StubHub plans to ticket, produce its own concerts

NEW YORK — You can soon buy concert tickets from StubHub for shows produced by StubHub.

The company, which helps brokers and fans buy and sell tickets on its website, announced Wednesday it will sell tickets to concerts that it will produce. It has five shows planned so far featuring "emerging acts" and will launch its first self-produced concert May 18 in Los Angeles.

The performer will be announced next week.

StubHub is getting involved in a business dominated by Live Nation Entertainment Inc. and its Ticketmaster subsidiary. AEG is also a big player in concert promotion and ticketing of concerts at its own venues like the Staples Center in Los Angeles through its ticketing arm, AXS.

Michael Lattig, StubHub's chief marketing officer, said ticketing its own concerts is not a "one-off" project.

"This is about doing something that we can repeat and continue to bring around the country and deliver to fans in as many markets as makes sense," Lattig said.

StubHub, a subsidiary of eBay Inc., was launched in 2000. It is targeting 300- to 600-seat venues for its self-ticketed shows.

Tickets for the May 18 self-produced StubHub show will go on sale next week for $60. The StubHub shows, which will benefit the Mr. Holland's Opus Foundation, will play in Nashville, Tenn., San Francisco, Chicago and New York.

StubHub is also partnering with Pandora for five free concerts, kicking off April 30 with Tokyo Police Club at Los Angeles' Boulevard 3.

The 10 planned shows are part of "StubHub's Next Stage" concert series.

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Online:

http://www.stubhub.com

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Follow Mesfin Fekadu at twitter.com/MusicMesfin

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Energizer to split into 2 companies to hone focus

ST. LOUIS — Energizer Holdings plans to split into two separate and publicly traded companies, one selling batteries and household items, the other selling personal care brands such as Schick razors and Edge shaving gel.

Shares jumped 16 percent in midday trading Wednesday to reach a six-year high.

The St. Louis company believes the split will give each company a clearer focus and let them make a more transparent case to investors.

Reusable batteries have cut into traditional battery sales in recent years, thought the company does have its own line of rechargeable batteries.

The split will be structured as a tax-free spinoff to existing Energizer shareholders, the company said. Energizer did not say what names the companies would operate under.

The household company will sell Energizer and Eveready batteries, flashlights and portable lamps. It accounted for $1.9 billion in revenue in the year that ended March 31.

The personal care company's other brands will include Playtex and Stayfree feminine-care products and Hawaiian Tropic suntan lotion. It had $2.6 billion in revenue in the same period.

"Since becoming an independent company in 2000, Energizer has built two successful divisions and each is now well-suited to realize its full potential on a stand-alone basis," said CEO Ward Klein.

Energizer expects the split to take place in the second half of fiscal 2015, which ends in September 2015.

After the split, Energizer CEO Ward Klein is expected to serve as executive chairman of the personal care company. David Hatfield, current head of the personal care unit, will be CEO of the stand-alone company, Energizer said.

Current Energizer Chairman J. Patrick Mulcahy would be chairman of the stand-alone household products company and that unit's current chief, Alan Hoskins, would be CEO.

Citigroup analyst Wendy Nicholson said the split likely surprised most investors since the company has repeatedly said that it has more value as a single entity. The change in heart at Energizer, which Nicholson rates as a 'buy," will boost company shares, she said.

Shares of Energizer Holdings Inc. rose $15.65 to $113.36, erasing declines in the stock seen throughout this year.

Separately, Energizer reported second-quarter net income for the three months ended March 31 rose 16 percent to $98.5 million, or $1.57 per share. That compares with $84.9 million or $1.35 per share last year. Excluding restructuring and other costs, net income totaled $1.88 per share. Analysts had expected $1.73 per share, according to FactSet.

Revenue fell 3 percent to $1.06 billion from $1.1 billion last year. Analysts expected $1.07 billion.

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FDA weighs over-the-counter approval of Singulair

WASHINGTON — Federal health regulators are weighing the risks of permitting Merck to sell its prescription respiratory pill, Singulair, as an over-the-counter medicine for allergies.

In a review posted online Wednesday, the Food and Drug Administration raised concerns that the drug could be used inappropriately by children or by patients with more serious conditions, like asthma.

The agency will ask a panel of advisers to vote on Friday on whether the drug is safe enough to be approved for nonprescription use.

The once-a-day pill is used to relieve common allergy symptoms like congestion, runny nose, sneezing and watery eyes. First approved in 1997, Singulair was Merck's best-selling drug with revenue of $4.76 billion in 2011. But sales have plummeted since the company's patent expired mid-2012, exposing the brand to lower priced generic competition.

Merck & Co. Inc. hopes to give the drug a new life as an over-the-counter medication, competing alongside antihistamine pills like Claritin and nasal sprays like Nasacort.

But FDA regulators have questions about Merck's ability to scale back the former blockbuster medication to target adult patients suffering from allergies.

Currently Merck sells Singulair via prescription for both allergies and asthma in adults and children. An FDA analysis shows that about 38 percent of the 6.5 million to 7 million patients who use Singulair are younger than age 18.

Under Merck's proposal, the company would only market Singulair as an allergy medication for adults 18 and older. But the FDA said a study of whether patients understood the new label instructions "demonstrated that many teens selected to use the product, despite instructions not to use under age 18. This raises concern for inappropriate 'over-the-counter' use in children."

The FDA also notes that more than half of all prescriptions for Singulair today are for patients with asthma. Merck said it is not seeking over-the-counter approval for asthma because the condition can be life-threatening if not appropriately managed by a health care professional. But FDA reviewers note that switching the drug to an allergy-only indication "raises potential challenges" targeting allergy patients but not those with asthma.

The FDA will also ask its expert panel whether Merck's proposed drug label adequately warns patients of potential side effects. The drug's prescription label currently warns that patients have experienced agitation, hostility, depression, insomnia and restlessness while taking Singulair.

Singulair is part of a class of respiratory medications that work by blocking leukotriene, a chemical within the body that causes throat and nose airways to flare up and constrict.

The FDA has already approved the switch of several prescription allergy medications for over-the-counter use, most recently Sanofi's corticosteroid nasal spray, Nasacort. In 2011, the FDA approved the switch of Sanofi's antihistamine Allegra to nonprescription sales.

Merck says its polling shows suggests allergy sufferers could benefit from additional treatment options. According to company research, about 40 percent of customers currently using over-the-counter allergy medications switch between different products to get relief.

"We hope to provide for them another option," said George Philip of Merck's respiratory division, in an interview. "Singulair has shown efficacy and has demonstrated a safety profile that is appropriate for over-the-counter use."

Shares of Whitehouse Station, N.J.-based Merck rose 3 cents to $58.75 in morning trading Wednesday.

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Senate GOP unveils Russia sanctions bill

WASHINGTON — Senate Republicans critical of President Barack Obama's foreign policy are unveiling legislation they say will be more effective in deterring Russian aggression.

GOP leader Mitch McConnell and eight other lawmakers plan to introduce a bill on Wednesday that would strengthen NATO, speed up work on missile defense and impose sanctions on Russia's banking and energy sectors.

Sen. Bob Corker, the top Republican on the Foreign Relations Committee, criticized the Obama administration. He says its policies are creating dangers for U.S. citizens and amount to nothing more than rhetoric. He spoke on the Senate floor.

On Monday, the U.S. announced economic sanctions against government officials in Moscow and some businesses, the latest round of penalties in response to Russia's annexation of Crimea and pro-Russian separatists seizing of buildings in eastern Ukraine.

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Senate nears minimum wage vote, defeat likely

WASHINGTON — Democrats and Republicans grappled Wednesday over which party is truly helping American families as the Senate neared a vote on a Democratic election-year bill increasing the federal minimum wage, a measure that seemed all but certain to be defeated.

"Millions of American workers will be watching how each senator votes today," asserted Senate Majority Leader Harry Reid, D-Nev. "To them, it's a matter of survival."

The bill by Sen. Tom Harkin, D-Iowa, would gradually raise the $7.25 hourly minimum to $10.10 over 30 months and then provide automatic annual increases to account for inflation. Democrats argue that if fully phased in by 2016, it would push a family of three above the federal poverty line — a level such earners have not surpassed since 1979.

Republicans, solidly against the Democratic proposal, say it would be too expensive for employers and would cost jobs. As ammunition, they cite a February study by the nonpartisan Congressional Budget Office that estimated the increase to $10.10 could have the effect of eliminating about 500,000 jobs — but also envisioned higher income for 16.5 million low-earning people.

"Washington Democrats' true focus these days seems to be making the far left happy, not helping the middle class," said Senate Minority Leader Mitch McConnell, R-Ky.

The debate was playing out half a year from this fall's elections, in which Democrats are struggling to retain their Senate majority and the economy remains a marquee issue.

President Barack Obama has made boosting the minimum wage a top priority. Its rejection would mark a defeat for him and the latest setback for a stream of Democratic bills that stress the campaign-season theme of economic fairness.

Continuing that focus, the White House issued a statement urging the bill's passage and saying the administration wants legislation "to build real, lasting economic security for the middle class and create more opportunities for every hardworking American to get ahead."

Supporters note that the minimum wage's buying power has fallen. It reached its peak value in 1968, when it was $1.60 hourly but was worth $10.86 in today's dollars.

Democrats needed 60 votes to begin Senate debate. To prevail, they would need support from at least six Republicans, which seemed beyond reach.

"I can't give you a number, but I'm confident" Democrats won't succeed, Sen. John Cornyn, R-Texas, his party's vote-counter, said after GOP senators met Tuesday.

Sen. Susan Collins of Maine, one of the few Republicans considered potentially willing to let debate begin, said Tuesday she expected to oppose the legislation, saying it would hurt companies. Sen. Bob Corker of Tennessee was the only Republican to publicly state he probably would vote to allow the bill to be considered.

Sen. Mark Pryor, D-Ark., who faces a tough re-election and has said the $10.10 increase is excessive, will miss Wednesday's vote. He will be in Arkansas due to deadly storms there, an aide said.

The legislation is opposed by business groups including the National Council of Chain Restaurants and the International Franchise Association. The National Restaurant Association has hundreds of members at the Capitol this week lobbying lawmakers on several issues, including opposition to a higher minimum wage.

Also opposed were conservative organizations including Heritage Action and Americans for Prosperity, which is backed by Charles and David Koch. The billionaire brothers are spending millions this year to unseat congressional Democrats, and Senate Majority Leader Harry Reid, D-Nev., and his allies are casting them as unfettered villains.

Wednesday's vote seemed sure to add minimum wage to a scrap heap of Democratic bills that had a shared theme of economic fairness.

Others that have splattered against GOP roadblocks would restore expired benefits for the long-term unemployed and pressure employers to pay men and women equally. Democrats plan future votes on bills easing the costs of college and child care.

Even if the minimum wage bill survived the Senate, opposition from Republicans running the House made it unlikely that chamber would debate it this year.

Underscoring the political value they envisioned from the minimum wage fight, Harkin and other Democrats said if the measure was defeated Wednesday, the Senate would vote on it again this year.

According to the federal Bureau of Labor Statistics, about two-thirds of the 3.3 million people who earned $7.25 an hour or less last year worked in service jobs, mostly food preparation and serving.

More than 6 in 10 of those making $7.25 or under were women, and about half were under age 25. Democrats hope their support for a minimum wage boost will draw voters from both groups — who usually lean Democratic — to the polls in November, when Senate control will be at stake. The GOP's hold on the House is not in doubt.

Harkin's bill would also gradually increase the minimum wage for tipped workers like waiters to 70 percent of the minimum for most other workers. It is currently $2.13 hourly, which can be paid as long as their hourly earnings with tips total at least $7.25.

The minimum wage was first enacted in 1938 and set at 25 cents.

Congress has passed nine laws slowly increasing it, including one each decade since the 1980s. The minimum has been $7.25 since 2009.

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A look at big companies that help out small ones

Big businesses are helping smaller ones, providing access to loans, mentorship and training to entrepreneurs.

A look at some of the programs:

GOLDMAN SACHS 10,000 SMALL BUSINESSES

The investment bank says it plans to help 10,000 small businesses and spend $500 million. It has helped over 3,000 businesses so far. Some of the money is given to small business lenders to administer loans. It also holds classes that aim to help businesses grow. To be eligible for the coursework, the program requires that applicants be the owner of a business that has been in operation for 2 years, has revenue between $150,000 and $4 million and a minimum of 4 employees.

More info: http://www.goldmansachs.com/citizenship/10000-small-businesses/US/

SAMUEL ADAMS BREWING THE AMERICAN DREAM

Designed by Boston Beer, the maker of Samuel Adams, the program is for food and beverage companies looking for a loan under $25,000. Boston Beer donates money to Accion, a nonprofit that provides small loans to entrepreneurs, which then administers the loans. Boston Beer says the program has provided nearly $3 million in microloans to more than 300 small businesses. The company also holds speed coaching and other events around the country and has advised more than 4,000 entrepreneurs.

More info: http://btad.samueladams.com/

MARTHA STEWART AMERICAN MADE

The annual event aims to spotlight businesses that makes, or helps makes, handmade goods, such as quilts, candles and leather bags. Businesses can nominate themselves online to win a $10,000 prize. Readers vote and decide which will win the cash. The editors of Martha Stewart Living select businesses to highlight in the magazine.

More info: http://www.marthastewart.com/americanmade

THE TORY BURCH FOUNDATION

Started by high-end clothing and accessories company Tory Burch, the foundation helps women entrepreneurs get access to loans, training and mentoring programs. The company works with Goldman Sachs 10,000 Small Businesses to train women entrepreneurs in New York. It partners with Bank of America to provide loans in Boston, Charlotte, Las Vegas, New York, Philadelphia and San Francisco.

More info: http://www.toryburchfoundation.org/

THE WORKSHOP AT MACY'S

Designed by department store operator Macy's Inc., the program teaches women and minority entrepreneurs how to get their products into major retail stores. Applicants have to make products that can be sold in department stores, including clothing, jewelry, cosmetics or candy.

Small businesses accepted into the program are not obligated to work with the retailer in the future, but a few have. The class is based in New York.

More info: http://workshop.macysinc.com/

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Unlikely partnerships help small businesses thrive

NEW YORK — When Psyche Terry's lingerie business needed a lift, she got it from a retailing giant.

Terry started Urban Intimates, a lingerie line for curvy women, in 2009. At first, its lacy bras and panties were sold only on the company's website. She wanted to get them into stores.

A small business association told her about The Workshop at Macy's, a training program that teaches women and minority entrepreneurs how to get their products into major retail stores.

Terry, who lives in Dallas, took the weeklong course in New York in 2011. The yellow, green and animal print lingerie had to go, Macy's told her. Shoppers preferred them in red, black and pink.

Other changes were made to the business, and last year, Macy's, one of the nation's largest department stores, started selling Urban Intimates at 10 of its stores in California, Georgia, Maryland, South Carolina, Texas and Virginia. Another department store, J.C. Penney, began selling the line on its website around the same time. Sales jumped 700 percent in 2013 from the year before and are expected to grow again this year. Without the Macy's program Terry says, "I'd still be a little dot-comer.

"It's definitely life changing," says Terry. "They really held my hand through the entire process."

Unlikely pairings of large and small companies are making a difference for small businesses. Small companies often struggle with a lack of funding and little experience running a business. About half fail within the first five years. Some large companies are coming to the rescue providing mentorship, formal instruction and cash in the form of loans or prizes to help give small companies a leg up.

For the big companies it's not just about being nice. Giving back can polish their reputations and may even boost profits. People are more likely to support a company they know is giving back to the community, says Scott Davis, chief growth officer of brand and marketing company Prophet. Working with smaller companies also exposes the big brand to the customers of the small business, says Davis. The entrepreneurs are likely to talk to their customers about a company that helped them when they were starting out.

"Storytelling is such a big part of brand building today," says Davis.

There's more. Some say working with small businesses inspires their own employees and helps them attract and retain top talent. It can even help them identify hot products.

More than 60 businesses have been through The Workshop at Macy's since it launched in 2010. Small businesses accepted into the program have no obligation to work with the retailer in the future, but a few, like Urban Intimates, have. The program gives Macy's access to new products to sell.

"We're looking for the next great thing," says Shawn Outler, a vice president at the company.

LIGHTING A PATH

Investment bank Goldman Sachs helped Ryan Walsh see his electrical company's future. Walsh, who took over New York-based Walsh Electrical Contracting from his father, was accepted into the Goldman Sachs 10,000 Small Businesses program, which provides a free business course, spread out over several weeks, for entrepreneurs. Walsh says it forced him to come up with a 5-year plan for the business.

Another benefit is networking. One business owner in the class hired Walsh's company to install lights and electrical equipment. Walsh paid another classmate to redesign his company's website, brochures and business cards. And a restaurant owner from his class now caters Walsh's lunch meetings and even his child's christening.

"You meet some good people," he says.

Many of the small businesses that have participated have had good results. Sixty-four percent of 572 small businesses that have completed the Goldman program said they increased their revenue six months after graduating and 45 percent added new jobs, according to a survey conducted by Babson College. Babson, a business school in Wellesley, Mass., helped develop the program.

"It's like a mini MBA," says Nneka Mosley, who owns Philadelphia-based Nneka Saran, which makes colorful purses and leather bags. Mosley applied for the Goldman Sachs class through the Tory Burch Foundation, which partners with the investment bank. The foundation, launched by high-end fashion company Tory Burch in 2009, helps women entrepreneurs secure loans and offers mentoring.

Dina Powell, president of the Goldman Sachs Foundation, says the initiative helps the bank recruit and retain workers. Recent college graduates want to work at companies that have programs that give back. It helps attract "the top talent that we want," Powell says. Employees at the investment bank are able to offer business owners advice and feedback. Powell says there are hundreds of Goldman Sachs employees on a list waiting to participate.

A TASTE OF SUCCESS

When the owners of ice pop maker Brewla Bars are in need of business advice, they email a contact at Boston Beer who connects them with an employee who can help them out.

Brewla Bars, started by New York-based siblings Daniel Dengrove and Rebecca Dengrove in 2011, became involved with the maker of Samuel Adams beer after taking out a $10,000 loan two years ago from its Brewing the American Dream program. They used it to help pay for packaging for the low-calorie treats, which are made with brewed teas, root beer and espresso.

At the time, the Degroves were selling the frozen bars at street fairs. The loan helped get them into stores around the country. They heard about the program through Accion, a nonprofit that provides small loans to entrepreneurs. Accion partners with Brewing the American Dream to administer loans using money donated by the beer company. Along with the loan, Boston Beer gives entrepreneurs advice.

The Dengroves have received advice on everything from how to design a trade show booth to buying supplies more cheaply. Brewla Bars had revenue of nearly $100,000 last year and is expecting more this year. In the first three months of 2014, revenue is up 50 percent from the same period a year ago.

Boston Beer gets something out of it too. Jim Koch, who started the company in 1984, says the passion and drive from small business owners breathes new life into the company. "It keeps us connected to our small business roots," he says. Back when he started out he couldn't get a loan and advice was hard to find. The program has provided more than $2.6 million in loans to nearly 300 small businesses. It doesn't profit from the loans.

CRAFTING A RELATIONSHIP

Sometimes the biggest reward the programs offer is being attached to a big brand.

In 2012, media company Martha Stewart Living Omnimedia Inc. launched Martha Stewart American Made. Business owners nominate themselves online to win a prize. Editors of Martha Stewart Living select businesses to highlight in the magazine and some of the businesses are asked to sell their products in busy Grand Central Station in New York for a couple of days. Readers select their favorite business online. The one with the most votes gets $10,000.

Leo Kowal and his wife Mary won the prize in 2013. The Kowal's business, Saint Charles, Ill.-based SVGCuts, sells downloadable designs for people that craft with paper. The designs are used to construct greeting cards or holiday decorations.

The couple used the $10,000 to give their six workers a year-end bonus. Traffic to the SVGCuts website increased 15 percent it won in October and sales are up at least 10 percent. But the best part of winning is being attached to the biggest name in the crafting world. "It's instant creditability," says Leo Kowal.

SVGCuts announced it won the Martha Stewart American Made contest on its website and even on the company's voicemail message.

"I plan to use that as long as I can," says Leo Kowal. "You can't put a price on having your brand affiliated with Martha Stewart."

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ONLINE:

Goldman Sachs 10,000 Small Businesses: http://www.goldmansachs.com/citizenship/10000-small-businesses/US/

Martha Stewart American Made: http://www.marthastewart.com/americanmade

Samuel Adams Brewing The American Dream: http://btad.samueladams.com/

The Tory Burch Foundation: http://www.toryburchfoundation.org/

The Workshop At Macy's: http://workshop.macysinc.com/

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Follow Joseph Pisani at http://twitter.com/josephpisani

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$4M bid made for North Adams hospital

SPRINGFIELD, Mass. — Pittsfield's Berkshire Medical Center has agreed to pay $4 million for the former North Adams Regional Hospital and affiliated facilities, as well as a doctors' building.

According to documents filed this week as part of bankruptcy proceedings, the purchase-and-sale agreement is contingent on whether other bidders step in with offers.

In a filing for Northern Berkshire Healthcare's Chapter 7 bankruptcy, Berkshire Health Systems and the holders of more than $30 million in bond debt have agreed on a sale price of $3.4 million for the hospital, parking garage and administrative building, and $600,000 for the Northern Berkshire Family Medicine building. The agreement includes assets including medical equipment and office furniture.

In related news, a judge Wednesday endorsed a plan to restore emergency services at the North Adams hospital by mid-May.

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Stocks mixed as investors weigh earnings, economy

NEW YORK — The stock market was mixed on Wednesday as investors weighed company earnings against a report that showed economic growth stalled during the fourth quarter.

KEEPING SCORE: The Standard & Poor's 500 index fell 0.4 points, or less than 0.1 percent, to 1,877 as of 11:13 a.m. Eastern time. The Dow Jones industrial average rose six points, or less than 0.01 percent, to 16,542. The Nasdaq composite fell seven points, or 0.2 percent, to 4,095.

THE ECONOMY: The U.S. economy slowed in the first three months of the year as winter storms chilled business activity. The sharp slowdown, while worse than expected, is likely to be temporary as growth rebounds with warmer temperatures. The Commerce Department says growth slowed to a barely discernible 0.1 percent annual rate in the January-March quarter, the weakest since the end of 2012, and down from a 2.6 percent growth rate in the October-December quarter. Economist had forecast growth of 1.1 percent, according to FactSet.

THE QUOTE: The stock market's reaction to the report on the economy was muted because investors have already discounted the quarter due to the unusually cold winter in the U.S. this year, said Lawrence Creatura, a portfolio manager at Federated Investors.

"The stock market is giving this GDP report a pass because of the historically cold weather in the first quarter," Creatura said. "If you see a similar print for the second quarter, you're going to get a much different response."

PEP TALK: Pepco Holdings surged $4.07, or 17.9 percent, to $26.84 after it agreed to be acquired by energy provider Exelon for $6.83 billion to create a large electric and gas utility in the mid-Atlantic region. Exelon will pay $27.25 per Pepco share, an 18 percent premium to the company's $23.10 closing price on Tuesday.

TWITTER STORM: Twitter fell $4.36, or 10 percent, to $38.27 in early trading. The social media company's growth disappointed investors when it reported quarterly results late Tuesday. Twitter had 255 million monthly users at the end of March, up 25 percent from a year earlier, but 2 million fewer than industry analysts had expected. Twitter shot higher after its IPO at $26 a share in November, going as high as $73.31 in December, and has been steadily declining since then.

NOT WHAT THE DOCTOR ORDERED: Express Scripts fell $4.21, or 5.9 percent, to $66.81 after it lowered its earnings guidance for the year, saying that it would handle a lower volume of prescriptions. The nation's largest pharmacy benefits manager also reported a 12 percent drop in its first-quarter earnings Tuesday. Its prescription sales were hit by severe winter weather and slower-than-expected enrollment in the new public insurance exchanges.

FED: The Federal Reserve will release a statement following the conclusion of its two-day meeting at 2 p.m. Eastern time Wednesday. Policy makers are expected to make a further reduce the Fed's bond purchases, even though growth slowed in the first quarter.

TREASURYS AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note fell to 2.66 percent from 2.70 percent on Tuesday. The price of oil fell 93 cents, or 0.9 percent, to $100.35 a barrel.

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Study: Tax reforms would curb income inequality

WASHINGTON — The Organization for Economic Cooperation and Development on Wednesday recommended a series of tax changes to limit the worldwide rise in income inequality.

The Paris-based OECD, which includes the United States among its 34 members, advised taxing various forms of investment gains as ordinary income. Many forms of investment returns are now taxed at lower rates than ordinary income and disproportionately benefit the richest 1 percent.

The OECD also suggested abolishing tax deductions that primarily favor the wealthy, reviewing inheritance taxes and improving transparency and international cooperation on taxes.

The share of pre-tax income going to the richest 1 percent has increased in several developed countries since 1981, including the United States, the United Kingdom, Australia, Japan and Norway.

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