Graeme Park, Julian Wolhardt and Alastair Johnston are stepping away. Marathe said in a statement: "At 49ers Enterprises, we have built a track record of sporting and business success, but our driving motivation is our deep connection to the clubs and communities we serve. "We are excited to join Andrew and our other consortium of investors in a new era for this iconic club, and we are determined to build something that supporters can be proud of for years to come. Advertisement "Reflecting the club's new leadership, Mark Taber, Andrew Clayton and Gene Schneur will join Cavenagh and Marathe as new members of the board." All three of the new names have made their names in American businesses, with Taber having served on the boards of over a dozen healthcare companies and Clayton working alongside Cavenagh on their ParetoHealth business. Schneur's story is a rags-to-riches story, as he emigrated to the US from the former Soviet Union aged seven. He moved into an affordable-housing complex in Brooklyn, and the family needed Section 8 vouchers - which provide rental assistance to low-income households - to help cover bills. Advertisement Schneur studied law and worked as an acquisitions attorney in New York, before moving into business himself. He co-founded Omni New York, a developer of affordable housing, and later expanded into Omni America having totalled transaction values of over $4billion. Inside the rise of ex-Rangers ultras chief turned mob boss waging gangland war across Scotland Omni has spent $500 million on purchasing and revitalising New York's most run-down and crime-ridden apartments, most of which are Section 8 buildings like the one Schneur lived in when he first arrived in America. On the positive impact of his developments, Schneur said: "We're making money while doing good." Advertisement He's also a co-owner and board member at Leeds alongside Marathe. Keep up to date with ALL the latest news and transfers at the Scottish Sun football page
Yahoo
19-03-2025
- Business
- Yahoo
Trump's 200% Alcohol Tariff Threat Shocks European Drink Firms
(Bloomberg) -- President Donald Trump has threatened a 200% tariff on all alcoholic products shipped from the European Union, dismaying drinkers, restaurateurs, bar owners and suppliers across the US. Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style NYC Plans for Flood Protection Without Federal Funds A Malibu Model for Residents on the Fire Frontlines The Scary Thing About the Wildfire That Was Stopped A reciprocal tariff-free trade agreement that has existed between the EU and the US since 1997 could be ripped up as a consequence of Trump's anger at a European levy on 'America's native spirit' — otherwise known as bourbon. Taxes on US-made boats and motorbikes by 'one of the most hostile and abusive taxing and tariffing authorities in the world,' as he described the EU in a post on Truth Social, didn't help. The tariff threat has shocked both makers and drinkers of booze, and many are seeking ways to mitigate the potential threat of a tax war with Trump. How damaging is a 200% alcohol tariff? The impact of a 200% tariff would be catastrophic. Davide Campari-Milano NV, whose brands include Aperol, has said a 25% tariff would result in losses of between €50 million ($54.5 million) and €60 million. A 200% tariff implies a €444 million hit before any mitigating factors are taken into account, according to analysts at Jefferies. Using the same math, Remy Cointreau SA would face losses of €543 million, Pernod Ricard SA would see a €1.6 billion impact, and Diageo Plc would stand to take a $1 billion hit, Jefferies said. Are companies planning to stockpile? Experts expect to see some stockpiling of spirits ahead of any possible tariffs. While larger companies are prepared to adapt, distributors are already sitting on high levels of stock, which limits their ability to increase stockpiles and tie up cash in warehouses. Can payments on an alcohol tariff be delayed? Some EU-based wine importers are securing bonded warehouses to delay paying higher taxes on shipments should tariffs become policy. Bonded warehouses are government-certified storage facilities that permit customers to defer tax payments on goods. Avner Schneur, an entrepreneur and chief executive officer of Mana Wine, knows first-hand just how popular 'bonded wine' now is. His broader storage and delivery business oversees 3.5 million square feet of secure storage space in New Jersey, which holds fine art, documents, and pathology samples. Catering to the residents of all five boroughs of New York and Long Island and New Jersey, Schneur says he only has one floor dedicated to wine but plans to expand. 'The demand for bonded wine has skyrocketed,' Schneur said, adding that his company has received requests from multiple wine importers urgently looking for custom bonded storage. 'Everybody is terrified about the tariff, and because the tariff is coming in a day's notice, you can be totally cooked because you have to pay right away.' While Schneur is optimistic about short-term demand, that could change in a few months. If retailers hesitate to buy due to uncertainty over consumer demand, it could slow down imports. Can companies simply shift manufacturing to the US? Moving production isn't simple. Many spirits and wines produced outside the US must be made in certain parts of the world. Scotch whisky, such as Diageo's Johnnie Walker, can only be produced in Scotland, while Irish liquor such as Baileys can only be produced in Ireland. Sparkling wine can only be classed as Champagne if it comes from the region of Champagne, in the north east of France. Global drinks makers already produce locally where they can. Diageo has 11 manufacturing plants in the US, which produce brands such as Captain Morgan rum and Balcones, a Texas whiskey. Vodka can be made anywhere, but with vodka sales in the US already under pressure due to oversupply and competition from tequila, brands will be reluctant to invest in a big manufacturing shift, according to one large drinks maker. Companies may adopt cost-cutting measures such as bottling locally or shipping liquid across borders, according to Jefferies, though any such moves will depend on the rules attached to the tariffs. Campari CEO Simon Hunt said on March 5 that the company was considering expanding production in the US. 'Shrinkflation': Will Drinks Get Smaller But More Expensive? During times of financial duress, chocolate and potato chip makers, among other producers, have been known to shrink product packaging and strategically minimize the use of costly ingredients without bringing down prices. As US consumers cut down on spending, drinks makers are already promoting smaller and less expensive bottles as a way to boost sales — for instance, Diageo's 50ml bottles of its Don Julio tequila. Companies are also expanding into canned cocktails, which enjoy higher per-unit margins than bottles of spirits. Drinks companies could also minimize costs through using cheaper ingredients. What about wine collectors in the US? As imported wines occupy a distinct place in the US market, tariffs wouldn't necessarily push consumers towards domestic varieties, said Sharon Sevrens, a sommelier and owner of Amanti Vino, a wine store with branches in Montclair and Morristown, New Jersey. Sevrens has been stockpiling and said she is prepared to keep prices stable for as long as she possibly can if Trump follows through on his threat. Her importers are doing the same. 'Most of my importers – all of those who could afford to – have stockpiled inventory. Some even brought in a full year's worth of anticipated supply in advance, which is already in their US warehouses. It was a very expensive move, but they saw it as necessary,' she said. Still, once those reserves run low, she added, price increases will be unavoidable. Tesla's Gamble on MAGA Customers Won't Work The Real Reason Trump Is Pushing 'Buy American' How TD Became America's Most Convenient Bank for Money Launderers The Future of Higher Ed Is in Austin A US Drone Maker Tries to Take Back the Country's Skies ©2025 Bloomberg L.P.
