Green Mountain Coffee shares soar in new deal with Starbucks

first_imgSEATTLE & WATERBURY, Vt.–(BUSINESS WIRE)– 3.10.2011 Starbucks Corporation (NASDAQ:SBUX), the world’s premier roaster, marketer and retailer of specialty coffees, and Green Mountain Coffee Roasters, Inc (NasdaqGS: GMCR ), a leader in specialty coffee and single-serve brewing systems, today announced a strategic relationship for the manufacturing, marketing, distribution and sale of Starbucks and Tazo tea branded K-Cup portion packs for use in GMCR’s Keurig Single-Cup brewing system. The $2 billion single cup systems together account for the growth in the coffee industry last year. The deal also was the brightest spot on what has been a miserable day so far on Wall Street. While the NYSE and NASDAQ are both down about 1.5 percent, GMCR’ stock increased more than 17 points, or 39 percent. GMCR reported 2010 revenues of $1.4 billion. Its market cap is $8.6 billion. STOCK ANALYSISIt seemed in February that Waterbury’s Green Mountain Coffee Roasters had been shunned by Starbucks in a major deal to provide its Keurig system, featuring Starbucks coffee, to major hotel chains. Starbucks signed the deal instead with a drip coffee maker. Rumor had it that GMCR had been in negotiations on a deal and that the Seattle coffee retailer with the famous mermaid logo had fallen through. Shortly after, GMCR signed a deal with Dunkin’ Donuts. Apparently that was not that. The new relationship will provide owners of Keurig Single-Cup Brewers with the additional choice afforded by having Starbucks branded super-premium coffees available for their brewers, and furthers Starbucks stated goals of expanding its presence in premium single-cup coffee, making its premium coffees conveniently available to consumers whenever, wherever and however they want it.‘Today’s announcement is a win for Starbucks, a win for GMCR and most importantly a win for consumers who want to enjoy Starbucks coffee with the Keurig Single-Cup Brewing system,’ said Howard Schultz, president, CEO and chairman, Starbucks Corporation. ‘Our research shows that more than 80 percent of current Starbucks customers in the U.S. do not yet own a single-cup brewer and our relationship will enable Starbucks customers to enjoy perfectly brewed Starbucks® coffee at home, one quality cup at a time.’Starbucks is the exclusive, licensed super-premium coffee brand produced by GMCR for the Keurig Single-Cup brewing system. Starbucks and GMCR plan to make Starbucks K-Cup portion packs available through food, drug, mass, club, specialty and department store retailers throughout the U.S. and Canada beginning in the fall of 2011. The companies expect to expand Starbucks K-Cup portion pack and Keurig Single-Cup Brewing system distribution to Starbucks stores and to make Starbucks K-Cup portion packs available through GMCR’s consumer-direct websites: www.greenmountaincoffee.com(link is external) and www.keurig.com(link is external), and Starbucks consumer-direct website: www.starbucks.com(link is external) beginning in 2012.‘We are proud to be the exclusive super-premium licensed coffee brand produced by GMCR for the Keurig Single-Cup Brewing system, and are looking forward to working with our colleagues at GMCR to further accelerate growth in single-serve coffee,’ added Jeff Hansberry, president, Starbucks Global Consumer Products Group.‘This relationship is yet another example of GMCR’s strategy of aligning with the strongest coffee brands to support a range of consumer choice and taste profiles in our innovative Keurig Single-Cup Brewing system,’ said Lawrence J. Blanford, GMCR president and CEO. ‘Starbucks loyal consumers will soon be able to choose, brew and enjoy their favorite Starbucks coffee in their own homes through the quality, convenience and consistent preparation of the Keurig Single-Cup Brewing system.’Overall coffee category growth in the U.S. last year was driven primarily by single-cup coffee sales of nearly $2 billion*. Starbucks expanded its presence in the category last year through the introduction of Starbucks VIA® Ready Brew. The introduction of Starbucks coffee and Tazo tea K-Cup portion packs reflects Starbucks strategy of continuing to grow its presence in single-cup coffee, and enables Starbucks to better and more conveniently serve its global customers wherever they are and however and whenever they want their Starbucks coffee.GMCR’s Keurig Single-Cup brewers for in-home and office use utilize patented, innovative brewing and single-cup technology to deliver a fresh-brewed, perfect cup of coffee, tea, or cocoa every time at just the touch of a button. Brewers with Keurig Brewed® technology were the top five selling coffeemakers in the U.S. on a dollar basis for the period of October through December 2010 and represented an estimated 49 percent of total coffeemaker dollar sales for that period according to The NPD Group.* Source: Combined data from Euromonitor, Nielsen, Starbucks internal data and GMCR filings.About Starbucks CorporationSince 1971, Starbucks Corporation (NASDAQ: SBUX) has been committed to ethically sourcing and roasting the highest quality arabica coffee in the world. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. In addition to its Starbucks retail stores, the company produces a wide range of branded consumer products globally, including ready-to-drink beverages, packaged coffees and premium ice creams. The company’s brand portfolio features Starbucks Coffee, Tazo Tea, Seattle’s Best Coffee and Torrefazione Italia Coffee, enabling Starbucks to appeal to a broad consumer base. For more information, please visit us online at www.starbucks.com(link is external).Starbucks Corporation Forward-Looking StatementsCertain statements contained herein are not based on historical fact and are ‘forward-looking statements’ within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as ‘anticipate,’ ‘believe,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘feel,’ ‘forecast,’ ‘intend,’ ‘may,’ ‘plan,’ ‘potential,’ ‘project,’ ‘should,’ ‘will,’ ‘would,’ and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on information available to Starbucks as of the date hereof, and Starbucks actual results or performance could differ materially from those stated or implied, due to risks and uncertainties associated with its business. These risks and uncertainties include: evolving understanding of the definition of and consumer preference for super-premium coffee; continued growth in the single-serve sector of the coffee industry and market acceptance of Starbucks coffee in that sector; the ability of Starbucks to accelerate its growth in the single-serve sector; continued consumer success of the Keurig Single-Cup Brewing system, including successful distribution of the System through Starbucks stores; the potential introduction of super-premium coffee by new market entrants including on the Keurig Single-Cup Brewing system; the long-term success of the strategy to make portion packs available through various U.S. and Canadian retailers, including Starbucks stores and GMCR’s consumer-direct website; and the risk factors disclosed in the most recent Annual Report on Form 10-K, which Starbucks filed with the Securities and Exchange Commission on November 22, 2010. Forward-looking statements reflect management’s analysis as of the date of this release. Starbucks does not undertake to revise these statements to reflect subsequent developments, except as required under the federal securities laws.About Green Mountain Coffee Roasters, Inc.As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR), is recognized for its award-winning coffees, innovative brewing technology, and socially responsible business practices. GMCR’s operations are managed through three business units. The Keurig business unit is comprised of Keurig, Incorporated, a wholly owned subsidiary of GMCR. Keurig is a pioneer and leading manufacturer of gourmet single-cup brewing systems for both at-home and away-from home use, predominantly in North America. The Specialty Coffee business unit produces, markets and sells coffee, tea, hot cocoa and other beverages in a variety of packaging formats, including K-Cup® portion packs for Keurig Single-Cup Brewers. The Canadian business unit produces, markets and sells coffees in K-Cup portion packs and other packaging formats and is responsible for managing the Van Houtte business as well as the grocery channel for all GMCR coffee brand sales in Canada. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in sustainably-grown coffee, and allocating at least five percent of its pre-tax profits to socially and environmentally responsible initiatives.GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released. For more information, please visit www.GMCR.com(link is external).GMCR Forward-Looking StatementsCertain statements contained herein are not based on historical fact and are ‘forward-looking statements’ within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as ‘anticipate,’ ‘believe,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘feel,’ ‘forecast,’ ‘intend,’ ‘may,’ ‘plan,’ ‘potential,’ ‘project,’ ‘should,’ ‘would,’ and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements made by GMCR in this press release include: Starbucks loyal consumers will soon be able to choose, brew and enjoy their favorite Starbucks coffee in their own homes through the quality, convenience and consistent preparation of the Keurig Single-Cup Brewing System. These statements are based on information available to the Company as of the date hereof; and GMCR’s actual results or performance could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risk factors disclosed in its Annual Report on Form 10-K, which GMCR filed with the Securities and Exchange Commission on December 9, 2010. Forward-looking statements reflect management’s analysis as of the date of this release. The Company does not undertake to revise these statements to reflect subsequent developments, except as required under the federal securities laws.last_img read more

Nearly Eight Tons of Marijuana Seized in Colombia

first_img The Colombian anti-narcotics police seized 7.9 tons of marijuana, valued at more than 700,000 dollars, in three operations carried out in the city of Medellín (in northwestern Colombia) and the department of Meta (in central Colombia), that armed body announced on 26 February. In a first operation, 5.6 tons of pressed marijuana ready for distribution were discovered as they were being transported by truck in the city of Medellín (four hundred kilometers northwest of Bogotá), and three people traveling in the vehicle were detained. In the department of Meta, in separate operations in each of two rural areas, a total of 2.2 tons of marijuana was seized. According to the police, the marijuana seized in Meta belonged to the Revolutionary Armed Forces of Colombia (FARC), a communist guerrilla group and the chief such group in the country, with forty-six years of armed struggle against the Colombian state and currently with around nine thousand fighters, according to military estimates. In the two rural areas where the marijuana was found, 2.4 hectares sown with marijuana plants were also eradicated by hand, the report by the anti-narcotics police specified. By Dialogo March 01, 2011last_img read more

NCUA, SBA to host 2nd webinar on CU small biz lending

first_imgThe NCUA and Small Business Administration (SBA) will host a webinar aimed at strengthening credit unions’ small business lending Nov. 13. While the first webinar hosted by the agencies last month provided an overview of their efforts, this second webinar will provide detailed information on prudent steps lenders can take to preserve loan guarantees.The SBA and NCUA signed an MOU earlier this year aimed at increasing awareness of SBA programs and launching a three-year collaboration to provide webinars, training events and media outreach meant to increase credit unions’ understanding and usage of SBA-backed loans and resources.The Nov. 13 webinar will feature staff from the NCUA’s offices of Credit Union Resources and Expansion, and Examination and Insurance, as well as the SBA’s offices of Financial Assistance, Financial Program Operations, and Credit Risk Management.Topics for the webinar – slated to begin at 2 p.m. Eastern – will include preserving credit union lenders’ loan guarantees through the origination, servicing, and lender review cycles. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

5 things CU leaders need to know

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » NAFCU’s widely-read NAFCU Today is credit union leaders’ go-to source for the latest on issues impacting the credit union industry. For those short on time, here’s a roundup of this week’s need-to-know news bits:Prepare for increased focus on AMLThe Wall Street Journal reports that the Financial Crimes Enforcement Network (FinCEN) plans to ramp up its efforts against money laundering next year, likely leading to an increase in information requests for financial institutions to deal with. The article notes FinCEN’s new division focused on foreign and domestic investigations indicates the agency will “use its targeted investigative powers more frequently,” including one that “allows the agency to impose special measures on banks, such as record-keeping or due diligence requirements.” NAFCU continues to seek Bank Secrecy Act (BSA)/anti-money laundering (AML) regime improvements through work with Congress and FinCEN.FI trades want SCOTUS to review FHA lawsuitsNAFCU and several other financial industry trade organizations have petitioned the U.S. Supreme Court to review two lawsuits brought by the City of Miami against Bank of America and Wells Fargo in which the city alleges discriminatory practices under the Fair Housing Act (FHA) that indirectly harmed the city, resulting in lost property tax revenue and increased municipal expenses. The trades request review of the federal appeals court decision on remand and argue a narrower approach to the right of access under the FHA’s discrimination clause is needed to protect financial institutions from frivolous lawsuits. In addition, NAFCU has highlighted that credit unions do not engage in discriminatory practices or redlining.last_img read more

Uniondale Man Charged in 17-month-old’s Death

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A 26-year-old Uniondale man described as a soulless “monster” was charged in the murder of his girlfriend’s 17-month-old child over Columbus Day weekend, Nassau County authorities said.Lord Pardo was ordered held on $20 million bond or $10 million cash at his arraignment Tuesday at First District Court in Hempstead. He was charged with second-degree murder for the child’s death on Sunday.“It’s clear that the defendant has no soul,” acting Nassau County Police Commissioner Thomas Krumpter said Tuesday during a press conference at police headquarters in Mineola. “He’s truly a monster.”Pardo, who emigrated from Haiti in 2009 and has no prior arrest record, is not the father of the child, but he was watching the tot because the mother was working at Whole Foods in Jericho.The tragic incident occurred during the afternoon as Pardo cared for the boy, Mason Robinson, and his own three-week-old daughter, authorities said. He’s cared for the child between six to eight times in the past four months, officials said.At 1:40 p.m., Pardo notified Robinson’s mother via text message that the child had “difficulty breathing,” officials said. That’s when the woman asked Pardo to bring the child to Whole Foods, which he did, according to his defense attorney Meir Moza. The child was then taken to North Shore LIJ Hospital in Syosset, where he was pronounced dead at 2:57 p.m., police said.During Pardo’s arraignment, Assistant District Attorney Jessica Cepriano said Robinson sustained a fractured rib, collapsed lung, lacerated liver, lacerated diaphragm, fractured skull, and massive internal injuries.“This was no accident,” acting Nassau County District Attorney Madeline Singas said. “This baby was severely beaten and those injuries caused his death.“Nothing is more despicable than the murder of a child,” added Singas.Pardo’s defense attorney said the evidence does not point to his client willfully injuring the child.Moza said the second-degree murder charge is an example of the district attorney’s office “overreaching,” adding that the facts would prove that.Pardo has no reason to harm the child, the attorney said.“For me to believe that someone is just going to harm a baby out of nowhere, it just seems farfetched,” Moza told the Press.The attorney suggested that the injuries could’ve been caused by “negligence supervision,” but his client never intended to physically assault the child.“I don’t think that the evidence will be sustainable,” Moza said.When told of Moza’s remarks during Pardo’s arraignment, Krumpter said the “charges are consistent with the injuries the baby suffered.”The injuries, he said, are “inconsistent with an accident.”Authorities said Nassau County Child Protective Services has never investigated a case involving Pardo.last_img read more

WTM London in a virtual edition this year

first_imgWe are organizing a completely virtual event that takes place from November 9 to 11, and the main goal is to help, recover, rebuild and shape the travel industry at the moment when it is most needed, they point out from the WTM fair. This year’s WTM in London will take place from 09 to 11 November 2020, but in a virtual edition. By the way, this is the second most important tourist b2b fair, which featured more than 5500 exhibitors from 180 countries and is visited annually by more than 50 tourism professionals, tourism ministers and other close departments and media representatives.center_img After 40 years, WTM London 2020 is coming to you – is the announcement of this year’s fair. last_img read more

Anies struggles in new poll despite tough COVID-19 leadership

first_imgBeing the governor of a capital city like Jakarta could certainly help Anies Baswedan remain in the limelight, and his strong leadership in the fight against COVID-19, which involved a high-profile squabble with the central government, could have easily won him support from the public.But a new public opinion poll conducted at the height of the pandemic has shown that Anies has struggled politically, and in terms of electability rating, he is lagging behind his peers in West and Central Java. Jakarta-based pollster Indikator Politik Indonesia found that Anies’ electability rating was down from 12.1 percent in February to 10.4 percent in May. Anies’ slump in the polls took place against the backdrop of the trending upward of Central Java Governor Ganjar Pranowo and West Java Governor Ridwan Kamil as potential candidates for the 2024 presidential race.The electability ratings of Ganjar and Ridwan increased 2.7 percent and 3.9 percent in the May survey. Of the 1,200 people Indikator Politik Indonesia interviewed for the latest opinion poll, 11.8 percent said they would vote for Ganjar if the election were held today, and another 7.7 percent said they would vote for Ridwan.Read also: It’s Prabowo vs. Anies in 2024, survey saysAlso struggling is defense minister and chairman of the Gerindra Party Prabowo Subianto, who is also expected to run in the 2024 presidential election. President Joko “Jokowi” Widodo’s term will expire in 2024 and he will be barred from seeking reelection. Prabowo’s electability rating has dropped more than eight points in the past months. The Gerindra chairman gets the approval of just 14.1 percent of the respondents, a steep drop from 22.2 percent in February.In the February survey, both Anies and Prabowo came out as the two strongest contenders for the 2024 presidential election.Political analysts, however, said it was not the end of the road for Anies.Indonesia Political Review executive director Ujang Komarudin said the improved electability ratings of governors amid the COVID-19 pandemic tended to be temporary because the latest poll had yet to reflect a stable number and who dominated the headlines.“Their electability ratings are all below 15 percent. This means that the others still have plenty of time to improve their image and jack up their numbers,” Ujang told The Jakarta Post on Wednesday, adding that the Indikator Politik Indonesia survey did not specifically assess how governors were dealing with the COVID-19 pandemic.Ujang also said that other factors could be at play in driving down Anies’ electability rating. “It’s strange because Anies has received positive responses to his policy in handling the COVID-19 crisis. We need other polls to compare the result,” he said.Executive director of Indikator Politik Indonesia Burhanuddin Muhtadi said that Anies suffered in the polls due to his tough stance against the central government in his handling of the COVID-19 pandemic.Burhanuddin argued that Anies continued to have a hard time wooing supporters of Jokowi from the 2019 presidential election who continued to harbor suspicion against the Jakarta governor. In fact, the perceived discord between Anies and Jokowi could in fact be good news for the other potential candidates.”Jokowi’s supporters think of Anies as a challenger to the central government or Jokowi’s policy and vice versa. That’s why the votes from Jokowi’s supporters are split between Ganjar and Ridwan,” he said, suggesting that Anies could improve his electability rating if he could expand his base to voters outside of the capital.As for Prabowo’s slumping approval rating, Burhanuddin said his position as defense minister did not give him direct access to policies on handling COVID-19. “Regional governors who preside over large populations could turn the media spotlight on the way they handle COVID-19 into an electoral incentive because the public now is concerned only with COVID-19,” Burhanuddin said.Ujang of Indonesia Political Review said that although Prabowo remained on top, it would be better if Gerindra could find another figure to nominate for the 2024 presidential election. So far, only Prabowo himself is ready to run again.He said that other parties such as Golkar and the Democratic Party should also find new figures to nominate, given that their leaders had suffered in the polls.”For now, the leaders of these parties have low electability ratings. They have problems with the party and the individuals. Agus [Harimurti Yudhoyono] has no position in the government. It’s difficult to increase his electability. While Airlangga [Hartarto], despite his position as a minister, continues to run into problems like his support for the omnibus bill on job creation,” Ujang said.Read also: Jokowi says Sandiaga may succeed him in 2024Anies, Ganjar and Ridwan are among the regional leaders who have been in the spotlight over their COVID-19 policies.Anies, who won backing from the NasDem Party, has heavily criticized Jokowi’s administration several times. For example, when he requested permission to implement large-scale social restrictions in Jakarta in April, he accused the central government of stonewalling his efforts to contain the spread of the coronavirus by issuing a ministerial regulation that prevented him from directly imposing stricter measures to limit people’s mobility.Meanwhile, in Central Java, Ganjar prepared a Heroes Cemetery to bury medical workers who died after handling COVID-19 patients, as some locals were opposed to their bodies being buried near their homes.Ridwan conducted massive COVID-19 rapid testing and random swab test sampling on commuter lines and at markets in West Java. He also criticized a number of the central government’s policies, questioning the validity of its COVID-19 data and its decision to raise Health Care and Social Security Agency (BPJS Kesehatan) premiums.On Tuesday, Ganjar, an Indonesian Democratic Party of Struggle (PDI-P) politician said he would leave the decision to nominate a candidate for the 2024 presidential election to the party central board and that he would only focus on the current COVID-19 situation.“We will still face the excesses of the [pandemic]; for example, its social and economic aspects,” he said. Topics :last_img read more

ING pension fund shifts strategy to ramp up inflation hedge

first_imgCredit and hedge-fund holdings took the brunt of the return portfolio’s downscaling; in August, the scheme offloaded its remaining 3.6% hedge-fund allocation.The pension fund, which closed to new entrants in 2013, said matching and return portfolios of 75% and 25%, respectively, would produce sufficient returns to meet its target of inflation-proof pensions.The annual report also indicates that the pension fund postponed the creation of separate schemes for staff of ING Bank and asset manager/insurer NN Group.In 2013, ING, its parent company, was divided into the two new companies, whose staff have since accrued new pension rights in separate collective defined contribution schemes.The ‘old’ Pensioenfonds ING still offers defined benefit arrangements.The ING scheme, which returned 32.4% in 2014, reported a 1.2% return last year.It attributed the performance chiefly to the 10% gain on its return portfolio, noting that developed-market equities – and low-volatility equities in Europe in particular – had produced the best results.Private-equity holdings returned 20.4%, on the back of “a large number of IPOs as a result of high valuations”, while real estate returned 18.3%, with non-listed holdings returning 19.1%.As a result of rising interest rates last year, the scheme incurred a 1.7% loss on its matching portfolio of government bonds, credit and swaps.Credit holdings produced a more or less neutral result, “as the direct return was offset by the depreciation of loans caused by rising interest rates”.It reported administration costs of €265 per participant and said it spent 0.35% and 0.03%, respectively, on asset management and transactions. ING’s €25bn pension fund – one of the better-performing pension funds in the Netherlands, boasting a coverage ratio of nearly 140% – is planning to ramp up its inflation-risk hedge to protect the pensions of its 71,500 participants.According to its 2015 annual report, over the next four years, it plans to increase its inflation cover from 8.5% of real liabilities to 25%.As part of the strategy shift, it will also increase its matching portfolio allocation from 70% to 75%, at the expense of its return holdings.Last year, the pension fund reduced the interest hedge of swaps, bonds and loans from 92.5% to 85% and re-invested the proceeds in German, French, Belgian and US inflation-linked bonds.last_img read more

Petrofac wins extension for work on Iraq’s crude oil export project

first_imgThe previous time this deal was extended was for two years back in December 2017. The contract extension was worth $160 million. Petrofac as been employed as the operations and maintenance service provider on the project for the last seven-and-a-half years. The company said on Thursday that the extension was won by its Engineering & Production Services (EPS) division. Oilfield services provider Petrofac has secured a further six-month contract extension with Basra Oil Company (BOC) for its long-standing Iraq Crude Oil Export Expansion Project (ICOEEP). The facility, which is one of the largest export terminals in the Gulf and handles around 50 per cent of Iraq’s crude oil exports, is located 60 kilometres offshore the Al Fao Peninsula in Southern Iraq. Ihsan Ismaael, director general of BOC, added: “Petrofac continues to be a true partner to BOC, ensuring uninterrupted and record exports. We appreciate their commitment, particularly during this recent period, and congratulate them for hitting new export highs”. Mani Rajapathy, managing director of EPS East, said: “During this current challenging period for operations, we have continued to work well together, improving the daily export beyond two million barrels”. It comprises a central metering and manifold platform and four single point moorings which facilitate oil export onto awaiting crude carrier tankers. Petrofac is also responsible for almost 300 kilometres of subsea pipelines, 1,800 metres of subsea and floating hose infrastructure, and a marine spread comprising 14 vessels.last_img read more

Singapore election campaign begins

first_img“I have chosen not to stand for political office because I believe Singapore does not need another Lee,” Lee Hsien Yang said in a statement on Facebook. “I do not seek power, prestige or financial rewards of political office. I hope to be a catalyst for change.” (AP) Lee Hsien Yang, who brought his family feud into politics by joining an opposition party, said the governing People’s Action Party had “lost its way” from when his father, Lee Kuan Yew, was prime minister. Hitting out at his brother, he said empirical evidence showed that dynastic politics causes bad government and that Singapore’s leadership had failed the people. SINGAPORE – Singapore Prime Minister Lee Hsien Loong’s estranged brother is not running in next month’s general election but said Tuesday he hopes to be a “catalyst for change” as campaigning began.center_img People’s Action Party Secretary-General and Singaporean Prime Minister Lee Hsien Loong, center, arrives at a nomination center with his team to submit their nomination papers ahead of the general election in Singapore on June 30, 2020. APlast_img read more