ViSalus is adding to its portfolio of nutritious, on-the-go snacks with another strategic acquisition, this time in the booming energy drink category.
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One Lightning Corporation Under Philippines SEC Scanner
by Ramya Chandrasekaran • • 0 Comments
The Securities and Exchange Commission (SEC) in the Philippines continues its fight against One Lightning Corp., a company allegedly involved in pyramiding operations.
In a recent advisory, the country’s corporate regulator reminded the public that a cease-and-desist order it issued against One Lightning is still in effect.
“The public is hereby informed that the cease-and-desist order issued by this commission against One Lighting Corporation, its officers, directors, agents, representatives, conduits, assigns and any and all persons claiming and acting for and in behalf and under their authority remains in force and in effect,” the SEC said.
The SEC earlier issued the order against One Lightning after the latter was found to be pursuing investment taking activities under the guise of the sale of its packages including recruiting, referring, or sponsoring prospective members.
Likewise, the SEC said
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Royale Business Club Charged With $8.13 million Tax Evasion
by Ramya Chandrasekaran • • 0 Comments
Royale Business Club International Incorporated, a Philippines-based multi-level marketing (MLM) organization, has been slapped with tax evasion charges by the Bureau of Internal Revenue (BIR) worth P359.75 million ($8.13 million).
Royale is a domestic corporation that markets and distributes food supplements, cosmetics, pharmaceutical products, and beverages.
The BIR said the company under-declared its annual income tax returns (ITR) and quarterly value added tax (VAT) from 2011 to 2013, as defined under sections 254 and 255 of the National Internal Revenue Code of 1997 as amended (tax code).
Also charged for the same violations were its officers: Royale president Julius Allan Nolasco; vice president for finance/treasurer Isa Angela C. Bautista; assistant treasurer Jeanette Maghirang; assistant treasurer Imelda Pedron; and assistant accounting manager Marjorie Molina.
Based on access letters released by the Bank of the Philippine Islands (BPI),
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ConMed’s Q1 Profit Down To $6.3 Million
by Ramya Chandrasekaran • • 0 Comments
ConMed Corp. (NASDAQ: CNMD) reported net income of $6.3 million, in the first quarter, down nearly 27 percent from $8.6 million, in the year-ago period.
The Utica–based surgical-device maker’s reported net earnings included restructuring costs in both 2015 and 2014, along with charges for dealing with a patent dispute, activist shareholders, and New York state corporate-tax reform in 2014, the company said in its earnings release.
Excluding the impact of those items, ConMed’s adjusted net earnings of $11.8 million was down 13 percent and adjusted net earnings per share of 42 cents was off 14 percent from the year-prior period, ConMed said.
ConMed released its first-quarter financial report after the markets closed on Wednesday. Shares of the medical-device maker jumped $4.60, or 9.3 percent, to $53.95 in Thursday’s trading, as of 2:15 p.m., according to
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The Number One Thing to Avoid Doing in a Job Interview
by Successful IBO • • 0 Comments
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Small businesses fear the stress of moving premises
by Successful IBO • • 0 Comments
Three quarters of small and medium-sized companies delay moving premises because of the stress of the task, research finds.
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Indian Trade Body Asks Govt for Direct Selling Regulations
by Ramya Chandrasekaran • • 0 Comments
The Confederation of All India Traders (CAIT) has asked the Centre to make specific rules and regulations for the direct selling industry in the country.
In a communication sent to Union Finance Minister Arun Jaitley on Thursday, the traders body also said there is mass scale of tax avoidance in direct selling business. Therefore, a policy needs to be framed to bring direct sellers under the tax net.
CAIT National President B C Bhartia and Secretary General Praveen Khandelwal, in communication sent to Jaitley, said goods sold by such companies to its members or franchisees are taxed at origin stage only. After that the said goods travel through channels but neither the tax is charged nor any sale statement is filed with the tax authorities. The current value-added tax (VAT) system is a destination-based
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SEC shuts down Achieve Community for Pyramiding
by Ramya Chandrasekaran • • 0 Comments
The Securities and Exchange Commission has announced fraud charges and an emergency asset freeze against two operators of a Colorado-based pyramid and Ponzi scheme that promises investors extraordinary returns of 700 percent through a purported “triple algorithm” and “3-D matrix.”
In the complaint the SEC alleges that Kristine L. Johnson of Aurora, Colo., and Troy A. Barnes of Riverview, Mich., have raised more than $3.8 million since April 2014 from investors they enticed into buying positions in their company Work With Troy Barnes Inc., which is doing business as “The Achieve Community.” In Internet videos and other web promotions, investors were pitched “you and anyone you know can make as much money as you want” by purchasing positions that cost $50 each, and as they progress through the matrix they would receive a $400
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ND Senate rejects bill on insurance benefits in new plan
by Successful IBO • • 0 Comments
The North Dakota Senate on Thursday rejected a House bill meant to ensure that thousands of public employees receive the same health benefits when their insurance coverage switches to another company this summer.