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Chanel is the first major luxury brand to completely halt production of exotic leathers. On May 31, 2019, Chanel will no longer produce any accessories using exotics.
In December 2018, Chanel announced that they planned to no longer create products made from snakes, crocodiles, lizards, and stingrays because of ethical issues. Now, that announcement has hit the production floor.
Handbags, shoes and clothes made from exotic skins are the most expensive and coveted luxury products on the market. Animal-rights activists have long targeted trade in the materials, where they say abuse of animals is rampant and that many skins are sourced illegally, endangering wild populations.
As of May 16, 2019, the privately-owned French luxury company has no bags or accessories made of exotic leather for sale on its website.
“We are continually reviewing our supply chains to ensure they meet our expectations of integrity and traceability,” the company said in a statement. “In this context, it is our experience that it is becoming increasingly difficult to source exotic skins which match our ethical standards.”
Chanel’s move is unlikely to have a major impact on its bottom line, analysts said. Exotic skins likely made up a share of total sales in the “high single digits,” Guy said. In its statement, Chanel said it was working to “create a new generation of high-end products,” using different materials.
There is a wave of consumer demand for ethical consumption, emphasizing environmentally and socially conscious brands.
Many millennial and Gen-Z luxury consumers say they prefer to buy products that are ethically sourced and have minimal environmental impact, even if their purchases don’t always reflect that.
In February 2020, the British department store chain Selfridges will ban products like watches, luggage and handbags that are made from python, alligator, crocodile or other exotic animal skins. As of next year, its stores will only sell leather derived from agricultural livestock.
The other major players in the industry like Hermes, LVMH, and Kering Group have moved towards their ability to source exotic skins ethically by owning and operating reptile farms instead of sourcing them. That way, they’re caring for the animals through the entire supply chain and have control of the animal’s welfare. The ever-increasing price point on exotics is because of the care that’s gone into caring for them.
Kering chairman and CEO François-Henri Pinault said, “it’s not an endangered species, but if we don’t change anything, they will become an endangered species.”


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While the world is expecting word on Apple’s iTunes cloud service in tonight’s scheduled announcement (along with details about the new iPod Touch and Apple TV), it seems Sony has decided to make its own announcement about a new music subscription service.
This move is long overdue, especially with Sony’s massive record label presence, and its Walkman brand, which is still synonymous with music on the go. Sony also has a huge presence in the film industry with Sony Pictures, and launching a video subscription service doesn’t seem far-fetched at all. What is certainly interesting is how all this will tie up with Google TV, triggering the prophetic clash of the titans when Google and Apple go head to head in the home visual entertainment space.
As of now, speculation has it that Sony will be looking to interconnect all its devices in the entertainment ecosystem via the PlayStation Network, from the PS3 to televisions, Blu-ray players to the PSP, Vaio laptops to Sony Walkman PMPs and Sony Ericsson phones. Presumably, one account should allow you to synchronize your paid content across the devices. This could also be the main reason behind the sudden release of the Sony Netbox less than a week ago.

domain: news


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As previously reported, Spelunker HD’s EX 6 downloadable content was released this week, and following such, Tozai games has released a new patch for the game. The patch doesn’t include any fixes, really, but simply some improvements. The list of improvements include as such:
- The ability to press the triangle button to make Group Excursion’s screen mode like that of Solo Excursion
- Additional trophies have been added to prepare for the release of EX 8-10
- More chat symbols are now available to use
The patch is available immediately, and is 39 MB. Keep an eye on JustPushStart for when the upcoming EX content will be made available.


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Dhaka office: byabasapratisthanaguloke new online registration will take all of the work. The project is in full swing preparing for the VAT Online. Online registration will begin on March 15. VAT registration will be available during the three and a half months. National Board of Revenue (NBR), the sources said.
However, there is an advantage! VAT registration will not take all the merchant. The company in a transaction worth 30 million less than a year the registration will not take. This means, the organization’s average turnover per month is less than two and a half million, will not take their registration.
At present, the annual turnover of up to 7 million VAT package gives firms.
The new law will be outside of the company VAT registration. However, small businesses have been demanding to continue the VAT package.
The annual turnover of more than Rs 30 lakh will be covered as soon as the online registration.
The project will be online VAT registration in two ways. The annual turnover of 30 million to 80 million will be paid when the registration, it will be shown as a list or ayanalistamenta.
The turnover tax at the rate of about 3 per cent of the total transactions in the company. The annual turnover of more than Rs 80 lakh electronic business identification number (ibiaiena) will take. VAT will be imposed on them of 15 percent.
Online service provided to the ibiaiena habeta like a lot of online tax identification number or e-tiaienera. Traders will be able to register at home.
The project will have two ways to online VAT registration statement saba dakhilasaha able to pay taxes. The company has already taken the traditional manner BIA, the new institution will be the online registration.
BIA can be entered online on VAT. BIA byabasapratisthanera make the name, address, byabasapratisthanera another branch address, bank account number, type of business, the amount of turnover, business start date, the existing data should be biaienera.
Byabasapratisthanera without creating a list of information managers, their national identity card number, name, etc. The findings will be part of their business. After using the website can be a regular VAT returns and pay taxes.
Again, if the owners of the respective Commissionerate office with the information you will be able to register in the traditional manner. In that case, the information will be sent to the office of the Commissionerate VAT Online Project. Then, after scrutiny, will be registered for VAT Online Project.
Asked VAT Online Project Online Project upaprakalpa director Zakir Hossain can all at home. VAT will not come to the office. Nakara deposition method is easy to be harassment businesses will be encouraged to pay more taxes.
The traditional method has 7 lakh 84 thousand institutions BIA. However, the company does not submit returns. 57 thousand per year as the company returns submitted. 3 million by ২0২0 company has set a goal to bring ibiaienera.
With the beginning of the implementation of the new VAT law will be up to the VAT package. There are areas of the VAT package for the current fiscal year. Whatever is not sold on the VAT package, if the VAT amount is determined at the end of the year. There is no track.
Musakabyabastha small or small packages up to take advantage of the new law of grace, the evidence will give an account of the year.
Any business out of business if the existing system did not have the opportunity to cancel the BIA. The new system, the BIA has been canceled or suspended.


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Cut price safaris in Africa
In search of the big five in South Africa, Kenya and Tanzania
Here is news of another sale this week, less startling than the £1 golf deal but to more exotic locations. Acacia Adventure Holidays is holding a “big five flash sale” on Friday, so named because it lasts for five hours from 12 noon and might lead to customers viewing the “big five” animals — lion, leopard, elephant, rhino and buffalo — on safari in Africa.
All the company’s overland tours for the rest of this year will be on offer at a 25 per cent discount during the sale, until they sell out, and a 55 per cent saving is available on its six-day African Insight trip.
Featuring game viewing and night drives in the Kruger, river cruising in Chobe National Park and an adrenalin-fuelled


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By Joel Gibson
For the first time, all three of our big telco companies have budget-friendly brands. They are wholly owned subsidiaries launched by the premium product suppliers to gain a slice of the price-focused market.
Like Jetstar, the Qantas subsidiary that was launched as an aviation price disrupter in 2004, many copycats have followed the business strategy – from banking to energy to insurance.
NAB launched UBank, Commbank bought Bankwest, AGL bought PowerDirect and Medibank bought AHM Health Insurance.
Telstra also jumped on the bandwagon, launching the Boost Mobile brand, which is aimed at the youth market, and Belong for budget-conscious broadband and mobile phone users.
Last week, Optus and Vodafone-TPG revealed their own budget-friendly offerings.
Optus launched online pre-orders of its new service, Gomo. There is only one plan for starters: 18GB of data and unlimited national calls and SMS for $25 a month, plus unlimited international calls to 15 selected countries.
There is also a special deal for the first 5000 customers – a plan cost of just $1 for the first month and, if you stay for three months, you get the next three months for free.
Vodafone-TPG launched Felix Mobile, which also has just one plan. For $35 a month, you get unlimited national calls and data – albeit capped at a speed of 5Mbps.
Felix also boasts to be 100 per cent carbon neutral: “We plant a tree a month for every active customer”.
The strategy mirrors the marketing of Belong, which is also 100 per cent carbon neutral and has plans starting from $25. Hence its slogan: “Mobile that doesn’t cost the earth”.
Telstra’s Boost is pitched mainly at younger customers, offering just pre-paid plans starting at $20 that include international calls and text to 20 selected countries.
By comparison, Telstra's full-service plans start at $55 a month and include sweeteners such as a free, three-month Foxtel Binge trial and access to sports broadcasts, including the NRL, AFL and A-League.
Most Optus full-service plans also include Optus Sport as standard.
So, how do they all compare?
Like-for-like comparisons are difficult because some of the premium telco brands now rarely offer smaller plans.
However, here is how the budget-friendly offerings stack up against the smallest plans provided by the premium brand suppliers:
- Optus: 10GB for $39
- Telstra: 40GB for $55
- Vodafone: 50GB for $35
- Optus Gomo: 18GB for $25
- Telstra Belong: 10GB for $25
- Vodafone Felix: Unlimited data for $35
If you do not need a lot of data or bonus features, low-cost operators offer great bang for your buck.
However, it is also worth considering some of the independent budget providers that pioneered cheap, BYO SIM-only mobile plans, including amaysim, Aldi Mobile and Dodo. There is now a lot of competition in the low-cost space – a win-win for consumers as long as these smaller carriers are not squeezed out in the rush.
Next up, watch out for some hot new energy deals from your telco provider, or conversely, phone plans from your energy supplier.
Telstra is looking to sell energy plans, AGL now owns telco Southern Phone, Origin Energy sells broadband and smaller internet providers Sumo and Dodo have been dabbling both in energy and broadband for some time.


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The corporate additionally stated e-newsletter agency Revue, which it purchased final 12 months, would now be a part of Twitter Write together with the “Notes” function.
The long-form function is being examined by a small group of writers and Twitter didn’t give extra particulars on its wider roll-out. The corporate at the moment has a 280-character restrict on tweets, a function it started testing practically 5 years in the past.
In April, Twitter stunned customers by saying it might within the coming months start testing a brand new edit function, which it known as “essentially the most requested function for a few years.”
The corporate is in the course of a $44 billion buyout by Tesla Inc CEO Elon Musk, the world’s richest individual in response to Forbes journal.


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WorldNow and this Station make no warranties or representations in connection therewith.
RocketSpace Adds Open Innovation Executive To Lead New RocketX Program
"Startups have the power to change the future of education," said Diana Stepner, Hermes Birkin Rain Cover
Michele comes to RocketSpace as an industry leader in corporate open innovation, formerly leading and driving innovation programs Omega Orange Watch Price for many Fortune 500 companies, including part of a founding innovation team during her tenure at PricewaterhouseCoopers (PwC).
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world around you. The company is now working with over30global brands across every leading sector, ranging from consumer electronics to logistics to digital media.
Through the program, brands gain early access to innovative products and early stage startups from Silicon Valley and beyond by enabling efficient identification, evaluation, and integration of emerging technologies.
"Embracing the principles of open innovation and accelerating the path to successful partnerships is a game changing opportunity for corporate brands," said Michele McConomy, vice president of RocketX at RocketSpace. "It not necessarily about creating more innovation, it about being smart about innovation. Unlocking untapped potential with the outside world is critical, and at RocketSpace we fundamentally believe that it is all about being open to the Miu Miu Hobo Bag Sale
vice president of innovation partnerships developer relations at Pearson, the world leading learning company. "Recognizing the potential of education technology startups, we worked with RocketSpace to connect promising companies with our business. Since initially sponsoring RocketSpace in 2011, they have not only provided us with the space for our innovation team but also done an incredible job with event development and startup recruitment, all of which have made for a very valuable partnership."
list of other RocketX members including Pearson, Samsung, British Airways, Axel Springer, Pernod Ricard, Fujistu, Accenture Technology Labs, and Docomo Innovations.
"Modern organizations must embrace open innovation to stay relevant in today competitive landscape," said Eryc Branham, chief revenue officer at RocketSpace. "Bringing Michele onto the team is a reflection of our continued investment in this emerging area."
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Consumers are migrating to smart, connected devices but that doesn’t mean they have total trust those devices.
It turns out that most people are bothered by how smart devices gather data on them and many don’t trust the devices they buy, according to a new global study.
The majority (65%) of consumers are concerned with the way connected devices collect data, most (55%) don’t trust their smart devices to protect their privacy and 53% don’t trust connected devices to handle their information responsibly.
The study comprised a survey of 6,000 consumers each in the U.S., France, Canada, Australia, the U.K. and Japan conducted by Ipsos Mori for the Internet Society and Consumers International.
The majority (69%) of consumer said they own connected devices, such as connected toys, smart meters, fitness monitors, home assistants or gaming consoles.
Consumers also see the burden of data safety on the makers of devices, with 85% of Americans saying manufacturers should only produce connected devices that protect privacy and security.
Consumers already are concerned about what information about them already is being collected by their smart devices.
The majority (66%) of Americans who own connected devices agree that they are creepy in the way they collect data about people and their behaviors.
“Creepy” is hardly the word smart device makers want associated with their products.


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I must’ve used a bad word in yesterday’s newsletter cuz it got hammered by spam filters. It had 3 more request-for-startup ideas, FAMGA’s battle for AI, how to talk to our analysts, and more. Check it out here.
And now for today’s show.
In 2020, we said RIP to retailer after retailer, with our compendium now at 128 major retail bankruptcies.
On the bright side, retail tech has seen a strong start to 2021, with funding flowing to in-store tech, e-commerce cos, and more.
And innovation — from the omnichannel retail revolution to AR mirrors — is giving the in-store shopping experience an upgrade.
What’s next for retail tech? Find out in our upcoming webinar.
Below, we dive into the creator economy, the Fintech 250, open banking, and more.


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Monster Hunter coming to PS Vita soon
The French PlayStation chief, Phillipe Cardone has given a strong indication that Monster Hunter may be arriving on the PS Vita in the next few months.
In a recent interview Cardone indicated that the launch line-up for the PS Vita was crammed with games that were atypical choices for the Japanese market. As far as the PlayStation handheld machines are concerned atypical means lacking in the Monster Hunter department.
He said, "The games available at launch in Japan do not correspond to the typology of the Japanese public. It lacks a particular game, Monster Hunter, scheduled for the coming months. "Had it been there right out in Japan, the story would have been different. The game console at launch will be the European better than it was for Japan."
Whether this means that Monster Hunter will be out in Japan or worldwide in the next few months on the Vita is another story. If anything though Monster Hunter is the one title that has the power to revive the flagging fortunes of the PS Vita in Japan.
Thanks La Pointe(translated by Google Translate).
- Trine series sells 7 million copies, Frozenbyte releases user-creation tools
- Lots of teary-eyed gamers as more Star Wars: Battlefront 3 gameplay footage leaks out
- Jade Raymond leaves Ubisoft Toronto to pursue new opportunities
- Ryse: Son Of Rome scores Best Game Design award at the Animago Awards in Germany
- Activision releases the launch trailer for Call Of Duty: Advanced Warfare a little early
- Rockstar won't be holding a beta for GTA Online on the PC
- UK to toughen up laws on internet harassment
- Final Fantasy XIV Heavensward expansion announced for release next year, first screenshots released
- Driveclub issues persist as players report trouble downloading the latest patch


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The Texas pastor who filed suit against Whole Foods this past April over an alleged gay "hate cake" that spelled "Love Wins F–g" on a custom cake has finally dropped his lawsuit, because it was all a hoax.
No kidding. Really?
"The company did nothing wrong," openly gay pastor Jordan Brown wrote in a statement. "I was wrong to pursue this matter and use the media to perpetuate this story."
Brown originally alleged he had requested a cake from Whole Foods with the phrase "Love Wins" on it, but got a homophobic slur instead. He proceeded to launch an internet video that went viral and filed a lawsuit shortly after.
Fortunately, Whole Foods had a mountain of evidence to prove Brown a liar and fraud. Surveillance evidence showed Brown looking at the cake and purchasing it, and internet spectators immediately pointed out that the icing styles didn't match. Oops! Whole Foods swiftly denied the accusation and even filed a counter-suit for defamation.
"Our bakery team member wrote “Love Wins” at the top of the cake, which was visible to Mr. Brown through the clear portion of the packaging," Whole Foods said in an April statement. "That’s exactly how the cake was packaged and sold at the store."
"I want to apologize to Whole Foods and its team members for questioning the company’s commitment to its values, and especially the baker associate who I understand was put in a terrible position because of my actions," Brown continued in his statement..
"I apologize to the LGBT community for diverting attention from real issues. I also want to apologize to my partner, my family, my church family, and my attorney."


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Businesses are planning to boost the deployment of smartphones during the next three years, while laptop deployments will slow dramatically, according to survey of 340 companies in the US and Western Europe.
While Verizon expected the BlackBerry Storm to be a hot-ticket item, it probably didn't anticipate that demand for the device would crash its online ordering portal.
The US Department of Defense computers have been hit with an old worm that the DoD won't discuss other than to say it is taking steps to mitigate its effects.
Symantec is warning of a sharp jump in online attacks that appear to be targeting a recently patched bug in Microsoft's Windows operating system, an analysis that some other security companies disputed Friday.
Ruby on Rails 2.2, an upgrade to the popular Web application framework, was released Friday, featuring an internationalization framework and stronger support for HTTP validators, according to the Ruby on Rails Web site.
Qantas’ online booking site today breached the privacy at least two of its customers, with their personal details revealed to another party when they attempted to access flight check-in information online.
The Australian Internet industry has supported iiNet in its defence against legal action filed by the leading US media giants and the Seven Network, which experts say could force providers to police peer-to-peer traffic if the Federal Court rules in ...
An information security expert claims the government has the wrong approach to Internet filtering, and should focus on protecting Australians from technical risks rather than content.
Today Sony unveiled the HDR-FX1000: a new HDV Handycam aimed at the prosumer and high-end consumer markets.
The head of VMware's security group has left to join San Francisco's OpenDNS, a startup that provides Internet infrastructure services.
Lawyers for the plaintiffs in the Vista Capable class-action lawsuit want to grill Microsoft CEO Steve Ballmer for three hours to find out what he said to top executives at Intel, Hewlett-Packard and Best Buy when they complained about the marketing ...
Dell's revenue and net income dropped in its third quarter as the company tries to cope with a global IT spending slowdown and less demand for its products.
Google has been undergoing some aesthetic overhauls lately. First they whip iGoogle into a themed, paneled frenzy. Now Google has added a splash of colour to the Gmail inboxes.
Australia will lead a new international working group to develop and harmonise international standards on corporate governance of IT.
BT is considering shelving its £1.5bn (US$2.2 billion) high-speed fibre optic broadband network.
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The Dow Jones Industrial Average briefly dropped 280 points Monday, as data showed a slowdown in China’s economy. Tesla stock skidded after the National Highway Safety Administration opened a formal investigation into Tesla’s Autopilot system.
Among Dow Jones leaders, Apple (AAPL) sold off 1.5% before paring losses Monday, while Microsoft (MSFT) moved down 0.4% in today’s stock market. Home Depot (HD) is just below a new buy point, while Disney (DIS) is trying to break out past an entry.
Tesla (TSLA) looked to compound Friday’s 0.7% loss, skidding over 5% Monday morning. The EV giant dropped below a recent buy point.
Among the top stocks to buy and watch, Nvidia (NVDA), RH (RH) and Shopify (SHOP) are in or near new buy zones.
Nvidia, Microsoft and Tesla are IBD Leaderboard stocks. Apple is an IBD SwingTrader stock.
Dow Jones Today: Chinese Economy Slows
The Dow Jones Industrial Average lost


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The bikemaker’s sister concern, Benelli has confirmed its arrival
Benelli India has confirmed the India launch of Keeway Motors on its social media platforms. Keeway Motors, originally from Hungary, is part of the Chinese company Qianjing Motorcycle, which also owns Benelli. Keeway Motors is expected to be launched in India as a sister company to Benelli India.
Keeway Motors’ portfolio includes maxi-scooters and cruisers under the 250cc category. Judging by the teaser video released by Benelli and the emphasis on the words “power” and “performance”, it's safe to assume that Keeway Motors is planning to debut here with higher displacement motorcycles. Rumours on the internet suggest that the bikemaker could launch a 500cc cruiser or the GT270 maxi-scooter, which was recently launched in the Philippines and other Asian countries as well.
The GT270 is powered by a 278.2cc single-cylinder fuel-injected liquid-cooled engine mated to a CVT gearbox. If launched, it is expected to rival the likes of Aprilia SXR-160, Suzuki Burgman, Yamaha Aerox 155 and the BMW C 400 GT as well.
We could see Keyway launching in India on May 17, 2022.


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ISPA urged the DoJ to take a fresh look at RICA while the DoC urged South Africans to register their SIM cards.
In separate press statements sent out today the Internet Service Providers’ Association of South Africa (ISPA) urged the Department of Justice and Constitutional Development (DoJ) to re-examine sections of RICA, while the Department of Commuincations (DoC) urged mobile subscribers to register their SIMs.
The Regulation of Interception of Communications and Provisions of Communication-related Information Act, commonly known as RICA, requires (among other things) that cellular subscribers register their Subscriber Identity Module (SIM) at their mobile service provider with proof of identity and residence.
The deadline for registration is 30 June 2011 and mobile operators will have to cut off any subscriber not registered unless another extension is given.
RICA also applies to Internet Service Providers (ISPs), which ISPA explained requires ISPs to perform similar identity verification as mobile network operators.
Ant Brooks, general manager of ISPA, said that this places an enormous administrative and financial burden on ISPs, many of which don’t have retail outlets and sign up most of their customers electronically or telephonically.
Brooks said that ISPA members are supportive of the overall goals of RICA and are eager to work with the DoJ so that RICA can be amended to both serve the purpose of the Act as well as make compliance possible for ISPs.
The full release from ISPA is below, followed by the Department of Communications press statement.
The Internet Service Providers’ Association of South Africa (ISPA) urges indications to the Department of Justice and Constitutional Development (DOJ) to take a fresh look at the Regulation of Interception of Communications and Provisions of Communication-related Information Act, commonly referred to as RICA.
The DOJ has previously recognised the need to relook at section 39 of the Act. This section of RICA requires ISPs to record certain personal information of their customers and then to verify such information and the identity of the customer, before activating any electronic communication services, such as Internet services.
Most South Africans with mobile phones will have already gone through the above process with their mobile network provider under section 40 of RICA.
“In its present form, the section places the near impossible burden of physically verifying the details and identity of all customers of the ISP,” said Ant Brooks, General Manager of ISPA.
“Given that they sell a virtual product and sign up most of their existing customers electronically (either telephonically or over the Internet), this places an enormous administrative and financial burden on ISPs,” he added. “Many ISPs do not have retail outlets, making it almost impossible for them to verify the identity of their customers.”
“ISPs therefore face the enormous challenge of appointing agents or setting up branch offices to verify new customers,” said Brooks. “In order to be compliant with RICA as it currently stands, a customer needs to appear physically in front of an ISP’s representative with his or her ID document, proof of address and certified copies of both of these (to be retained indefinitely by the ISP) before an account can be activated.”
In addition to the inconvenience this process would cause for ISPs and customers, it could have the unintended effect of driving up Internet access costs. The costs associated with ISP customer registration could even drive smaller ISPs out of business as they will not be able to compete with bigger competitors with national retail outlets.
ISPA has proposed that ISPs be allowed to verify documents in electronic format using the framework set out in the Electronic Communications and Transactions Act of 2002. “We are hopeful that the DOJ will give this proposal serious consideration,” said Brooks.
He concluded: “Our members are supportive of the overall goals of RICA and eager to work with the DOJ in order to ensure that the Act is amended in a manner that will both serve the purpose of the Act as well as make compliance possible. We do believe that the goals of RICA can be achieved more efficiently through an alternative verification process. ISPA has made various proposals to the DOJ and hopes that the DOJ will take our feedback on Section 39 into account. We look forward to news of possible changes to this section of RICA.”
The full DoC press release follows.
The Department of Communications appeals to all South African citizens to register their SIM cards whether they are cellular, data or other SIM cards used for mobile devices.
The Regulation of Interception of Communications Act (RICA) provides for the lawful interception of communications, such as voice and data conversations between persons including phone calls, emails and postal services. This Act is in the interest of the individual’s right to privacy and can only be done after authorisation by a judge who is specially designated to carry out this role or function. RICA is applicable to both prepaid and contract subscribers and it is obligatory for all cellphone and other data users to comply.
The Department of Communications calls for all SIM card users to go to their mobile service providers with their proof of residence and Identity Documents (IDs) before or on 30 June 2011 for registration.
“Failure to comply with the deadline will result in SIMs being locked. Those who have not registered will not be able to make or receive calls and will not be able to send SMSes or use data,” states the Deputy Minister of Communications, Mr Obed Bapela.


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HYDERABAD: At a time when the Union government is reportedly wondering at the way the Andhra Pradesh government is claiming that it has huge revenue deficit despite its efforts to waive crop loans, much to the shock of the Centre, the state government has reportedly decided to present iPhone 6 smartphones to all the 175 MLAs.
To continue the ongoing practice of giving expensive gifts to MLAs on the final day of the budget session of the State Assembly, the state government reportedly decided to gift the legislators with luxurious gizmos.
Each iPhone 6 costs around `55,000 to 70,000 based on their models. That means, if such expensive smartphones are given to the 175 MLAs, it imposes an amount of `1 crore to 1.5 crore financial burden on the exchequer.
Though it is a regular practice for all successive governments to present expensive gifts to MLAs during budget sessions, majority of the legislators during private talks admit that none of them use these expensive gifts such as laptops and iPads. But, these high-priced gadgets are being very much used by the members of their families, the legislators say.


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Start-ups often frame themselves as plucky upstarts intent on toppling bigger, entrenched rivals. This David-vs.-Goliath narrative has been used by tech firms to vilify corporate giants such as telecoms, banks, razor manufacturers and taxi companies.
But on Wednesday, a start-up called Bodega found out what happens when a tech firm appears to go after the little guy — in this case, the humble corner store.
Bodega’s business are 5-foot-wide pantry boxes loaded with household essentials that the company intends to install across the country. The cupboard automatically charges your credit card for things you remove from it.
It’s basically a fancy vending machine or hotel minibar, packed with items such as La Croix, coconut water, protein bars and instant noodles, and unlocked with a smartphone app.
But with a name nodding to New York City’s ubiquitous corner stores and a logo evoking the popular cats that inhabit them, the company quickly became the subject of social media scrutiny after a Fast Company article suggested the concept, if successful, would put traditional mom-and-pop corner stores out of business.
“Despite our best intentions and our admiration for traditional bodegas, we clearly hit a nerve this morning. And we apologize to anyone we’ve offended,” McDonald wrote.
“Corner stores have been fixtures of their neighborhoods for generations. They stock thousands of items, far more than we could ever fit on a few shelves,” the post reads. “They’re run by people who in addition to selling everything from toilet paper to milk also offer an integral human connection to their patrons that our automated storefronts never will.”
The company, founded by two former Google employees, also responded to criticism that it was appropriating the name of a class of businesses often owned by immigrants.
“When we first came up with the idea to call the company Bodega we recognized that there was a risk of it being interpreted as misappropriation,” McDonald wrote. “We did some homework — speaking to New Yorkers, branding people, and even running some survey work asking about the name and any potential offense it might cause. But it’s clear that we may not have been asking the right questions of the right people. Despite our best intentions and our admiration for traditional bodegas, we clearly hit a nerve this morning.”
Short of promising a name change, McDonald wrote that the company will “commit to reviewing the feedback and understanding the reactions from today.”
McDonald and co-founder Ashwath Rajan received angel investments from executives at Facebook, Twitter, Dropbox and Google, and secured funding from a number of notable venture capital firms.
But on Twitter, at least one prominent tech investor criticized Bodega for its botched rollout. Spark Capital partner Nabeel Hyatt summed up Bodega’s issue as one of branding.
Follow me on Twitter @jessica_roy.


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FOOD SAFETY UPDATE
Starting next week, the National Sustainable Agriculture Coalition will begin releasing the first phase of our analysis of the proposed Food Safety Modernization Act rules as developed by the US Food and Drug Administration.
Everyone deserves a safe food supply – but there are a number of issues with the rules that could cause serious problems for farmers and on-farm processors. Over next month, we’ll share information and materials to help everyone – farmers, processors, advocates, and consumers – understand what’s problematic, what’s at stake, and what to do about it. We’ll let you know as the information is posted on our FSMA action page. In the meantime, we’ve collected some news and resources to share with you today – read on, and look for more next week!
- The NSAC Food Safety Team
FOOD SAFETY CONCERNS FOR FOOD HUBS
Do you operate a food hub? If so, you may be particularly impacted by the new proposed food safety rules. This webinar, led by Wholesome Wave and featuring the National Sustainable Agriculture Coalition and the Carolina Farm Stewardship Association, is a must-watch.
FOOD SAFETY IN THE MEDIA
Pennsylvania: Food Safety Rules Cloud Beginning Farmers’ Futures
"The 2011 Food Safety Modernization Act (FSMA) is as direct and real a threat to local, organic food as any other issue we face, including the corporate ownership of genes, taxpayer subsidies for industrialized production, and even global climate change. Indeed, because the catastrophic negative impacts of the FSMA rules for beginning farmers and new food distribution models would happen within a decade, the food safety challenge is arguably of more immediate concern; if we halt the growth of local food and opportunities for beginning farmers, we lose a critical means to fix those other longer-term problems." Read more of this guest post from Roland McReynolds at Write to Farm.
Ohio: Federal Food Safety Laws Could Cost Industry Millions
"When the new federal produce safety rules become effective — a process likely to happen in the next 12 months — they will do so at an additional cost to the farmers who must comply. […] The Ohio Ecological Food and Farm Association says the costs, as they stand today, could put small farmers out of business. “Maintaining safe food in this country is essential, but it should not create unnecessarily burdensome regulations that put diversified, sustainable and organic farms at risk of going out of business,” MacKenzie Bailey, OEFFA’s policy program coordinator, said during the listening session. “We just can’t compete,” said Mark Bender, an Akron-area farmer who has operated a farm market since 1973. “The costs just got too crazy.” Read more at Farm and Dairy.
Oregon: Rep. Walden Questions New FDA Water Rules
"U.S. Representative Greg Walden (R-Oregon) is arguing that proposed stringent federal irrigation water standards will put some onion growers out of business. [...] [T]he regulations, formed under the Food Safety Modernization Act, may be a death knell for other Eastern Oregon onion producers, specifically in the murkier waters of Malheur County. Walden flew back to Washington, D.C. Monday after hearing woes from Eastern Oregon onion growers and those across the border in Idaho. He said farmers had big complaints regarding the FDA’s proposed regulations. “There’s no way you could afford to treat agriculture water that we use out in this part of the West to recreational standards, and plus run it up and down the lines and the ditches and all, and get it to that level,” Walden told Boise’s KTVB News." Read more at Oregon Public Broadcasting.
Earlier this year, you signed up for food safety email updates from the National Sustainable Agriculture Coalition. We send these out only when there are significant developments or new resources available on the Food Safety Modernization Act. If you would like to contact us with questions, email email@example.com.


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PKL Group has won the Business Innovation award and was named runner up in the overall Business of the Year Category at this year’s Gloucestershire Business Awards.
The event, which showcased the best in Gloucestershire businesses, was held at Cheltenham Racecourse and was attended by nearly 650 people. Over 300 companies throughout the county entered.
PKL Group won the award for Business Innovation, gaining recognition for a number of products including the KitchenPod and KitchenFM as well as delivering innovative solutions at large scale events, such as the Athletes Village Dining and media catering facilities at the Olympic Games in Beijing.
Judges were particularly impressed with the innovative culture that runs through the company and the attitude of management to develop and encourage innovation from staff throughout the company.
The awards add to a successful year for PKL, who received a Queen’s Awards for Enterprise in the International Trade category in April.


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FOR IMMEDIATE RELEASE February 4, 2020
Office of Communications (202) 565-3201
Washington, D.C. – President and Chairman of the Export-Import Bank of the United States (EXIM) Kimberly A. Reed met today with U.S. Ambassador to Kenya Kyle McCarter to discuss how EXIM can help American businesses export their “Made in the U.S.A.” goods and services to Kenya.
During the meeting, Chairman Reed and Ambassador McCarter discussed how EXIM can advance projects in Kenya. EXIM has a congressional mandate to support projects throughout sub-Saharan Africa. They also reviewed EXIM’s historic seven-year reauthorization, which includes a congressional directive to focus on economic and national security challenges from China.
In September, Chairman Reed participated a roundtable discussion in New York City that included representatives from Kenya, which was held in conjunction with the United Nations General Assembly (UNGA) and highlighted how EXIM support for American exports creates economic growth and prosperity in both the United States and Africa.
In June 2018, officials from the United States and Kenya signed a memorandum of understanding (MOU) aimed at expanding commercial ties between the two nations, which cites EXIM’s intention to consider requests for financing or insurance for strategic infrastructure projects, including in the transportation, manufacturing, and oil and gas sectors.
EXIM receives guidance and advice from the congressionally mandated Sub-Saharan Africa Advisory Committee regarding EXIM policies and programs designed to encourage the expansion of financing support for U.S. manufactured goods and services in sub-Saharan Africa.
EXIM also has been focused on furthering the Trump Administration’s Prosper Africa Initiative, a whole-of-government economic initiative to substantially increase two-way trade and investment between the United States and Africa. Launched in December 2018, Prosper Africa brings together the resources of more than 15 U.S. government agencies, including EXIM, to unlock opportunities to do business in Africa and advance American and African prosperity and security, support jobs, and demonstrate the superior value of transparent markets and private enterprise for driving growth.
EXIM President and Chairman Kimberly A. Reed met today with U.S. Ambassador to Kenya Kyle McCarter
ABOUT EXIM BANK:
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.


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People and Property: Real Estate and Construction News Rundown
Two hotel transactions announced, Exeter YMCA topping-off ceremony … and more
Portsmouth-based Wason Associates Hospitality Real Estate Brokerage Group has announced the sale of two New Hampshire hotels – the Hampton Inn in Dover and the Fairfield Inn in Concord.
Located at 9 Hotel Drive, the Hampton Inn is a five-year-old property with recent improvements. Located at 4 Gulf Street in Concord, the Fairfield Inn by Marriot has 104 guestrooms in New Hampshire’s state capital.
Seller of the Hampton Inn was LaFrance-Bowden Hospitality LLC, and the buyer was Gangai LLC. The Fairfield Inn was sold by Meera LLC and the buyer was Capital Hotel Company, LLC. Both transactions were negotiated by Wason.
Wason also recently announced the launch of a newly designed website that it says offers a user-friendly experience when viewing properties being offered, redevelopment opportunities and sold properties.
The site was designed by Millennium Integrated Marketing.
A topping-off ceremony was held Feb. 5 on the new future home of the Exeter Area YMCA.
Jewett Construction is building the 33,000-square-foot facility, which will include a lobby and welcome lounge, gymnasium, an indoor track, wellness center, group fitness studios and a multi-purpose community room.
The structure is expected to be fully enclosed by the end of March. A summer opening is planned.
Geoffrey Chew has joined the sales team at Peabody & Smith Realty. Chew, who will be based out of the firm’s Plymouth office, spent much of his career working primarily in the Campton and Thornton areas.
Plan New Hampshire has named engineer Erin Lambert, a senior project manager with Concord-based Nobis Engineering, and Michael Ciance, a senior engineer with Sovereign Consulting, to its board of directors. They join the present members of Plan New Hampshire’s board: newly elected president Rob Dapice of Hopkinton; treasurer and past president North Sturtevant of Durham; past president Roger Hawk of Concord; Bill Jean of Bedford; Gordon Leedy of Amherst; Adam Wagner of Wells, Maine; and Vic Reno of Marlow.
Don Marcotte Flooring of Barrington has earned an Angie’s List 2014 Super Service Award, given annually by the consumer review site.
Angie’s List Super Service Award winners meet strict eligibility requirements, which include an “A” rating in overall grade, recent grade and review period grade.
Homes.com has unveiled Local Connect, a new advertising program that it says allows real estate agents and brokers to target local homebuyers.
Homes.com said it launched Local Connect to bridge the gap between consumers searching for their next home and real estate professionals targeting active homebuyers and sellers.
David Mele, president of Homes.com, said the new advertising product “is the result of extensive discussions with agents, brokers, MLS’s and industry partners to find the best way to connect engaged consumers with buyers’ agents as they search for their next home.”


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Honda will finally unveil the production Civic Type R at the Geneva Motor Show in March.[Not a valid template]
After more than a year of teasing and concept cars (as pictured), Honda will finally show us the production-ready new Civic Type R at the Geneva Motor Show. We’ve had glimpses of the reincarnation of the hot hatch favourite by way of concepts at the Geneva and Paris shows in 2014, but this will be the one you can buy (depending on where you live, anyway). To hype up the reveal even more, there’s a website you can go to for more information.
As well the Type R, Honda will also show off the production NSX in Europe for the first time, alongside the less-exciting but still worthy all-new Jazz and HR-V. An FCV Concept will be on the stand too, showing off Honda’s expertise at building emission-free fuel-cell vehicles.
In addition, to hype up the company’s return to F1, there’ll be a McLaren-Honda Formula 1 car on display as well.


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Alibaba Surpasses IBM As Top Holder of New Blockchain Patent Applications
With Blockchain patents through the roof, Alibaba overtakes IBM in the number of patents this year.
E-commerce titan Alibaba has overtaken IBM en route to becoming the world’s largest holder of blockchain patent applications this year.
Patent process accelerator KISSPatent reveals in a comprehensive study that blockchain patents are surging this year. The firm notes that more patents related to blockchain have been published in the first six months of 2020 than in the entire 2019. Leading the blockchain patent applications race are tech giant IBM and Alibaba, but KISSPatent highlights that the e-commerce company is definitely the one to watch out for.
“There are two companies that clearly overshadow the rest in the blockchain patent space, IBM and Alibaba. Alibaba, however, is definitely running the show. It has filed 10 times as many patents (as) IBM this year alone. One remarkable find was that Alibaba has a subsidiary in the Cayman Islands, who, according to data from the United States Patent and Trademark Office (USPTO), owns most of Alibaba’s blockchain patents.”
The study also highlights that Alibaba’s rapid rate of introducing new blockchain-related patents is putting the company in a solid position to eventually surpass IBM in this metric.


text: SunTrust Banks Inc. has announced that Jerome T. Lienhard has been named president and chief executive officer of SunTrust Mortgage Inc. In this role, Lienhard will be responsible for SunTrust's mortgage production, servicing, operations, secondary marketing and technology areas. He will report to SunTrust Banks Consumer Banking Executive C.T. Hill. Lienhard succeeds Sterling Edmunds Jr., who assumes a new and key role with SunTrust Mortgage company as executive vice president, national sales and production manager. Edmunds will be responsible for all SunTrust Mortgage production channels, including retail, correspondent, wholesale, consumer direct and consumer banking cross-sell. "Jerome is an experienced and dynamic leader uniquely suited to lead this important SunTrust line of business at an extraordinary time in our industry and economy," said Hill. "At the same time we will continue to benefit from Sterling's strong sales and service skills as the mortgage industry evolves." Lienhard joined SunTrust Banks Inc. as treasurer in 2006, and most recently served as executive vice president of strategic finance and administration, responsible for strategic sourcing, corporate real estate, strategic finance and performance measurement. Prior to joining SunTrust, Lienhard served as senior vice president and treasurer of Freddie Mac and as corporate treasury manager at Toyota Motor Credit Corporation. Edmunds joined a SunTrust Mortgage predecessor in 1987 as builder programs manager. He subsequently developed the company's broker and correspondent divisions and oversaw the expansion of the retail mortgage branch network throughout the company's footprint. He began his career as finance manager of the Virginia Housing Development Authority in 1982.


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The first unit of the impressive Ferrari LaFerrari in China has been recently spotted on the road where it “made” a new friend.
One of the most impressive supercars ever to come out from Maranello, the Ferrari LaFerrari, is ending up in our news once more, this time coming all the way from China. The red unit pictured above is the first one to be spotted in the Asian country and it seems to have “made” a new friend, in the shape of the orange McLaren MP4-12C. We won’t dare to talk about its shipping price because that may turn out to be astronomic, but a car collector remains a car collector, no matter what.
Officially introduced back in 2013, during the Geneva Motor Show, the Ferrari LaFerrari is the first hybrid supercar produced by the company and it is also its most powerful road-legal product ever. It has a two-door coupe body style and a rear mid-engine and rear-wheel drive layout, taking its power form a 6.3 liter V12 engine and from an electric motor. The total output produced stands at 950 HP (708 kW) and 900 Nm (664 lb-ft) of torque. Only 499 units of this supercar will be made.


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Tag: Chrysler, Fiat, Chapter 11, Bankruptcy, GM, US Treasury
May 6, 2009
On Thursday April 30th, 2009 Chrysler LLC filed for Chapter 11 bankruptcy protection in New York (Court filing). It is anticipated that a new company will emerge in an estimated 30-to-60 days. The US Treasury along with the Canadian government will provide loans to the company in the amount of $10.5 billion.
The Treasury will provide a total of $8.1 billion in both in debtor-in-possession financing while in banruptcy and that includes $4.7 billion to allow the company to operate once it emerges. The Canadian government will provide $2.4 billion.
It was also announced that current Chrysler Chairman and CEO Robert Nardelli will step down after the company emerges from bankruptcy protection. In addition Chrysler Vice Chairman Tom LaSorda announced he will retire effective immediately.
The US Treasury released details of the agreement with Chrysler and its stakeholders.
The Chrysler Fiat Alliance – Shared Sacrifice
The alliance will retain Chrysler's existing factory footprint and continue producing Chrysler cars in U.S. factories. The alliance will create the sixth-largest global automaker, spreading R&D and design development costs over higher volumes, making it more competitive in an increasingly global and consolidating industry.
Fiat is contributing billions of dollars in advanced technology and intellectual property, and offering Chrysler access to a global distribution network. Fiat's technology will allow Chrysler to build new fuel efficient cars and engines in U.S. factories.
The UAW has made important concessions on wages, benefits, and retiree health care that, while difficult, will help save jobs for active employees, pensions and health care for retirees and make Chrysler more competitive.
Chrysler's largest secured creditors have agreed to exchange their portion of the Company's $6.9 billion secured claim for their pro-rata share of $2 billion in cash at closing. The Bankruptcy Court process will be used to confirm this treatment on those lenders that failed to accept the offer that was accepted by a majority of the lenders.
Daimler, Chrysler's current minority shareholder, has agreed to waive its share of Chrysler's $2 billion of second lien debt, give up its 19% equity interest in Chrysler's ultimate parent, and settle its guaranty obligation to the PBGC by agreeing to pay $600 million to Chrysler's pension funds.
Cerberus has agreed to waive its share of Chrysler's $2 billion of second lien debt and forfeit its entire equity stake in Chrysler. Cerberus has also agreed to transfer its ownership of the Chrysler headquarters in Auburn Hills, Michigan to the new Chrysler alliance. Lastly, Cerberus will contribute a claim it had against Daimler to assist in the Daimler settlement with the PBGC.
Details on U.S. Government Support:
Consistent with the President's commitment to provide adequate working capital to help Chrysler through this restructuring period and loan up to $6 billion to the Chrysler-Fiat Alliance, the U.S. government has committed to provide assistance sufficient to help give Chrysler a chance to achieve financial viability.
Working capital: The U.S. government is prepared to provide approximately $3.3 billion in debtor in possession financing to support Chrysler through an expedited chapter 11 proceeding.
Loan to the New Chrysler: Upon closing, the U.S. government is prepared to loan approximately $4.7 billion to New Chrysler, in the form of a term loan with $2.1 billion due in 30 months and the balance 50% due on the 7th anniversary and 50% due on the 8th anniversary of the loan. The interest will be an appropriate combination of cash and payment-in-kind. There is also an additional note of $288 million which is a fee for making these loans. The loans will be secured by a first priority lien on all of Chrysler's assets.
Canadian Government Participation:
The governments of Canada and Ontario will participate alongside the U.S. Treasury in lending money to Chrysler and New Chrysler based on a 3:1 formula using Canadian currency. The amount lent by the Canadians is incremental to the funding referenced above.
In addition, Chrysler Finance will enter into a deal with GMAC (owned in part by GM and Cerberus) who will provide financing to dealers and customers.
Under the proposed agreement with all stakeholders, Fiat will own up to 35% of the new company. The UAW healthcare trust will own approximately 55% of the new company with the US and Canadian government controlling the remaining 10%. Daimler and Cerberus will forgive $2 billion in debt, the US government its original $4 billion bridge loan and the UAW's $6 billion in cash that was to go to the healthcare trust fund. It should be noted that the UAW will not own Chrysler but the shares will be place in trust.
Chrysler's former parent Daimler has also agreed to concessions and will divest its remaining 20% interest in the company. In 2008, Daimler had written down the value of its position in Chrysler to zero including loans it made to the company when it was sold to Cerberus. Daimler has also agreed to pay three annual installments of $200m (£137m) into Chrysler's pension plans. Daimler expects the agreement to reduce its 2nd Quarter earnings by about $700 million.
The major road block had been the holders of $6.9 billion of Chrysler’s secured debt. Major banks that hold 71% or $4.9 billion agreed to partial payment. Chrysler’s largest debt holders include: JP Morgan Chase, Citibank, Goldman Sachs and Morgan Stanley. However smaller investor were not agreeable to the term accepted by the banks that have been sitting on the debt since 2007. Some of the original money the banks raised was sold off to investors that include: Yale University, Oaktree Capital Management and assets managed for the University of Kentucky, Halliburton, Kraft Foods Master Retirement and the Bill and Melinda Gates Foundation.
The group of 20 lenders rejected an offer by the government that would have paid them part of the $2.25 billion on $6.9 billion of debt. The big banks that have agreed to the plan have also received TARP money from the US Treasury as the financial crisis has unfolded.
As a result of the impasse with the smaller investors the US government pushed Chrysler into Chapter 11 bankruptcy.
At the press conference announcing the Chrysler bankruptcy, President Obama said:
"And countless Americans across our country will be making major sacrifices, as well, as a result of plans to consolidate dealers, brands, and product lines.
Now, while many stakeholders made sacrifices and worked constructively, I have to tell you, some did not. In particular, a group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout.
They were hoping that everybody else would make sacrifices and they would have to make none. Some demanded twice the return that other lenders were getting.
I don't stand with them. I stand with Chrysler's employees and their families and communities. I stand with Chrysler's management, its dealers, and its suppliers. I stand with the millions of Americans who own and want to buy Chrysler cars.
I don't stand with those who held out when everybody else is making sacrifices. That's why I'm supporting Chrysler's plans to use our bankruptcy laws to clear away its remaining obligations so the company can get back on its feet and on to a path of success."
Upon entering formal Chapter 11 bankruptcy protection, Chrysler has stopped all vehicle production.
According to documents filed with the court, Tom LaSorda for over two years actively sought partners to help the company survive. Talks have included alliances with Nissan, GM, VW, Tata Motors, Magna, GAZ, Hyundai, Honda and Toyota. The company even hosted Chinese manufactures in an attempt to sell off assets such as the PT Cruiser, Sebring, 300, Grand Cherokee, Commander, Durango and Aspen; and even it s Newark Paint Shop Facility. Furthermore, LaSorda alleges that after two and a half year pursuing business transactions to secure Chrysler’s future “no party except Fiat has emerged as a viable and willing alliance partner” for the company. He goes on to say that Fiat is Chrysler’s “last hope.”
In addition the company outlined what it believes is the company’s “Too Big To Fail” arguments in support of its rationale for a quick approval of the pre-arrange bankruptcy agreement:
A liquidation would also have impacts on the nation's economy and Chrysler's stakeholders that are grim:
• 38,500 hourly and salaried Chrysler workers in the U.S. will lose their jobs;
• Chrysler's workers and retirees and their surviving spouses will lose over $9.8 billion of health care and other benefits and $2 billion in annual pension payments;
• All 23 of Chrysler's manufacturing plants and facilities and 15 parts depots in the United States will shut down (as well as 18 additional plants and parts depots worldwide);
• Approximately 3,200 Chrysler dealers will be put out of business and the over 140,000 employees of those dealerships will lose their jobs;
• Over $5.7 billion in outstanding auto parts and service supplier invoices will not be paid to Chrysler's suppliers and new business will be cancelled, forcing hundreds of suppliers out of business and the loss of hundreds of thousands of additional jobs;
• Over 31 million Chrysler, Jeep and Dodge owners would lose significant value in their cars and trucks, particularly due to questions about the ongoing availability of warranties and replacement parts and services;
• Local, state and federal governments will lose tens of billions of dollars in tax revenues, according to a research memorandum published by the Center for Automotive Research in November 2008;
• Over $100 billion in annual sales will disappear from local economies; and
• Chrysler's first lien secured creditors will receive net present value recoveries of less than 38 cents on the dollar and possibly as little as 9 cents; the U.S. government, another secured creditor, will receive less than that; and Chrysler's unsecured creditors will receive nothing.
According to documents filed with the courts, for the twelve months ending December 31, 2008, Chrysler recorded revenue of more than $48.4 billion and had assets of approximately $39.3 billion and liabilities totaling $55.2 billion. Futhermore through the first half of 2008, Chrysler was meeting and exceeding all of its performance targets, generating over $1 billion in EBITDA and ending the first two quarters of 2008 with over $9.4 billion in unrestricted cash. However, as the economy deteriorated in the second half of the year, the company ended up with a $16.8 billion loss in 2008.
According to past DaimlerChrylser AG annual reports the Chrysler group generated €46,989 in 2006, €50,086 in 2005 and €49,485 in 2004. By comparison in 2008, the Fiat Auto Group had net sales of €26.9 billion ($35.4 billion).
The company also asked the courts to consider a "quick rinse" bankruptcy and to acknowledge the work that has been conducted by the company with stakeholders prior to the filing. Court documents stated:
The proposed sale transaction that Chrysler is asking the Court to approve under section 363 of the Bankruptcy Code is the result of thousands of hours of negotiations among multiple parties. The transaction is being financially backed by the US Treasury, which will provide the new alliance with $6 billion of taxpayer money to start up and maintain operations. This would be an addition to the proposed $4.5 billion DIP loan. In addition to this unprecedented government support, virtually all of the major constituencies that would be affected by a Chrysler liquidation have recognized how devastating it would be and have made important concessions in support of the alliance.
A leading financial advisor Capstone developed a number of reports and analysis, including the April 26, 2009 Chrysler-Fiat Aliiance Section 363 Analysis. Included in the analysis were income and cash flow projections in addition to an estimated balance sheet. Court documents stated:
The principle impact of the Fiat alliance on cash flow to a restructured Chrysler include an increase of revenues by the addition of new and attractive products and technologies, and the addition of new and broader distribution opportunities and a decrease in capital investment and expense otherwise required for product and technology developments. (See Figures 1 through 3 below)
Figure 1: Income Estimates (Click to enlarge)
Figure 2: Cash Flow Estimates (Click to enlarge)
Figure 3: Balance Sheet Estimates (Click to enlarge)
Fiat would provide cars in segments not currently served or those underserved by Chrysler, particularly as market demand increases for more fuel efficient small vehicles. These carlines include the Fiat 500, and Jeep Panda in the small “A” segment and the Grand Punto and Alfa Mito in the subcompact B segment. Fiat will also provide critical distribution access to foreign markets where Chrysler products currently have little or no presence such as Western Europe and South America.
Chrysler's North American could build 400,000 to 600,000 Fiat-based small vehicles and utilize three Chrysler facilities by 2013 or 2014 according to a Detroit Free Press Report.
The company plans to transfer good assets to the new company. According to court filings, the company will close additional facilities to those previously announced. Figures 4 and 5 present the facilities that will stay with old Chrysler and be liquidated and those that will go to the new company. Chrysler will close a fullsize truck, minivan and midsize car plant.
Figure 4: Bad Assets (Click to enlarge)
Figure 5: Good Assets (Click to enlarge)
The secured lenders that have resisted the Treasury's proposal have filed an objection with the court (Docket Submission) outlining their case for better terms as a secured lender:
Here, the proposed sale of the Debtors’ assets will leave the Senior lenders with a diluted pool of assets and no further interests in the operating assets covered by their specific liens. The Constitution forbids this application of a law retroactively to undercut the Senior Lenders’ pre-existing property rights in favor or inferior creditors.
Chrysler is not indispensable or critical to the North American automotive supply chain or critical to the health of automobile production. Since the first of the year Chrysler sales are down 50% and production down 57%. These numbers do not reflect the deep cuts made during the last quarter of 2008. As a whole the industry is down 37% from January through April. The supply chain is shaky but given the industry is still function if on a very limited level. Moreover, the government has put measures into place to provide bridge loans to keep suppliers in business. To maintain the sales level they have, Chrysler has been offering huge discounts on vehicles and leads the industry in customer incentive. Based upon industry incentive data compiled by Autodata, in the past year, Chrysler has averaged over $4,000 in customer incentives and sales have dropped well below the industry average. With the company in bankruptcy I expect sales will drop further and the longer it goes on the less relevant the company is to buyers if or when it emerges from court protection. With production currently cut and the negatives associated with bankruptcy, sales in the US are likely to drop by 70% near term. For the above reasons, Chrysler’s basic viability is in questions and if the Chapter 11 reorganization is successful will remain a going concern.
Chrysler and government officials anticipate the duration of the bankruptcy will last 30-to 60 days. Nothing is far from certain in Chapter 11 reorganization and the aggressive timetable may not pan out as planned. The lenders may continue to balk in court present real legal challenges to the section 363 expedited process.
There is also much uncertainty as to how the court will rule on the hold out secured debt holders. Generally senior secured lenders are first in line to get repaid in a bankruptcy with junior unsecured lenders/creditors taking the biggest haircut. However, the latest government proposal defies convention with the secured lenders making the largest sacrifice and the UAW healthcare trust getting a majority interest in the company with the largest potential upside.
There are the appearances of a conflict of interest in the big banks that control 70% of Chrysler’s secured debt are recipients of TARP funds. However, the hold out investors are generally private firms investing public money and not banks. These private firms manage state and corporate pension funds, endowments, foundations, and individual investors.
This is also inconsistent with the original bailout agreement with the Bush administration to secure the $4 billion bridge loan. That agreement stipulated that at least two-thirds of the company’s unsecured debt be converted to equity (December 2008 Loan Agreement).
There also appears to be valid legal arguments is support of the rights of secured debt holders that the government and Chrysler are trying to circumvent that could derail the Section 363 fast track bankruptcy process Chrysler has sought. I defer the reader to the following legal articles by Bankruptcy Litigation on the Chrysler Chapter 11 proceedings – Part I, Part II and Part II.
One thing to consider is that given the state of the economy, and limited buyers, it is likely that Chrysler assets would sell for pennies on the dollar and lenders will eventually accept the Treasury's terms.
The level of restructuring presented in the court documents is questionable. Based upon the court filings, Chrysler will have one traditional car plant in North America with the fullsize, rear- wheel drive Brampton plant (Figure 5). The Sterling Heights plant that builds the midsize cars will be closed. The remaining plants currently manufacture trucks, vans, SUVs and crossovers.
In my opinion, Chrysler could still consolidate at least two plants. Before the bankruptcy, Chrysler continued to overestimate the production targets for the next generation Dodge Durango and Jeep Grand Cherokee be built at Jefferson North as well as the replacements for the Chrysler 300 and Dodge Charger in Brampton. Given the damage to the brand because of the bankruptcy, tighter fuel economy requirement and a likely slow economic recovery, Chrysler over estimated real retail demand by about half for both plants.
I will go as far as question the need for the Durango and further consolidate the Jeep Grand Cherokee production into Toledo along with the Jeep Liberty. If that move were made Jefferson could be closed. The relevance of the Brampton rear-wheel drive cars is also questionable. The full-size car market just does not command the volume it once did even during better years.
Furthermore, I believe Chrysler’s restructuring and plant allocations is irresponsible as it is based upon over optimistic expectations of Fiat’s contributions to plant utilization. It is very unlikely Fiat based or branded vehicles will account for 400,000 to 600,000 vehicles by 2013 or 2014. Chrysler/Fiat will not generate that sort of volume in small cars for US consumption or even when including export. Last year Chrysler only sold a little over 200,000 small platform based vehicles and most were fleet sales (Jeep Compass and Patriot, Chrysler PT Cruiser and Dodge Caliber).
Fiat also does not have a midsized passenger car platform that it could share with Chrysler. Midsized vehicles are the heart of the US passenger car and crossover market. Fiat also does not have hybrid powertrains available to share with Chrysler to make a legitimate attempt to achieve volume in this segment. Chrysler sold 180,000 midsize based vehicles last year which included the Dodge Journey crossover, Chrysler Sebring and Dodge Avenger. GM (180,000 Malibus) and Ford (140,000 Fusions) have done well in recent years, however, they still do not command the 400,000 volume Honda Accords or Toyota Camrys command.
Fiat under its own brand will not generate substantial volume in the US any time soon after launch. VW, which has been well established in the US, only sells about 400,000 vehicles in the US during a good year. Kia and Hyundai combines sell 700,000 vehicles after being in the US for 20 years. Toyota’s Scion, GM’s HUMMER, BMW’s MINI, and Daimler’s Smart brand have not reach significant volumes after initial introduction in the US. Scion has struggled even with Toyotas “golden” reputations to achieve the numbers Fiat expects. In a better economy Toyota could 150,000 Scions and this year that looks to be cut in half. For that reason I do not expect Fiat brand vehicles to sell more than 50,000 to 70,000 vehicles under its own name by 2013 or 2014.
That brings me to the questionable financial estimates that Capstone filed with the court. I certainly do not believe their revenue estimates and questionable judgment in preparing their analysis. Chrysler estimates net revenue for the first half of 2009 to be $10.4 billion and will more than double in the second half for a total of $30.1 billion for the year. Given the situation with production shut down, that seems unlikely to be met. Even more concerning are the revenue estimates through 2016. It is just not believable that Chrysler’s gross revenue will double by 2016 selling low priced Fiats small cars. Certainly Chrysler’s revenue will not benefit as the product mix shifts from revenue pickup trucks, Jeeps and vans. Also of interest are the estimates for fixed cost, which is estimated, to remain relatively constant even with all the near term restructuring. The variable cost to gross revenue seems a little optimist at 68% but a reasonable estimate. Overall I am very skeptical over the revenue projection to the point where I believe due care was not taken and the most conservative estimates presented. Daimler could not achieve those numbers with Chrysler selling vehicles with a much higher price point.
The future for Chrysler is still uncertain, as I believe the business case presented is unrealistic and very weak. For the above reasons I just do not believe Chrysler can generate the revenue estimated in the Capstone analysis. My revenue doubts are therefore reflected in Chrysler not likely having anything close to $21 billion in cash by 2016 or the ability to even generate positive cash flow by 2012.
The restructuring presented just did not go far enough. The plans need to close more plants and even consider phasing out either the Dodge or Chrysler brands as GM will do with HUMMER, Saturn and Pontiac. There was also no discussion of selling off Jeep to raise capital for the new company and that includes Tom LaSorda's lengthy affidavit to the court outlining his attempts to align with other auto companies. Furthermore, there was no consideration as to how Fiat will be integrated into the new company as I remain very skeptical of a business plan based upon introducing new brands to the US market (Fiat and Alfa Romeo) and built upon low revenue small cars.
When all is said and done, this exercise is not about saving Chrysler but saving face for the Obama administration. If not for the Fiat alliance, Chrysler would have to be liquidated as no other suitable suitors have stepped up to take on the company. With the Fiat offer out there, the government has to give the appearance it is making an attempt to save jobs and protect the company's retirees. Chrysler's situation will not change under Fiat and will likely have to close more plants especially if the current market conditions persist or remain relatively depressed. Fiat also gives the administration a scape goat if the alliance falls a part.
More importantly, the bankruptcy is really just a test run for GM if the unsecured lenders do not flinch and accept enough equity in the company by the end of this month. The restructuring plan GM presented a couple weeks ago is robust and will likely need court protection to accomplish what was outlined.
Chrysler Restructuring Homepage
Declaration of Thomas W. LaSorda
Declaration of Robert Manzo
Affidavit of Ronald E. Kolka in Support of First Day Pleadings
C-Span: Pres. Obama Announces Chrysler bankruptcy & partnership with FIAT (Video)
Obama Administration Press Release
Chrysler LLC-Fiat Group Alliance Press Release
United State Bankruptcy Court – Southern District of New York
Transcript: President Obama’s Remarks On Chrysler
Obama Administration Auto Restructuring Initiative Chrysler-Fiat Alliance
The Bankruptcy – Litigation Blog
Union Takes Rare Front Seat in Deal for Chrysler, NY Times, May 2009
Statement From Non-Tarp Lenders of Chrysler, WSJ, April 2009
Chrysler files for bankruptcy, forms alliance with Fiat, Automotive News, April 2009
Union Takes Rare Front Seat in Deal for Chrysler, NY Times, May 2009
Entire contents © 2007 - 2009 The Automotive Lyceum All Rights Reserved


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“Apple (Nasdaq: AAPL) cofounder Steve Wozniak on Thursday took
issue with an article in a Dutch publication that asserted the
Apple cofounder believes the Android platform’s greater variety of
features will soon make it the dominant platform in the smartphone
“After interviewing Wozniak, who is in the Netherlands for the
Science & Technology Summit at the World Forum in The Hague, De
Telegraaf reported that he indicated Android offers more features.
The article generated a great amount of attention due to the
implicit support the Apple cofounder was apparently lending to the
iPhone’s biggest rival.
“After the article was published, however, Wozniak told the blog
Engadget that his thoughts on the matter had been


text:
Mac OS X 10.5 Leopard First Impressions
Despite Apple's efforts to restrict seeding to select individuals, it appears that the final build of Leopard has made its way outside of Apple. One individual who has claimed to have installed the final version of Leopard on their iMac posted his experience. The Mac OS X upgrade took 30 minutes and these were his first impressions:
• All my applications and settings were retained
• Time Machine asked me on the first time I started in leopard, which of my five external Hard Drives should be used for backups. I didn't have to configure anything else
• When I started Mail for the first time, it had to upgrade the mail database. After that, Mail is blazing fast!
• I told Mail to import my RSS Feeds from Safari but that didn't work!
• Reading RSS in Mail is nice to have
• Tasks in Mail appear even if completed. That might be a bit distracting for some people
• Mail is FAST! Seeing is believing!
• Finder: Well, the first time it ran, it hanged! After killing the process, I was amazed by the speed and coverflow!
• Quick View: COOL - GREAT FEATURE
• Safari is blazing fast!
• .mac has the option to synchronize settings and Dock items
• Stacks: I am not impressed. I like the downloads stack though. I had to manually change the path in Mail and Safari though!
• Spaces: I created 4 Spaces and I find it a very cool feature, especially the live ala expose preview
• Applications start instantly, especially iLife and iWork!
• iCal is much better. There is an inline editor and an event drop box now
• Contacts is more or less the same
• iTunes seems much faster than before
Apple's Mac OS X Leopard 10.5 operating system officially launches on Friday, October 26th, 2007.
Copies of Mac OS X Leopard not sanctioned by Apple may reflect illegal distribution of copyrighted material and cannot be condoned. Any requests for or provision of illegal software distributions in our forums will result in post deletion and account banning.
Significant changes are expected to arrive with Apple's fourth-generation iPhone SE, in terms of both design and hardware, MacRumors has learned. The iPhone SE 4, known internally under the codename Ghost, is expected to receive a new design derived almost entirely from the base model iPhone 14. According to our sources, the iPhone SE 4 will use a modified version of the iPhone 14 chassis...
At WWDC 2022 last year, Apple previewed the next generation of CarPlay, promising deeper integration with vehicle functions like A/C and FM radio, support for multiple displays across the dashboard, personalization options, and more. Apple said the first vehicles with support for the next-generation CarPlay experience would be announced in late 2023, but it has still not shared any additional...
Just a week after releasing iOS 17, Apple has seeded the first beta of iOS 17.1 to developers. iOS 17.1 adds some features that Apple promised were coming to iOS 17 in the future, plus it refines and improves some existing features. This guide covers everything new in the first iOS 17.1 beta. Apple Music Favorites You can favorite songs, albums, playlists, and artists in the iOS 17.1...
iPhone 15 Pro and Pro Max overheating concerns continue to make headlines this week, with the topic highlighted by The Wall Street Journal and Bloomberg. Both of the reports document anecdotal complaints from customers, and outline potential causes, but it's unclear how many devices are actually affected. Bloomberg said the overheating could be caused or compounded by the iPhone's setup...
Apple plans to release an iOS 17 update to address a bug that may contribute to the reported iPhone 15 Pro and iPhone 15 Pro Max overheating issue, according to a statement the company shared today with MacRumors and Forbes reporter David Phelan. Apple also says some recent updates to third-party apps have overloaded the system and contributed to the overheating issue. The report notes that...
Apple added a USB-C port to the iPhone 15 lineup this year, allowing it to work with USB-C cables, USB-C power banks, and more. It turns out that some USB-C battery packs are not working properly with Apple's iPhone 15, resulting in charging issues. As highlighted on Reddit and the MacRumors forums, not all existing USB-C power banks can be used with the iPhone 15 models, perhaps due to the...
Apple today released iOS 17.0.2 and iPadOS 17.0.2 updates, with the software coming five days after the releases of iOS 17.0.1 and iPadOS 17.0.1. Today's iOS 17.0.2 and iPadOS 17.0.2 updates arrive as build 21A351 and can be downloaded on eligible iPhones and iPads over-the-air by going to Settings > General > Software Update. Note that iOS 17.0.2 was previously made available for iPhone...


text:
Metal Gear Solid 5: The Phantom Pain is set to be getting a new artbook, publisher Dark Horse has announced. It is called The Art of Metal Gear Solid 5 and is set to give an in-depth look at the design process of one of the biggest games of 2015.
The book is set to feature hundreds of pieces of art that have never been seen before, with just 400 Limited Edition versions of the book being printed. The Limited Editions will come in a slipcase that will include an exclusive piece of artwork from illustrator Ashley Wood.
The Art of Metal Gear Solid 5 is set to launch on November 2nd, though you can preorder your copy today.
Despite the critical acclaim, the Metal Gear Solid series as we know it will not be continuing, with mastermind Hideo Kojima parting ways with Konami and starting his own studio. More info on his first game is expected to be revealed later this year.


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i-Health unveiled its Estroven Weight Management, a supplement specifically formulated to address the physical changes of menopause plus deliver on a core benefit of helping peri/menopausal women manage their weight as they go through this stage of life.
Walgreens announced its app is available for download on mobile phone devices across the Windows Phone 8 platform. A Windows 8 version for desktops and tablets is expected to become available at a later date.
Balance Bar, maker of one of America’s original nutrition energy bars, has partnered with Laurel House, the QuickieChick, to offer an action plan to stay on track and maintain a smart balance of fun and health this summer.
When GNC Holdings challenged its corporate employees in March to transform their eating, exercise and lifestyle habits for long-term healthy weight management via GNC’s new Total Lean Corporate Challenge, 146 team members took the challenge — and lost a total of more than 700 pounds in the 12-week health and fitness contest.
A recent survey of U.S. women conducted by Harris Interactive for Feosol Iron Supplements found that over the past 12 months, nearly a quarter of women in the United States experienced unexplained fatigue, and many of those have indicated that it negatively affected their lives in a variety of ways.
In women who have Type 2 diabetes and show signs of depression, vitamin D supplements significantly lowered blood pressure and improved their moods, according to a pilot study at Loyola University Chicago Niehoff School of Nursing released Tuesday.
Vega, previously Sequel Naturals, on Tuesday announced the launch of Vega Sport Sugar-Free Energizer, a supplement that provides an energy boost along with enhanced mental clarity that is low on calories and carbohydrates.


text:
Top Consumer Stocks
Consumer stocks were narrowly mixed with shares of consumer
staples companies in the S&P 500 rising about 0.1%. Shares of
consumer discretionary firms in the S&P 500 were down about
In company news, Men's Wearhouse (
) said Tuesday it will buy its smaller rival Jos. A. Bank (
) for $65 a share in cash, or $1.8 billion in total, sending JOSB
shares up about 4% to all-time highs.
The accepted offer is above the previous bid, of $63.50 a share,
which Jos. A. Bank had rejected in late February. Jos. A. Bank,
meanwhile, said it will terminate its deal to buy Eddie Bauer.
J.C. Penney Co. (
) shares rallied Tuesday, advancing over 8% after analysts at
Citigroup today recommended buying the retailer's stock, citing its
The department-store retailer last week reported a 2% rise in Q4
sales at stores open at least 12 months or more, which "bodes well"
for future sales growth, according to Citigroup analyst Oliver Chen
in a new research note today explaining his upgrade for the stock
to Buy from Neutral.
JCP "is early in this go-forward phase but we like the
risk/reward given our conviction that just making basic changes
will support guidance for growth in 2014," Chen wrote.
JCP shares were up 8.6% at $9.21 each in recent trade, climbing
to an intra-day high of $9.28 a share and, at least temporarily,
erasing the stock's year-to-date drop in its share price. The stock
slid to a 52-week low of $4.90 a share on Feb. 4 and again on Feb.
5 despite reporting positive growth of 3.1% in same-store sales
during the nine weeks including the Q4 holiday season. Since that
time, the stock was risen almost 72% through Monday's close.
In other sector news,
(+) BYD, (+16.8%) Elliott Associates and Elliott International
discloses owning 5.38 mln shares of the casino operator, equal to a
combined 4.99% stake.
(-) URBN, (-4.4%) Q4 EPS of $0.59 beats by $0.04 per share.
Revenue climbs 5.7% to $905.9 mln, in-line with Feb. 10
pre-announcement. The prior consensus was looking for $925.66 mln
in quarterly revenue.


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1,000 jobs go in BP streamlining
BP is to axe 1,000 US jobs as part of a global cost-cutting programme. The oil giant, which employs 100,000 people, said about half the jobs would go in offshore and onshore fields and the other half in its retail and marketing business.
The cuts are seen as part of a much bigger move to streamline the group.
At the same time, BP is to spend £26m restoring a refinery unit at its Grangemouth plant. A fire in 2000 led to the unit's closure.
The company hopes the unit - known as the cat cracker - will resume operating by March 2004. Restoration work is expected to create up to 200 temporary jobs.
Colin Maclean, director of the Falkirk refinery and petrochemicals complex, said: 'Securing new investment for the cat cracker project is a sign we're moving in the right direction, but there's still a long way to go.
'We've now given ourselves a solid base on which to build for the future. Although we've turned our performance around we need to continue to maintain our level of improvement.'
The cat cracker takes low value waxy material from crude oil processing and, using a catalyst, converts it into a range of high-grade gasoline products.
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text:
Russia has significantly increased gold exports to China as Western governments shut down their markets for the precious metal due to the war in Ukraine, media outlet RBC reported. Reported citing Chinese customs data on Friday.
China imported $108.8 million worth of Russian gold in July – a 750% increase from June and a 4,800% increase from the same month last year.
Market experts interviewed by RBC said they believe Russia, the world’s second-largest gold producer at more than 300 tonnes a year, is currently selling its gold to China at a discount of up to 30%.
Other experts speculate that China, one of the world’s top bullion buyers, could be one of several important new destinations for Russian gold in Asia and the Middle East.
The United Arab Emirates, which did not release data on Russian gold imports in 2022, was named by those interviewed by RBC as a pseudo-hub for the country of origin of the precious metal.
The US, United Kingdom, Canada and Japan banned Russian gold exports in June. The European Union and Switzerland, a major gold hub with a traditionally neutral stance, followed suit last month.
RBC said the Chinese customs data is the first set of figures to reveal how Russian gold exports are being exported east.
Russia declassified its customs data earlier this year after Western sanctions over its invasion of Ukraine caused significant financial problems.


text:
The cannabis industry in Missouri is likened to the modern-day “gold rush,” according to Tiffany and Anwar Lee, a couple from St. Louis. Intrigued by the potential, they contemplate participating in a lottery system by paying a $1,500 application fee for a chance to obtain a coveted cannabis microbusiness license.
The new initiative, designed to foster opportunities for businesses in marginalized communities, stems from the constitutional amendment that…
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text:
(YourDigitalWall Editorial):- Hialeah, Florida Dec 19, 2022 (Issuewire.com) – Transferring money to your friends and family is now faster with the new API-driven platform Payal. This website aims to create a better world where people can easily send money to their dear ones all across the world. While transferring money from a particular account, one can also utilize the handy calculator available on the website. It even showcases the charges levied on the money you will transfer. However, the company has decided not to charge big fees or apply any sort of hidden charges to avoid further complications.PAYAL INC, therefore, brings an evolution in the digital P2P payment sector. It not only connects worldwide people but also saves their time and helps them offer quick aid to their family and friends.
The currency converter will help you convert the money into the designated currency and the total cost will be immediately reflected upfront. Undoubtedly, Payal destroys the barriers between countries and continents and tends to grow further with additional innovative services. Collaborating with the world’s top brands, it has learned how to leverage the modern, API-driven, and mobile platform to provide its consumers with the best services.
One just needs to tap into how much they want to transfer and where they want to send the money. And then, you can process a local payment to Payal, using – swift, bank transfer, or debit or credit card. Payal converts the money you desire to send at the ‘inter-bank’ rate and thus it helps you save big. This digital platform has worked hard to protect customers from fraudulent transactions. It never saves your card details on the server so that your personal information doesn’t get compromised. Moreover, the upgraded modeling of Payal will always spot suspicious activities even before it does any harm to you.
Well, to experience this flawless money-transferring service, you can log into https://www.payal.biz/log-in. Anyone,who wishes to know more about the platform, can join the currency experts through chat available 24*7 or send an e-mail to [email protected].
This article was originally published by IssueWire. Read the original article here.


text:
Big-Ticket Item Sales Increase
A significant increase in purchases of big-ticket items has reportedly given the economy a boost.
Press Release Service – Wired PR News – Consumers made more purchases of big-ticket items last month than what has been seen in years. As reported by the Associated Press (AP), the increase in the sale of items such as homes, automobiles, and electronics has given the economy a boost, helping to ease the nation out of a recession.
As noted by the AP, the government released two reports Wednesday that substantiated claims of an increase in confidence that the economy is improving. Sales of appliances, computers, and other long-lasting goods were reportedly up five percent in July.
Nigel Gault with IHS Global Insight is quoted by the AP as stating, “It looks like we’ve hit bottom and we’re now slowly trying to dig our way out.”
WiredPRNews.com – The latest in Business News
Photo Credit: Wikipedia User O moresTags: automobiles, big-ticket items, economy, Electronics, homes, increase, recession, Sales
Online Business News Press Release Distribution - WiredPRNews.com
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text:
Wisbech loyalty card scheme gathers pace
- Credit: Archant
Momentum is building for the launch of the Wisbech Loyalty Scheme with the news that the first national retailer has signed up to offer discounts for shoppers.
Bon Marche, which is based in the town centre, will offer card holders 10% discount with a minimum spend of £20, when the scheme is launched at the end of October.
Horsefair manager and one of the sponsors of the scheme, Kevin Smith, said: “The addition of Bon Marche to the list of retailers who have already signed up to become part of the initiative is fantastic news.
“We are working hard to get as many retailers as possible to offer exclusive discounts that will benefit residents in and around Wisbech.”
In addition, two independent retailers have recently signed up - Dean’s Barbers in Norfolk Street are offering a £3 discount on father and son haircuts and the Digital Phone Co in the Horsefair is offering 20% off its phone accessory range.
You may also want to watch:
The Wisbech Loyalty Card Scheme is being funded on a joint basis by the Horsefair Shopping Centre, Wisbech Town Council and Fenland District Council and is fully supported by the Wisbech & District Chamber of Commerce.
It aims to boost retail and footfall into Wisbech town centre.
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All types of businesses in Wisbech can get involved in the scheme including local tradesmen and those offering professional services.
For more information on how to join for free please contact Stuart Hopkins of My Loyalty Card Ltd on 07794 222156 or email email@example.com.