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The Federal Reserve recently requested comment on a discussion paper describing the potential benefits and costs of issuing a CBDC. The paper is not the ringing endorsement of the concept that some expected, and augurs a thoughtful weighing of those costs and benefits. And it arrives after one former and one current Fed Governor have expressed serious concerns about the concept, and the Chairman has noted that Congressional authorization was required for its adoption.
Meanwhile, the Bank of Canada has sidetracked its CBDC effort, noting that it does not see a compelling need for one. Likewise Australia, where the central bank governor noted of CBDCs that “we have not seen a strong public policy case to move in this direction, especially given Australia’s efficient, fast and convenient electronic payments system.” In the U.K., the Lords Economic Affairs Committee recently found that none of the witnesses who came before the committee (including the Governor of the Bank of England) was able to make a convincing case for a retail CBDC, and concluded that the introduction of a CBDC could pose significant risks.
All of this hesitancy is particularly notable because over the past few years, a principal reason that central banks have given for exploring issuance of a CBDC was the fact that . . . other central banks were exploring the issuance of a CBDC. A central bank FOMO.
What has happened? In sum, central bankers are taking greater notice of significant and unavoidable costs that would come from a CBDC; at the same time, the theoretical benefits that adherents have claimed for a CBDC have proven hard to identify in terms of practical use cases. Thus, this shrug may soon become a collective one.
Below is an updated look at the potential costs and purported benefits of a CBDC.
Preserving the Dollar’s Hegemony
Was it only a year ago that we were warned that the United States needed a central bank digital currency before the Beijing Olympics, lest the dollar lose its reserve currency status?
Chairman Powell has cogently explained his lack of concern about another country’s currency gaining an advantage over the dollar by taking on digital form, noting that the reason the dollar is the reserve currency is “because of our rule of law; our democratic institutions, which are the best in the world; our economy; our industrious people; all the things that make the United States the United States.” One might add to the list: no history of capital controls, a powerful military.
While highly unlikely to supersede these considerable benefits, there are a few current threats to the dollar’s status: (1) $30 trillion in government debt; (2) persistently high inflation; and (3) over-leveraging of the dollar in economic sanctions. The first two phenomena have been the death of other reserve currencies in the past. That said, the Federal Reserve obviously is taking steps to remediate inflation by raising interest rates and shrinking its balance sheet, and the current Administration has recognized the risks of unilateral use of sanctions. Converting commercial bank money to CBDC would not reduce the federal deficit.
Meanwhile, those departing the Beijing Olympics on Feb. 20 will be hastening to convert their digital yuan back to their local currency at the earliest possible moment, lest their transactions be tracked by the Ministry of State Security.
Serving Low-and Moderate-Income People
For some time, politicians have expressed hope that a CBDC could benefit low- and moderate-income Americans. Years after such talk began, however, one thing is missing: any explanation of how.
The Federal Reserve’s discussion paper makes clear that the Fed is only evaluating an intermediated model where “the private sector would offer accounts or digital wallets to facilitate the management of CBDC holdings and payments.” The paper dismisses the notion of direct Federal Reserve accounts for individuals as illegal and unwise, and this conclusion was widely expected and supported. Nonetheless, the closing of this door is significant given that many CBDC supporters have equated CBDC with the notion of “Fed accounts” – that is, every American having a bank account at the Fed. While that concept was amorphous and would have created innumerable problems, it is now sufficient to note that it is not going to happen.
With an intermediated model, no one has identified who would pay the intermediators – that is, providers of a digital wallet in which a CBDC would be held — for services attendant to holding and transferring CBDC. Those services would include customer service, dispute resolution, AML compliance (including both on-boarding and transaction monitoring), fixed and variable technology expense, and more. The risk of a cyber attack would be massive, and the intermediator, not the Fed, would likely be liable for any loss. So, intermediating a CBDC would be a very expensive and very risky proposition.
Currently, banks make money on payment systems predominantly by lending out deposits and earning net interest income, but, because a CBDC held in a digital wallet cannot be lent out to borrowers, it would come with zero net interest income for a bank or other intermediator. Banks (and FinTechs increasingly using rent-a-bank arrangements) also earn money through debit interchange, but it appears unlikely that interchange would be charged on a transfer of CBDC. Thus, companies that set up a digital wallet to hold and transfer CBDC seemingly would have to charge consumers a considerable fee for that service.
Furthermore, a CBDC would be very unlikely to pay interest. The Fed’s discussion paper explains that paying interest on a riskless CBDC “could reduce the aggregate amount of deposits in the banking system, which could in turn increase bank funding expenses, and reduce credit availability or raise credit costs for households and businesses.” It also describes at length how payment of interest would disrupt monetary policy.
But even if account administration were somehow, magically, free, how would an intermediated CBDC attract the unbanked? Data show that the unbanked are now a very small and shrinking part of the population, as low-cost, basic banking accounts have proliferated. Surveys show that their reluctance to join the banking system often relates to a distrust of banks, including concerns about privacy as to the source of their funds. Other possibilities are a lack of sophistication about finance due to financial illiteracy. Under an intermediated CBDC model, this same group of people would be required to establish an account at a bank or other financial company (including going through a full Know Your Customer process as required under anti-money laundering and sanctions rules), upload a digital wallet to a phone or computer, and then have their transactions monitored by the bank and perhaps by the government as well. No one has yet explained why a person reluctant to sign up for a bank account would embrace such a relationship.
In sum, there is no reason to believe that an intermediated CBDC would prove attractive to the small percentage of the population that is currently unbanked, pay them more interest on their savings than they could earn elsewhere or provide them any financial service at a cost less than they pay now.
Three years ago, the predominant use of stablecoins was as a means of exchange ancillary to crypto trading. Today, the predominant use of stablecoins is as a means of exchange ancillary to crypto trading. Three years ago, great concern was expressed about the potential for Facebook to use its stablecoin Libra to move finance outside of the banking system, disintermediate the dollar and disrupt monetary policy; today, two name changes later, Meta is liquidating its stablecoin subsidiary Diem.
Stablecoins can be placed in two different categories. Stablecoins in their currently predominant form – what we call “unstable stablecoins” – are structured like prime money market funds, as they are backed by assets like corporate debt and asset-backed securities. They pose systemic risk, as they are susceptible to runs, and their interlinkage with crypto markets heightens that risk. But no one has proposed a CBDC as an answer to that problem; the answer is universally agreed to be better regulation and enforcement of existing laws.
Rather, a CBDC has been proposed as an antidote to the opposite problem: a “stable stablecoin” – that is, one backed solely by reserves at the Fed and short-term Treasury securities. Here, the concern is that investors would run to, not from, it in times of financial instability. So, not Tether but Circle’s USDC. But there are no signs of stable stablecoins disintermediating the banking system any time soon.
A proposed use case for stablecoins has been as a currency for the world of decentralized finance, or DeFi. But as the Bank for International Settlements recently observed:
In principle, DeFi has the potential to complement traditional financial activities. At present, however, it has few real-economy uses and, for the most part, supports speculation and arbitrage across multiple cryptoassets. Given this self-contained nature, the potential for DeFi-driven disruptions in the broader financial system and the real economy seems limited for now.
Stablecoins might have a use case in the coming metaverse, but there is no reason to believe that each universe – Microsoft/Activision, Meta, Epic, Roblox, etc. – will agree to a single stablecoin, or that the broader, physical economy will adopt the same stablecoin for regular, real-world payments (payroll, mortgages, groceries, utilities). Of course, it is also quite likely that businesses and consumers will simply transact in the metaverse the way they do in the real world — transferring dollars using a credit card or a debit transfer via Zelle, Venmo, or PayPal – eventually with those payments likely clearing and settling in real time on the Clearing House RTP rails., Thus, for the foreseeable future, it seems highly likely that those transacting in the virtual world – purchasing NFTs, gaming components, concert tickets, even virtual real estate – will either do so in commercial bank money using existing payment rails or will need an on-ramp and off-ramp, where dollars are used to purchase a virtual currency, and that virtual currency is reconverted to dollars when the user wishes to spend elsewhere. So, perhaps Microsoft will allow an Activision user to use its digital coin to purchase a physical Microsoft laptop, but there is no reason to believe that Apple will allow use of that coin to buy in iPhone, or that a gamer’s employer will pay him or her in the Activision coin.
To bring home this point, note that the official sector has strongly endorsed the notion that any issuance of stablecoins should be done by banks, noting with good reason that having them as issuers furthers financial stability and consumer protection. The President’s Working Group on Financial Markets recommended that only insured depository institutions should be permitted to issue stablecoins, and Federal Reserve research has bolstered the case. The FDIC has indicated that deposit insurance is perfectly consistent with a bank-issued stablecoin, which would in effect be a tokenized deposit. A recent note published by the Federal Reserve Bank of New York, “The Future of Payments is Not Stablecoins,” notes significant problems with “stable” stablecoins as a currency, and endorses bank-issued tokenized deposits as an alternative, as earlier suggested here. Thus, the light for bank issuance of stablecoins could not be any greener or burning more brightly.
And yet . . . banks have not begun to issue stablecoins. Numerous discussions with their payments strategists reveal a single reason: they cannot identify a use case. In other words, they do not have commercial customers who want to pay each other with a stablecoin as opposed to a currently available RTP/real-time payment or an ACH transfer; they do not have consumers demanding a stablecoin in lieu of Zelle, Venmo, a debit card or a credit card. So, for the foreseeable future, it seems highly unlikely that stablecoins will emerge as a currency to rival the dollar, with a significant payments ecosystem being established outside the banking system and the Fed’s policy umbrella. Thus, there is no stablecoin disease for which a CBDC is needed as a cure.
Incidentally, this experience and the costs described above also make one wonder whether there would be a market for CBDC – which would be the ultimate stable stablecoin — that is, what financial company would wish to intermediate a digital wallet with a CBDC feature, and what business or consumer would wish to transact in CBDC as opposed to commercial bank money. Again, the most attractive and perhaps sole use case for a CBDC would be the one feared by the Fed: as a safe haven in crisis that would strip funding from the economy.
And of course even if a world did develop where users forsook Zelle, Venmo and the like and a few stablecoins did grow to large scale both in the online and physical worlds, there is no reason whatsoever to believe that the companies selling in the metaverse or the people shopping there would abandon those stablecoins if a dollar CBDC in a hosted wallet were available as an alternative – and a myriad of reasons to believe they would not.
While never really a concern, it is worth a reminder that Bitcoin was never going to displace the dollar or disrupt monetary policy as a true currency that required a CBDC as an alternative. And no one is any longer suggesting that it will. It is a highly volatile commodity that fails every test for a currency. While politicians soliciting crypto companies to move to their states or municipalities have announced plans to allow tax payments in crypto or receive their salaries in crypto, they have not announced plans to keep that money in crypto. For that business model, one needs to look to the ruins of El Salvador.
Improving Cross-Border Remittances
Here, the lack of a use case for CBDC appears to parallel the lack of a use case for stablecoins. Both were promised as a way to transfer money to impoverished people at greater speed and lower cost, and of course remittances were Facebook’s/Meta’s showcase use case for Libra/Diem. Transfer and remittances using Bitcoin are associated with money laundering, ransomware and terrorist financing – so not a use case to which a CBDC would aspire.
While the promise of a CBDC to improve cross-border speed, efficiency, and cost was early on one of the primary rationales put forward as a reason to establish a CBDC, more recently, the enthusiasm over these possible benefits has cooled as recognition of the complexity of establishing an internationally viable framework and the ongoing improvements to existing payments systems has set in. Recent reports by the Economic Affairs Committee of the House of Lords in the U.K. and the United States Congressional Research Service raise serious questions the efficacy of a CDBC to improve cross-border remittances.
There are several reasons why a CBDC would be unlikely to reduce costs or illicit finance risks or increase the speed of cross-border transactions, including remittances. First, to use CBDCs for this purpose, the sender likely would need to convert local fiat currency into CBDC, which could incur fees. The recipient would need to exchange the CBDC for the sender’s currency and then convert that currency to the recipient’s local currency. This transfers similarly would incur fees and likely involve F/X spreads. It is possible the recipient could exchange the sender’s home country CBDC for the recipient’s home country CBDC, although it is clear that any possibility of that capability is years away, and, furthermore, that transaction likely would incur costs that would have to be borne by at least some parties in the chain, including, at a minimum, costs related to F/X spreads once again.
Nor would adoption of cross-border CBDCs appear to solve or simplify current problems with cross-border payments presented by the by AML and sanctions framework. Central banks could agree to exempt transfers of CBDC from all the regulatory and compliance requirements that currently complicate them – like going through the same AML/CFT and sanctions processes that banks do currently, including a full a full Know Your Customer process, as noted above – but they could take the same action under the current payments regime and for important reasons have decided not to do so. Thus, participating institutions will need to conduct the appropriate AML and sanctions due diligence to facilitate the transactions, adding additional friction to this multi-leg process. This includes compliance with the “Travel Rule,” which requires financial institutions, including nonbank financial institutions, engaged in transmittal of funds (fiat or crypto), to transmit transactions and customer details to the next financial institution in the chain of payment in order to aid law enforcement agencies by maintaining an information trail of transaction originators and beneficiaries – something that a handful of crypto firms have only this week unveiled a compliance solution for.
Making Payments Faster and Modernizing the Payment System
While perhaps relevant in some countries, this rationale looks increasingly inapt in the United States, where a real-time payment system grows in use, consumers happily pay each other with Zelle or Venmo, and PayPal and Square thrive. Thus, Federal Reserve Governor Waller has observed, “What problem would a CBDC solve? Alternatively, what market failure or inefficiency demands this specific intervention? After careful consideration, I am not convinced as of yet that a CBDC would solve any existing problem that is not being addressed more promptly and efficiently by other initiatives.”
One popular myth is that a CBDC would have allowed the Treasury to make stimulus payments to consumers more quickly during the COVID crisis. Those payments were made through the ACH network for customers who had bank accounts, and paper checks for the unbanked. Some for whom the government had no address (because they had never filed a tax return) did not receive payments, who by definition would not have digital wallets. The existence of a CBDC would have done nothing to reach people without accounts or known addresses. Certainly, if a customer set up a digital wallet with an intermediator, then a future stimulus payment could be made in the form of CBDC, but with such an account established, payment could also be made in seconds through the existing RTP real-time payment system, or through the existing ACH system.
Of course, there is one action the Fed could take to modernize the payment system. FedWire is the backbone of that system, and is a natural monopoly for the central bank. Yet FedWire operates 22/249, not 24/365. Modernizing FedWire – which the Fed committed to do in 2018 — would provide a significant boost to innovation in payments.
As described in various assessments, a CBDC would come with numerous risks, including privacy and cyber security. There is also the opportunity cost that comes with devoting extraordinary resources to a CBDC project at the cost of other central bank priorities (like FedWire modernization).
More significant is the dilemma of whether a CBDC would pay interest to its holder. If a CBDC paid interest, then it would pull deposits out of the banking system, increase the price of bank lending, and thereby slow economic growth. Alternatively, if the CBDC paid no interest, which appears highly likely for the reasons noted above, it is unclear why consumers or businesses would wish to hold it, absent an environment with low or negative market interest rates.
In either event, a CBDC could significantly complicate the implementation of monetary policy. Balances held in CBDC, like reserves held by banks at the Federal Reserve Banks, would serve as a liability on the Fed’s balance sheet. During a flight to quality, CBDC could grow rapidly and massively. For example, between February and May 2020, bank deposits grew $1.8 trillion and government-only money market mutual funds grew $1.2 billion, as investors sought the safety of cash. If there had been a CBDC, a significant percentage of those fund would have flowed into CBDC instead, whether that CBDC paid interest or not. Assuming the Fed’s assets remained the same and given that its balance sheet must balance, that would have resulted in a corresponding reduction in bank reserves. Even if only a third of that flow had gone to CBDC, that would have drained $1 trillion in reserves from the system. (By way of comparison, a $90 billion reduction in reserve balances was an important trigger for the September 2019 episode of repo market turmoil.) To avoid even more volatility and an extremely unwelcome tightening in money market conditions in the spring of 2020, the Fed would have needed to purchase an additional $1 trillion in securities.
One financial stability risk, though, dwarfs all the other concerns. The Fed discussion paper notes it forthrightly:
Because central bank money is the safest form of money, a widely accessible CBDC would be particularly attractive to risk-averse users, especially during times of stress in the financial system. The ability to quickly convert other forms of money—including deposits at commercial banks—into CBDC could make runs on financial firms more likely or more severe. Traditional measures such as prudential supervision, government deposit insurance, and access to central bank liquidity may be insufficient to stave off large outflows of commercial bank deposits into CBDC in the event of financial panic.
And of course significant outflows of deposits at commercial banks would lead to an immediate disruption in the flow of credit to the real economy, exacerbating the impact of any stress event.
One major takeaway from the Fed’s working paper is that it proposes no design solution that would eliminate or even mitigate this concern, and no one else has done so. It remains a grievous flaw with a CBDC. Credit the Fed for not whistling past this graveyard, as some central bank proselytizers of CBDC have done.
Reducing Costs Reduces Benefits
The Fed’s discussion paper does note one potential answer for the financial stability risk of a CBDC: “A central bank could potentially address this risk by limiting the total amount of CBDC an end user could hold, or it could limit the amount of CBDC an end user could accumulate over short periods.” The IMF has noted that the three existing CBDC projects (Bahamas, China, and the Eastern Caribbean Currency Union) have sought to prevent sudden outflows of bank deposits in to CBDC by not paying interest and limiting holdings.
Such steps would certainly reduce financial stability concerns, but they largely nullify the putative benefits of a CBDC. It will not alleviate poverty to have low- and moderate-income people hold their money in a CBDC that pays no interest rather than a federally insured checking or savings deposit that does pay interest. And such a CBDC would not have commercial applications if it could not be used for large payments. Basically, it would be a hobby for the central bank.
As for limiting transfers under stress, one can hardly imagine the level panic that would be triggered if customers saw their transfers to CBDC being rejected. And that assumes that a technology solution could be devised and financed in order to enforce such limits – again, a significant cost for an intermediator for which no recompense has been identified.
As central banks and other observers begin to discuss actual use cases for a CBDC, the potential benefits recede and the costs come into sharper focus. The Federal Reserve has wisely taken its time, allowed the fog to clear, and embarked on a thoughtful study of whether a dollar CBDC makes sense.
 Quarles, Randal K., “Parachute Pants and Central Bank Money,” speech on June 28, 2021, available at https://www.federalreserve.gov/newsevents/speech/quarles20210628a.htm. See also Waller, Christopher J.,“CBDC: A Solution in Search of a Problem?”, speech on Aug. 5, 2021, available at https://www.federalreserve.gov/newsevents/speech/waller20210805a.htm. See also Derby, Michael S., “Powell Says Congressional Support Likely Needed to Adopt Fully Digital Dollar,” The Wall Street Journal, March 22, 2021, available at https://www.wsj.com/articles/powell-says-congressional-support-likely-needed-to-adopt-fully-digital-dollar-11616424452.
 Ljunggren, David, “Bank of Canada not planning to launch digital currency, at least for now,” Reuters, Oct. 18, 2021, available at https://www.reuters.com/world/americas/bank-canada-not-planning-launch-digital-currency-least-now-2021-10-18/.
 Lowe, Philip, “Payments: The Future?”, speech on Dec. 9, 2021, available at https://www.rba.gov.au/speeches/2021/sp-gov-2021-12-09.html.
 House of Lords Economic Affairs Committee, 3rd Report of Session 2021–22, HL Paper 131, “Central bank digital currencies: a solution in search of a problem?”, Jan. 13, 2022, available at https://committees.parliament.uk/publications/8443/documents/85604/default/
 Greenwald, Michael B. and Josh Lipsky, “Beijing or Bust: Why the U.S. Needs a Digital Dollar Before China’s Olympics,” The National Interest, March 22, 2021.
 Powell, Jerome, transcript of Federal Open Market Committee press conference, April 28, 2021, available at https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20210428.pdf.
 For a delightful look at that history and related issues, see Cembalest, “The Maltese Falcoin: On Cryptocurrencies and Blockchains,”, J.P. Morgan, February 3, 2022, available at https://assets.jpmprivatebank.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
 Per the Administration’s recent sanctions review report: “Sanctions are most effective when coordinated as an Administration with allies and partners who can magnify economic and political impact. This coordination also enhances the credibility of U.S. international leadership and shared policy or security goals of the United States and its allies” (p 5). See “The Treasury 2021 Sanctions Review.”,October 2021, available at https://home.treasury.gov/system/files/136/Treasury-2021-sanctions-review.pdf.
 It was unclear how such accounts were going to assist the poor; there was some suggestion that the government would simply give them money in the form of CBDC, but it can currently give them money through a direct deposit into a bank account.
 It remains to be seen whether the current Administration in a rumored and forthcoming executive order on cryptocurrencies might try to revive the concept of direct Fed accounts for individuals, despite the significant legal and practical impediments.
 A recent IMF study notes, “Central banks are committed to minimizing the impact of CBDCs on financial intermediation and credit provision. This is very important for the wheels of the economy to run smoothly. The countries we studied offer CBDCs that are not interest-bearing—which makes a CBDC useful, but not as attractive as a vehicle for savings as traditional bank deposits.” February 9, 2022, available at https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency. Also note that the Federal Reserve Act permits the Federal Reserve to pay earnings on “balances maintained at a Federal Reserve bank by or on behalf of a depository institution.” A CBDC held by a depository institution for a consumer may not be considered a “balance maintained” by or on behalf of a bank, although Section 19 of the Federal Reserve Act provides that the Board may prescribe regulations concerning the payment of interest on balances at a Reserve Bank. 12 U.S.C. § 461(b)(12).
 Federal Reserve Discussion Paper, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation,” Jan. 20, 2022, available at https://www.federalreserve.gov/publications/money-and-payments-discussion-paper.htm (hereafter, “Discussion Paper”)Discussion Paper at 17.
 Discussion Paper at 19 (“The interactions between CBDC and monetary policy implementation would be more pronounced and more complicated if the CBDC were interest-bearing at levels that are comparable to rates of return on other safe assets. In this case, the level and volatility of the public’s demand for CBDC could be quite substantial. … The potential for significant foreign demand for CBDC in this scenario would further complicate monetary policy implementation…. To maintain an ample supply of reserves, the Federal Reserve might need to substantially expand its holdings of securities. The potential for market developments to have a material effect on the variability in demand for CBDC could also present challenges for managing reserves and implementing policy.”)
 While the percentage of unbanked U.S. citizens stood at 8.2% in 2011, this figure has been steadily falling, had reached 5.4% by 2019, and is likely even lower now. While this decrease can certainly be attributed to numerous factors, one such factor is that in 2019 alone, nearly 2 million Bank On accounts were opened and as of 2020, 3.8 million Bank On accounts were open and active. These accounts processed an average of 64 million debit transactions per month, often at no cost to the customer. See Federal Reserve Bank of St. Louis, “The Bank On National Data Hub: Findings from 2020”, available at https://www.stlouisfed.org/-/media/project/frbstl/stlouisfed/files/pdfs/community-development/bank-on/bankonreport_2020findings.pdf. For further discussion of the success and benefits of Bank On, please see Paul Calem, “Bank On” Transaction Accounts and Financial Inclusion (July 19, 2021), available at: “Bank On” Transaction Accounts and Financial Inclusion – Bank Policy Institute (bpi.com).
 The Fed paper notes in particular, “In practice, this would mean that a CBDC intermediary would need to verify the identity of a person accessing CBDC, just as banks and other financial institutions currently verify the identities of their customers. In this regard, a CBDC would differ materially from cash, which enables anonymous transactions. While central banks are unable to fully prevent cash from being used for illicit purposes, a CBDC could potentially be used at much greater scale and velocity than cash, so compliance with laws designed to combat money laundering and funding terrorism is particularly important for CBDC.” p. 14 and fn 20.
 Baer, Greg, “Making Stablecoins Stable: Is the Cure Worse than the Disease?”, Bank Policy Institute, Sept. 27, 2021, available at https://bpi.com/making-stablecoins-stable-is-the-cure-worse-than-the-disease/.
 Aramonte, Huang & Schrimpf, “DeFi Risks and the Decentralisation Illusion,” BIS Quarterly Review at 21, December 2021, available at https://www.bis.org/publ/qtrpdf/r_qt2112b.pdf.
In 2021, consumers and businesses transacted 1.8 billion payments through Zelle, which continues to be free and typically results in successful payment delivery within minutes.These payments amounted to $490 billion worth of transactions and represented a year-over-year increase of 59%. See Zelle, “Nearly Half a Trillion Dollars Sent by Consumers and Businesses with Zelle in 2021.” February 2, 2022, available at https://www.zellepay.com/press-releases/nearly-half-trillion-dollars-sent-consumers-and-businesses-zelle-2021.
 Venmo, a PayPal brand, processed approximately $230.1 billion worth of transactions in 2021, representing a year-over-year increase of 44%. See, PayPal Holdings, Inc. (2021) Form 10-K, available at https://d18rn0p25nwr6d.cloudfront.net/CIK-0001633917/82fd6358-df11-4e57-af9d-a5c66d48fadb.pdf.
 See Baer (2021). (“There does seem to be one way for stablecoins to avoid undermining the fractional reserve system while still offering convenience to customers, and that is for them to reach a state of equilibrium with bank deposits. (With a CBDC, equilibrium is impossible.) A clear way to establish that equilibrium would be for banks to issue stablecoins, with those stablecoins pari passu with bank deposits, and likewise available to fund bank lending.”)
The modern ACH Network experienced significant growth in 2021, with 29.1 billion payments valued at $72.6 trillion, and same day ACH payment volume grew nearly 74%. See NACHA, “ACH Network Sees 29.1 Billion Payments in 2021, Led by Major Gains in B2B and Same Day ACH.”, February 3, 2022, available at https://www.nacha.org/news/ach-network-sees-291-billion-payments-2021-led-major-gains-b2b-and-same-day-ach.
 The Clearing House’s RTP network use has seen a seven-fold increase in volume since the first quarter of 2020 and in the fourth quarter of 2021 processed 37.8 million transactions. See TCH, “Real-Time Payments for All Financial Institutions.”, available at https://www.theclearinghouse.org/payment-systems/rtp. Mastercard reported a gross dollar volume increase of 25% year-over-year on branded cards and Visa reporting a 17% increase in processed transactions year-over-year in 2020. See Mastercard Inc. (2021) Form 10-K., available at https://s25.q4cdn.com/479285134/files/doc_financials/2021/q4/MA.12.31.2021-10-K-as-filed-Exhibits.pdf & Visa Inc. (2021) Form 10-K, available at https://d18rn0p25nwr6d.cloudfront.net/CIK-0001403161/c2498d48-acd0-4f4d-8a36-9a10034f3060.pdf
 TCH’s RTP is currently only offered for domestic U.S. transactions, however, real time payments capabilities are being developed across multiple jurisdictions worldwide, with organizations such as SWIFT working to connect these domestic systems to enable cross border real time payments as well. See SWIFT, “Real-time payments.”, available at https://www.swift.com/your-needs/banking/real-time-payments.
 Beckwith, Ryan Teague, “Colorado Governor Says His Crypto Plan Withstands Market Selloff,” Bloomberg News, Jan. 29, 2022, available at https://www.bloomberg.com/news/articles/2022-01-29/colorado-governor-says-his-crypto-plan-withstands-market-selloff?sref=9xX5rA0h.
 Last October, Facebook/Meta launched a small pilot of Novi, Facebook’s digital wallet app, to transmit the Pax Dollar (USDP), a stablecoin issued by Paxos, between the United States (other than Alaska, Nevada, New York and the U.S. Virgin Islands) and Guatemala. Facebook touted the lack of fees for the service, but reading the terms of service reveals there may be fees in fact be fees imposed at various steps in the transaction. Further, reports on how this pilot is going are nonexistent.
 “The volume of cryptocurrency transactions grew to $15.8 trillion in 2021, up 567% from 2020, in a sign that the trading of digital assets is becoming increasingly mainstream. Illicit transactions totaled $14 billion in 2021, up 79% from $7.8 billion the previous year. But illicit transactions only made up 0.15% of cryptocurrency transaction volume in 2021.” See WSJ, “Cryptocurrency-Based Crime Hit a Record $14 Billion in 2021”,January 6, 2022, available at https://www.wsj.com/articles/cryptocurrency-based-crime-hit-a-record-14-billion-in-2021-11641500073, citing Chainalysis Crypto 2022 report, available at https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/. In particular, per Chainalysis’ report (p.44): “Over the last few years, most ransomware strains have laundered their stolen funds by sending them to centralized exchanges. Some are in the high-risk category, meaning that they tend to have relaxed compliance procedures, but most [are] to mainstream exchanges with more established compliance programs.”
 The CRS concluded that “Without knowing the design features of a CBDC, it is unclear whether the use of CBDCs could reduce cross-border costs and increase speed [of remittances]. For example, communities that depend on money transmitters due to the proximity of branches overseas may find that CBDCs, although potentially faster, are not as convenient if they do not possess the technology to convert the CBDC remittance into a usable currency in their economy.” The CRS report also noted that the Fed’s CBDC paper recognized that “significant international cooperation would be needed to realize efficiency and cost gains in cross-border payments.” The CRS then observed that “. . . there has been relatively little international coordination among countries in their CBDC efforts . . . if each central bank adopts varying technologies and standards, it may be difficult to create interconnections between these systems to facilitate cross-border payments. A fragmented system of CBDCs could make it more complicated and expensive for U.S. consumers and businesses to complete cross-border transactions.” CRS at 20. The Economic Affairs Committee of the House of Lords expressed similar skepticism, noting that “CBDC systems could, in theory, bypass some of the existing frictions in the international payments systems, with lower costs. Nevertheless, a CBDC system would still have to comply with oversight frameworks, national laws and international technical standards which are a long way from being agreed. Cross-border payments are already improving as a result of innovation and competition in the fintech sector. A lot of international collaboration is under way both in the private and public sectors (including at the G7 and G20 levels) to further improve cross-border payments, which will make them more efficient, with or without CBDCs.” Economic Affairs Committee Report at 21.
 For a discussion about the on-and-off ramp costs with respect to stablecoins (which present similar costs), see “Should Western Union Worry About Stablecoins?” JP Koning, CoinDesk Insights, Jan 3, 2022, available at Should Western Union Worry About Stablecoins? (coindesk.com). See generally, “Central bank digital currencies for cross-border payments,” BIS Report to the G20, July 2021, available at https://www.bis.org/publ/othp38.pdf, which concluded that significant work remains to be done to determine whether CBDCs could reduce the current frictions in cross-border retail (or wholesale) payments, including with respect to regulatory, supervisory and oversight frameworks for cross-border payments, AMF/CFT consistency, PvP adoption and access to payment systems will be critical for CBDCs to reach their cross-border potential.
 See Keely, Aislinn, “Coalition of U.S. crypto firms unveils travel rule compliance platform, TRUST,” February 16, 2022, available at https://www.theblockcrypto.com/post/134408/coalition-of-us-crypto-firms-unveils-travel-rule-compliance-platform-trust.
 See Waller (2021).
 Light, Joe, “China Shows Off Digital Yuan at Olympics as U.S. Plays Catch-Up” Bloomberg,(February 15, 2022, available at, https://www.bloomberg.com/news/articles/2022-02-15/china-is-showing-off-its-central-bank-digital-yuan-currency-at-beijing-olympics?sref=9xX5rA0h.
 Discussion Paper at 17.
 For a discussion of the impacts of different stablecoin designs, including a CBDC, see generally Liao, Gordon Y. and John Caramichael (2022). “Stablecoins: Growth Potential and Impact on Banking,” International Finance Discussion Papers 1334. Washington: Board of Governors of the Federal Reserve System, https://doi.org/10.17016/IFDP.2022.1334.
 Discussion Paper at 18.
 Georgieva, Kristalina, “The Future of Money: Gearing up for Central Bank Digital Currency,” International Monetary Fund, speech on Feb. 9, 2022, available at https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency.


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NI’s largest commercial property transaction completes for £125m
Wirefox has acquired Belfast’s CastleCourt shopping centre
The CastleCourt shopping centre in Belfast. The centre was built on the site of the former Grand Central Hotel.
Northern Ireland’s largest single commercial property transaction to take place in recent years has completed for £125 million (€140 million).
The 27-year-old building is Northern Ireland’s third-largest shopping centre with 340,000sq ft of space, catering to more than 100 retailers.
The centre, anchored by UK retailer Debenhams, witnesses an annual footfall of 12.5 million and has Belfast’s largest car park, with some 1,600 spaces.
In a statement on Friday, Savills, who acted for Wirefox, said there was strong interest from several new entrants “which is likely to further enhance the retail offering over the next few months”.
Development on CastleCourt began in the late 1980s on a site formerly home to the Grand Central Hotel. The building underwent refurbishment in 2004 to upgrade the food court, car park and customer facilities.
“Despite the shock of Brexit and ongoing political uncertainty, the retail sector in Northern Ireland continues to perform strongly, with positive retailer performances and robust letting activity,” said Ben Turtle, head of office at Savills Northern Ireland.
“With consumer confidence at its highest level since the third quarter of 2015, and the economy expected to grow at a faster rate than previously predicted, we expect Wirefox to reap the benefits of this high-profile acquisition,” he added.
Original developer John Laing sold the centre in 1994 to an English property company called MEPC. The deal was estimated at £80.5 million.
Subsequently, Australian shopping centre group Westfield acquired a share of the centre alongside MEPC. In 2002, the most recent owners, Hermes, purchased MEPC’s stake.
It was reported in 2007 that Hermes tried to sell its 50 per cent stake in CastleCourt to Ewart properties but the deal collapsed.
Two years later, in 2009, the centre was put on the market with an estimated value of £350 million.
In 2012 Hermes took full control of the centre in a £400 million deal that included two other shopping centres in England.

domain: news


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After exactly three years, DVD and Blue-ray rental company RedBox is pulling out it’s 1400 rental kiosks and shutting down it’s Canadian Operations … does anybody care?
The message on Redbox Canadian website reads
“We were excited to bring our service here, but unfortunately, demand just didn’t meet our expectations. We will be focusing our attention on our U.S. business, where demand for physical media remains strong.”
Redbox will stop renting DVDs on Valentines Day and customers who have movies out will have until March 5th to return them.
Redbox started up in 2006 and quickly grew to gain more than 50% of the Physical video rental market in the US and passed the 1 Billion rental mark only 4 years after it began.
The success of RedBox DVD rentals south of the border was partly due to the closure of BlockBuster video stores in 2012 and despite streaming services like Netflix, Amazon and Hulu physical DVD rentals remains a viable business for both RedBox and Netflix in the US.
In Canada, RedBox launched and continued to operate with little or no marketing, thinking like Netflix, Canadian’s would know what the big red vending machine at the Supermarket was. Truth is most Canadian’s never heard of RedBox and some thought the RedBox kiosks were nothing more than another Coke Machine. RedBox kiosks could be found across the country in Walmart, Superstore, IGA, Sobeys, Safeway, 7-Eleven, Macs, Petro Canada and even a couple Tim Horton’s locations.
Redbox’s departure from Canada is no doubt partly due to Canadians love for Netflix and additional competition from newly launched streaming services like Shomi and Crave.
Canadian RedBox customers will be charged $1.5-$2 per day (+ tax) for outstanding movie rentals until they return them and after 20 days renters will become owners with a charge of $30 for DVDs and $40 for Blu-ray discs.
It is possible for some RedBox kiosks to be pulled out before March 5th, so if yours is gone and Redbox suggests you use their site to find other locations or call them at 1-855-733-2695.


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(Ecofin Agency) - Kenya plans to attract about 2.5 million tourist arrivals per year by 2022, Najib Balala, cabinet secretary for tourism, indicated.
According to the official’s statement relayed by Business Daily Africa, this should be due to an improvement of the tourist sector that resulted in increased tourist arrival and revenues.
In a country where the travel and tourism industry already makes 15.3% of total exports and 8.9% of the jobs created, according to the World Travel and Tourism Council (WTTC), the government wishes to boost investments in the sector to increase its contribution to GDP.
Let’s note that the new tourist arrivals expected are up by 72% compared to the 1.45 million registered in Kenya in 2017.
According to WTTC figures, the sector should register a 6% rise annually in the next ten years.
Moutiou Adjibi Nourou


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Niffelheim Steam Early Access Trailer
Niffelheim is set to launch into early access testing on April 28th. Check out its unique gameplay in this trailer.
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Scheduling difficulties abound for ocean freight
There is little sign that global port congestion is easing in the early months of 2022, with build-ups of empty containers and the deployment of smaller vessels making it difficult for ports and carriers to clear backlogs.
“Disruption in the supply chain is likely to persist through this year, particularly for air freight and sea freight, be it uplift capacity, availability of equipment or reliability of sailing schedules,” said Kelvin Leung, CEO, DHL Global Forwarding Asia Pacific.
Freight rates are also not likely to return to pre-pandemic times immediately when the market eventually normalizes. “We must adapt to the new normal and be hopeful that Covid-19 disruptions will see some improvements in the second half of the year,” added Leung.
Increased transit times
Vessel delays remain a significant problem on both the Asia–North Europe and Asia–US trades. Neither saw any improvement in port congestion between November and February, according to the latest research from Alphaliner, as detailed in DHL’s March Ocean Freight Market Update.
The Los Angeles/Long Beach infrastructure continues to be heavily congested and is struggling to clear cargo backlogs, notes the Update. This is despite an overall decline in the number of ships waiting for a berth, dropping from a peak of 109 ships on 9 January to 76 ships on 14 February.
Labor shortages due to Covid-19 reasons have increased in the last months and are impacting terminal operations. Deliveries are still heavily delayed because of a persisting lack of rail cars, a shortage of truckers and a chassis deficit.
Another reason for congestion at U.S. west coast ports is the increased front-haul transit time for ships sailing from the Far East. Transit times to the ports of Los Angeles and Long Beach from Asia rose to an average of 38 days in February, up from 28 days in mid-November.
Vessel delays for ships on a full Far East–North Europe round voyage were unchanged from November, with the 14,000 – 24,000 TEU ships deployed on services still requiring an average of 17 days more than their pro forma schedules to reach Central China for their next westbound trip. “Skipping port calls still appears to be the only way to avoid or limit lengthy delays,” notes the Update. “We expect the situation to persist through 1H 2022 with a possible improvement in 2H 2022.”
Scheduling difficulties due to stormy weather in February have added to port congestion in Europe. The situation in Ukraine is also set to impact productivity in many northern European ports, with Russia-bound cargo suspended until further notice.
More vessels expected to load ports
Another contributing factor to global port congestion is the deployment of more vessels on key routes, according to analyst firm Sea-Intelligence. During the early pandemic period, there was an unusually large decline in the number of deployed vessels as blank sailings rose rapidly.
But after this early phase, the number of deployed vessels first returned to normal levels, and then reached a high point towards the end of peak season 2021. Sea-Intelligence notes that there was a temporary drop for Chinese New Year 2022, followed by a very sharp upwards correction as we get into the current outlook for March/April 2022.
The forecast increase in March/April 2022 could be a key factor in port congestion in the months ahead. The number of vessels scheduled to depart Asia – and subsequently arrive on the North American West Coast – will increase sharply and surpass a 40 percent growth on the pre-pandemic normality. This in itself will add further pressure on port infrastructure.
What is more alarming is that there will be a 60 percent increase in the number of vessels on the Asia-North America East Coast trade lane in the coming months, as carriers try to circumnavigate port congestion on the West Coast. This will severely increase pressure on the port infrastructure on the East Coast.
Ongoing modal shift
The evolving situation in Ukraine is also increasing pressure on freight services and rates between Asia and Europe. Operators are suspending Russia-bound services, causing shippers to be wary about sending shipments between Asia and Europe via both the sea and rail network.
An early March ‘Global Container Shipping’ report by HSBC noted that some of these cargoes could switch from rail to ocean shipping, despite longer transit times. “A 50 percent diversion of rail cargoes would equate to 3.2 percent of the weekly nominal ocean capacity on the Asia-Europe trade route,” said Parash Jain, Head of Shipping & Ports at HSBC.
In Asia, China’s strict Covid-19 policies are also adding to port disruption. “Congestion picked up in the Pearl River Delta, likely due to the Covid-19 related dynamic lockdown in Shenzhen. We expect China’s strict Covid-19 policy might continue to disrupt the fragile supply chains,” noted Jain.
Continued tightness in the supply-demand balance could potentially lift spot freight rates further -- not just on Asia-Europe but globally.
Dominique von Orelli, Global Head, Ocean Freight, DHL Global Forwarding, said: “DHL is closely monitoring the impact of any potential modal shift to ocean on European services. We will continue to ensure customers have adequate capacity available but urge them to book early.”
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AIF’s latest report reveals the growing power of indie music festivals in Britain.
The Association of Independent Festivals (AIF) has published a new report revealing that the UK’s indie music festival scene has contributed over £1 billion ($1.3 billion) to the British economy between 2014 and 2017.
At its Festival Congress, the UK trade association revealed that festivalgoers spent £386 million ($506.5 million) in 2017. Of that amount, people spent £34.7 million ($45.5 million) in the local area of the festival they attended.
Reported by respondents in AIF’s annual survey, the £1 billion figure is based on an audience of 800,000 people across 65 AIF member festivals in 2017. Since 2009, when the UK trade association first tracked average spend, audience spend per person has increased by one-third, from £364.17 ($477.43) in 2009 to £483.14 ($633.40) in 2017.
The three-year figure also shows growth in members’ contribution to the national economy. In 2015, AIF reported local indie festivals contributed £1 billion over a four-year period between 2010 and 2014.
Breaking down average spending, the UK trade association found spending on accommodation has more than doubled since 2009. Nine years ago, the average festivalgoer spent around £24.23 ($31.77). That number rose to £54.59 ($71.57) in 2017. Spending on food and drink also rose 40.5%. Off-site spending – the money festivalgoers spend to prepare for an event – rose from £19.93 ($26.13) in 2009 to £32.61 ($42.76) in 2017.
When asked about the single most important factor influencing ticket purchases, an average 53% said it was the “atmosphere, vibe, character and quality of [the] event.”
Speaking on the results, Paul Reed, AIF’s CEO, said,
“That AIF member festivals have contributed another £1 billion to the UK economy – and at a much faster rate than the last billion – shows just how healthy the independent festival market is right now and how quickly it is growing. Not only are these independent festivals providing music fans with fantastic experiences, they are thriving businesses that the country can be proud of, and they are helping support the many other businesses around their sites that festival-goers make use of every year.”
You can view the full report here.
Featured image by Luke Addison (CC by 2.0).


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Mickey D's McMakeover
The heavy plastic look is history. A clean, simple design is on the way in...
A comfortable armchair. Cool hanging lights. Funky graphics and photos on the walls. Wi-Fi access. Premium coffee. Isn't Starbucks great? Except...this is McDonald's. McDonald's? That's right. After 30 years without a major design overhaul, the 51-year-old fast-food giant is adopting a hip new look. The world's largest hamburger chain is redesigning its 30,000 eateries around the globe in a 21st century makeover of unprecedented scale.
The redesign is risky and has many franchisees up in arms over the high costs of a makeover. But company officials believe the overhaul is needed. McDonald's, whose restaurants are visited by more than 40 million people every day, has moved aggressively over the past three years to revamp its menu and attract a new breed of customer. It has added healthier items like premium salads targeted at women, and apple slices and skim milk for children. But as more upscale items like Asian chicken salad show up on its menu, the chain's typical starkly lit, plastic-heavy look is at odds with the contemporary, welcoming image the company wants to present. "McDonald's promises to be a 'forever young' brand," says John Miologos, vice-president of worldwide architecture, design, and construction at McDonald's Corp. "We have to deliver on that promise." The last major change at McDonald's restaurants was the introduction of play places for children in the early 1980s.
What will the new McDonald's look like? "Think iPod: clean lines, simplicity," says Miologos. The signature mansard roof? History. "The big red roof looks too dated today," says John Bricker, creative director at design firm Gensler's brand-strategy arm, Studio 585. It's being replaced by a flat roof topped by a newly designed, contemporary, golden sloping curve. Ronald McDonald appears safe: The mascot was given a leaner, sportier look just last year. And the iconic twin golden arches will still play a big role in the branding.
After conducting a global contest among design firms, the burger giant chose New York-based Lippincott Mercer in the summer of 2004. Peter Dixon, the design firm's creative director, spent 2005 with McDonald's internal architecture and design team testing and prototyping the new look, which is being officially rolled out this year. Lippincott Mercer, which until it signed McDonald's had few clients in the restaurant business, has made a name for itself working with companies going through a shift in brand identity and image. In 2002, for example, it helped redesign Nissan Motor Co. dealerships to reflect the company's launch of several new upscale cars. Within a year, the redesigned dealerships saw an average of 57% sales growth, vs. 33% overall.
The traditional McDonald's yellow and red colors will remain, but the red will be muted to terra cotta and olive and sage green will be added to the mix. To warm up their look, the restaurants will have less plastic and more brick and wood, with modern hanging lights to produce a softer glow. Contemporary art or framed photographs will hang on the walls. Bob Dixon, a private school fund-raiser in Chicago, says of an Oak Brook (Ill.) restaurant that sports the new design: "It's bright, it's lively, it's clean. It stunned me how beautiful it was."
The dining area will be separated into three sections with distinct personalities. The "linger" zone will offer comfortable armchairs, sofas, and Wi-Fi connections. "The focus is on young adults who want to socialize, hang out, and linger," says Dixon. Brand consultant Robert Passikoff, president of Brand Keys, a brand consulting firm, says that Starbucks has raised the bar: "A level has been set by Starbucks, which offers the experience of relaxed chairs and a clean environment where people feel comfortable hanging out even if it's just over a cup of coffee."
The "grab and go" zone will feature tall counters with bar stools for customers who eat alone; plasma TVs will offer them news and weather reports. And in the "flexible" zone, families will have booths featuring fabric cushions with colorful patterns and flexible seating. The new design allows different music to be targeted to each zone.
McDonald's won't confirm the cost of a redesign. Richard Adams, a former franchisee and consultant to current owners, estimates they will have to pay $300,000 to $400,000 to renovate an existing outlet -- an amount roughly equal to a restaurant's annual profit. Tearing down a store and rebuilding from scratch could cost $1 million, Adams says. The franchisees will have to pay for the renovations themselves, which has some of them seething. "Many franchisees are dead set against this change, especially because they already spent millions remodeling their restaurants in the past four years," says Adams. In 2002, when McDonald's introduced premium salads, it did ask a number of franchisees to spruce up their dining rooms, but it wasn't a major redesign project. McDonald's says it worked collaboratively with franchisees to jointly develop a strategy for the current "re-imaging" of its restaurants.
In a recent letter to management at the company's headquarters in Oak Brook, about 160 franchisees from North Carolina spelled out why they oppose the new plan. They say the roof change erases 40 years of brand building and that "there has been no business case presented which justifies the change." Says Frederick Huebner, who owns 11 McDonald's in North Carolina: "We don't want to lose the iconic look of what we've got." If franchisees balk, McDonald's can refuse to renew their contract.
Right now, only 20 recently opened restaurants in the U.S. sport the makeover in its entirety. Another 20, primarily in Tulsa and Columbus, Ohio, have been completely remodeled. All brand-new restaurants will have to hew to the redesign blueprints, and by the end of 2006, more than half of the 13,720 U.S. restaurants will feature some element of the design. Says Gensler's Bricker: "It's something that McDonald's has to do if it wants to be part of the 21st century."
i dig the outside but the inside looks like a watered-down starbucks location. ick.
retro plastic decor to go with my retro plastic food please!!!


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Domain registrar and web services company, GoDaddy (NYSE:GDDY) will be reporting earnings tomorrow afternoon. Here's what to expect.
Last quarter GoDaddy reported revenues of $1.01 billion, up 9.04% year on year, missing analyst expectations by 0.1%. It was a weak quarter for the company, with revenue guidance for both the next quarter and the full year missing analysts' expectations.
Is GoDaddy buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting GoDaddy's revenue to grow 7.48% year on year to $1.03 billion, slowing down from the 14.1% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.79 per share.
The analysts covering the company have been growing increasingly bearish about the business heading into the earnings, with revenue estimates seeing two downward revisions over the last thirty days.. The company only missed Wall St's revenue estimates once over the last two years, and has on average exceeded top line expectations by 1.62%.
Looking at GoDaddy's peers in the sales and marketing software segment, some of them have already reported Q3 earnings results, giving us a hint of what we can expect. Shopify delivered top-line growth of 21.5% year on year, beating analyst estimates by 2.27% and Zendesk reported revenues up 20.1% year on year, missing analyst estimates by 2%. Shopify traded up 7.17% on the results, and Zendesk was flat on the results. Read our full analysis of Shopify's results here and Zendesk's results here.
There has been positive sentiment among investors in the software segment, with the stocks up on average 2.98% over the last month. GoDaddy is up 11.5% during the same time, and is heading into the earnings with analyst price target of $97.90, compared to share price of $78.64.
One way to find opportunities in the market is to watch for generational shifts in the economy. Almost every company is slowly finding itself becoming a technology company and facing cybersecurity risks and as a result, the demand for cloud-native cybersecurity is skyrocketing. This company is leading a massive technological shift in the industry and with revenue growth of 70% year on year and best-in-class SaaS metrics it should definitely be on your radar.
The author has no position in any of the stocks mentioned.


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A major fire broke out in a factory in the Maharashtra Industrial Development Corporation (MIDC) at Ambernath in Maharashtra's Thane district on Thursday morning.
The incident took place around 5:45 am at RK biscuit company in MIDC area of Ambernath. Eight fire engines from Ambernath and neighbouring Badlapur town were rushed to the spot, and firefighting operations are underway. No casualties have been reported so far in the incident and the cause of the fire is yet to be ascertained.
On Tuesday, a factory manufacturing plastic goods near Asangaon in Maharashtra's Thane district was gutted in a fire.
The blaze erupted around 7.40 am in the unit located at Vehloli in Shahapur on the Mumbai-Nashik highway where household plastic goods were manufactured. More than a dozen fire engines were to the spot to contain the fire.
(With inputs from Priyanka Dhomse)


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November 13, 2023
PHNOM PENH – Cambodia and the Philippines are exploring the possibility of establishing direct flight connections to bolster tourism between potential destinations in both countries. This move comes as the sector in each nation struggles in the aftermath of the Covid-19 pandemic.
Minister of Foreign Affairs and International Cooperation Sok Chenda Sophea met with Philippine ambassador Maria Amelita C. Aquino on October 5 to discuss economic diplomacy. They pledged to strengthen collaboration in trade, investment, agriculture, defence and fostering people-to-people ties.
Both parties emphasised the urgency of organising the fourth Joint Commission for Bilateral Cooperation between Cambodia and the Philippines at the earliest suitable opportunity.
Sophea expressed gratitude towards the Philippines for their continued import of milled rice from the country.
Last May, the Kingdom hosted a tourism promotion event in Manila, as part of the “Visit Cambodia 2023” initiative. The campaign highlighted the country as a warm, safe, clean and green tourist destination.
The event sought to enhance Cambodia’s tourism potential, fortify relations between the two countries’ private sectors and boost the sale of Cambodian tour packages in the Philippine market. It also promoted the Visa On Arrival scheme for foreign travellers entering the country via various modes of transport.
The initiative was well-received by Philippine travel agencies and subsequently, Philippine Airlines agreed to promote direct flights to Cambodia in the near future.
The Ministry of Tourism and the private sector are currently deliberating over the challenges faced by the tourism industry, seeking innovative solutions to attract international visitors to the country.


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Marvel and Vancouver-based entertainment company Kabam have announced Marvel Realm of Champions, a new role-playing game for Android and iOS.
The game was announced at New York Comic-Con in celebration of five years of Marvel Contest of Champions, the last Marvel mobile game from Kabam.
Realm of Champions takes place on the planet of Battleworld and features an original story inspired by the 1980s major Marvel Comics crossover Secret Wars.
Notably, Battleworld has been divided into several Game of Thrones-like houses, including House of Iron (Iron Man), Spider-Guild (Spider-Man), Patriot Garrison (Captain America) and Pyramid X (X-Men).
Players will have to align themselves to a house and create a custom character to fight with. Based on the reveal trailer, it looks like players can choose from both male and female outfits that are inspired by Black Panther, Iron Man, Hulk, Spider-Gwen and more.
From there, battles will be fought in real-time across Player vs. Environment or Player vs. Player battles modes in venues such as Stark Technologies-built cities or Asgardian environments.
More information on the game will be revealed at Marvel Games’ New York Comic-Con panel on Friday, October 4th.


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A four-week layoff at a Hawkesbury manufacturing plant has been extended for another two weeks.
The layoff of approximately 50 production employees at Montebello Packaging began at the beginning of March and according to a spokesperson for company President Jean-François Leclerc, it will now continue until April 12.
The spokesperson said Leclerc would not be offering any further comments on the layoffs.
The Hawkesbury plant manufactures aluminum tube packaging for the food, pharmaceutical, and cosmetic industry.
The layoffs were originally announced due to a slump in orders for packaging.
Montebello’s head office is also located at the Hawkesbury plant and employees there are not affected by the layoffs.
The affected employees were eligible for Employment Insurance during the layoff period.


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Auctane Announces Newly Expanded Direct Agreement with the United States Postal Service
Auctane, the leader in shipping and fulfillment software solutions that operates trusted brands such as ShipStation, Stamps.com, ShippingEasy, ShipEngine, ShipWorks, Metapack, and Endicia, today announced a newly expanded enterprise-wide agreement with the United States Postal Service (USPS). Through the updated agreement, which encompasses Auctane's entire family of brands, the company will continue to deliver the lowest rates in the industry and further expand its savings and benefits to its customers.
"This direct agreement between Auctane and the United States Postal Service will deliver tremendous value for our shared customers across the United States," said Nathan Jones, CEO of Auctane. "For more than two decades, Auctane has proudly featured USPS in our high quality and innovative solutions for our customers. With this newly expanded USPS relationship, Auctane's entire family of brands will continue to deliver the best shipping rates in the industry and will further improve the merchant experience for mllions of users."
With this agreement, Auctane continues to be one of the largest ecommerce partners to the USPS. In 2021 alone, businesses powered by Auctane generated over $200B in sales in the U.S. economy, and over 90% of all U.S. households received an Auctane-enabled delivery.
Under the newly expanded agreement, Auctane will ensure broad availability of highly competitive USPS Connect™ eCommerce rates to merchants and shippers throughout the ecommerce industry. This will provide over a million small business customers with the lowest postal rates in the industry when they use industry-leading Auctane products such as ShipStation, Stamps.com, ShippingEasy, ShipEngine, ShipWorks, Metapack, and Endicia to automate shipping workflows, purchase labels, track shipments, and manage delivery experiences.
The newly expanded agreement is effective immediately, and updated rates and benefits are now available across all Auctane platforms.
Navigating the complex landscape of global shipping and logistics presents new challenges for startups and fast-growing brands every day. At Auctane, we serve and champion these businesses in everything we do. We are a team of shipping and software experts with a passion for helping merchants move their ideas, dreams, and innovations around the globe. Our software solutions power billions of shipments every year and enable businesses to manage complex logistic channels with ease, optimizing their time, energy, and resources. Auctane brands include ShipStation, Stamps.com, Packlink, ShippingEasy, ShipWorks, ShipEngine, Endicia, Shipsi, GlobalPost, and Metapack, with offices located globally in El Segundo, Austin, London, Madrid, Sunnyvale, Zielona Gora, and Atlanta. For more information, please visit https://auctane.com/.
Special Presentation TBA
Decoding Enterprise AI: Choosing Between Private LLMs and Public Generative AI Services
MSP Expo #TECHSUPERSHOW Booth Crawl


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“We recognize the power of the leadership position that DoubleClick has developed,” Rohan said. “The company is setting industry standards and expanding the market for online advertising and marketing services.”
“We believe the company is creating a virtuous cycle in online advertising services, whereby the company can maximize its average revenue per customer by offering a comprehensive array of services. Furthermore, DoubleClick stands to benefit from the 4Q99 brand promotion of Alta Vista, the company’s largest client.”
Rohan said he anticipates that DoubleClick will generate $1.1 billion in revenues in 2001 and diluted earnings per share of $0.44.
Rohan’s financial projections include the company’s recent acquisitions of Abacus Direct and NetGravity. Wit Capital Group Inc. was founded in 1996 as the first online investment banking firm.
A lot of cool stuff is happening with email today. As an email marketer doing your job day in and day out, ... read more
Despite the fact that it faces growing competition from Facebook, Instagram and Snapchat, Google-owned YouTube is still one of the most popular ... read more


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January 6, 2017
January 6, 2017
January 5, 2017
Northbrook, IL — RecipeLion’s Executive Producer, Addie Gundry, will be competing on the upcoming season of Food Network Star, premiering on
Northbrook, IL — This year marked the 5th anniversary of the annual Prime Publishing LLC Networking Event at the Craft and Hobby Association’
Northbrook, IL - Prime Publishing LLC is excited to announce that they have partnered with Ebner Media Group, Germany, to create a new website, T
Prime Publishing LLC is a leader in building multi-platform brands that inform, inspire, and engage highly coveted consumer audiences. Meeting at the intersection of information and engagement, the Prime Publishing brands—all powered by innovation—span digital websites, e-mail newsletters, social media, licensing, e-commerce, business information, and marketing services. Our diverse group of cooking and crafting properties allows Prime Publishing to strategically cross-pollinate and create unique business models that help drive its aggressive growth.
Our proprietary technology aims to enhance creativity, information sharing, and collaboration. Our niche, web-based communities and related services, such as video, blogs, social media, content creation, and e-mail newsletters, help provide connections to our consumers.
The Prime Publishing editorial team aggregates and creates extensive information for women and families. With a flexible, scalable, and proprietary content management platform, Prime Publishing offers consumers the ability to share information through online communities, enjoy their passions, and make informed purchasing decisions.
Our team of trusted experts keeps visitors up to the minute with information on the latest ideas, developments, and trends. Our sites were designed with real people in mind. We have easy-to-use interactive tools, clear visuals, step-by-step instructions, and money-saving suggestions. It makes everyone’s life easier and more enjoyable.
– Cooking and crafting websites, communities, and content newsletters reaching an active demographic audience.
– There are over 72 million page views monthly by consumers, consisting of projects, recipes, and content articles.
– More than 7.6 million readers subscribe to our daily content eNewsletters.
– Over 600,000 incoming links from websites, media outlets, and social media.
– Over 2.4 million followers/subscribers on Facebook, Pinterest, Twitter, YouTube and Google+.
– In-house video studio, craft studio, test kitchens and 45+ full-time editors in Northbrook show our commitment to creating quality content.
E-mail is about 1:1 people-based marketing. People subscribe to, open, and read emails. And because email is people based, brands can tie tremendous amounts of data, including transactional behavioral data points, to an individual profile that can be used for segmentation and targeting on a real 1:1 basis. Just look at the scale and reach of major retailers in the US who are shifting from Sunday inserts to 1:1 e-mail mailings. Targeting active consumers provides an ROI that is unmatched by any other marketing channel in existence.
Consumers still prefer e-mail as a primary method of communications, according to a new study by Habeas. “E-mail is still vital, and it will continue to be,” said Des Cahill, CEO of Habeas Inc., of the fact that 67% of respondents prefer e-mail as a communications channel compared with other online vehicles and 65% believe this will continue in the next five years.
There is a growing sophistication of Internet users, who are spending less time at portals and directly seeking specialized content at more focused sites. The consumer market is clearly fragmenting.
Not too long ago CBS, NBC and ABC networks controlled over 90% of all broadcast dollars due to their mass consumer reach. As cable television gave consumers choice, networks share of broadcast dollars declined. Today, this number continues to fall and network television gets less than 50% of broadcast advertising dollars. As well, television has lost broadcast dollars to other media, primarily the Internet.
Learn about Prime Publishing - from websites to digital magazines to e-mail newsletters and more.


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Take-Two Interactive (TTWO 0.14%) shareholders leveled up against the market this week. Their stock gained 7% through 12:30 p.m. ET on Friday compared to a 3% slump in the S&P 500, according to data provided by S&P Global Market Intelligence.
The rally wasn't enough to put the video game developer back into positive territory compared to the market in 2022. Shares are still down 30%, while the S&P is down 18%. But the boost was sparked by positive news on the earnings front.
Take-Two executives announced on Monday that sales rose 11% for the first-quarter selling period that ended in late March, amid robust demand for digital entertainment. A few standout franchises were NBA 2K22, Grand Theft Auto V, and Red Dead Redemption. These brands continued to attract more gamers, who have been happy to sign up for seasonal content additions, executives said in a conference call with Wall Street analysts.
Management is excited about the close of the Zynga acquisition, which will make Take-Two a much bigger industry player. The regular pipeline of content releases in its core franchises is packed, too.
The delay of one or more of those titled could pressure Take-Two's sales in 2022, as they have for rival Activision Blizzard. And the wider digital entertainment industry is likely to see reduced demand for a time following two consecutive years of soaring growth in earlier phases of the pandemic.
But Take-Two is signaling record sales and improving profitability over the next several years, notwithstanding rocky results in the short term. Success around these targets would be the surest way for the video game company to deliver solid returns for its shareholders.


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Once that is complete, the next step is to write a business plan.
But the term has recently worked its way into the general lexicon in many states — due in part to the rising popularity of cannabis-infused goodies but also to some controversy these products have generated.
Edibles now rank as a top-seller at many dispensaries and retail stores. The variety of products on the market is increasing daily, with companies churning out everything from standard brownies to infused sodas, gummy bears, pills and oils.
Edibles makers are also expanding into new states as they try to create national brands, signaling immense opportunity in the market. As the popularity of edibles has skyrocketed, however, manufacturers have had to adapt to ever-tightening regulations, evolving markets and constant barrages from cannabis opponents worried about child safety.
Many dispensaries report that edibles account for at least a quarter of their overall sales, though that percentage can be much higher. A handful of dispensaries and shops have even made edibles the centerpiece of their businesses, focusing more on infused products than traditional raw cannabis.
Colorado currently ranks as one of the biggest edibles markets in the country both in its medical and recreational markets alongside California. Some MMJ states coming online in are also expected to have a robust edibles market.
Nevada, for instance, could see a surge in demand for edibles, as it will allow registered patients from other states to buy cannabis and related products when dispensaries open this year.
Illinois is expected to be a hot market for edibles products, too. Some of the biggest opportunities in the edibles market going forward will be in Minnesota and New York. Both states legalized medical marijuana in but will bar sales of raw cannabis. That will open the door for a robust edibles industry.
On the recreational cannabis side of the equation, edibles are gaining traction in Washington State after initial licensing and regulatory issues delayed their arrival on the market.
Additionally, the new rec markets of Alaska and Oregon are ripe for edibles companies, though it will all depend on how final regulations turn out.
Business Hurdles Challenges for edibles makers differ from state to state, largely depending on the scope of regulations.
In some states like California there are no statewide regulations, so the edibles market is a free-for-all. In others, regulations are very strict, covering everything from testing, advertising and packaging to what types of companies can actually make edibles.
This is especially true in states that have legalized medical marijuana more recently, such as Connecticut and Massachusetts. These regulations can drive up costs and introduce logistical issues, which cut into profit margins.
On the other hand, strict regulations can help stabilize the market, ensuring that companies are all operating on the same playing field and producing safe and consistent products.
This helps improve the image of edibles among the general public and strengthens business conditions. Some markets have unique hurdles.
In Washington State — where rec sales began in July — edibles companies initially found it difficult to secure a reliable supply of cannabis trim to use in their recipes. That in turn drove up prices of available edibles to the point where many recreational shops decided not to stock them.
The governor approved a measure to allow dispensaries to sell them — but only to minors with certain conditions. Edibles companies also face political battles and perception issues in some markets. In Colorado, for instance, the Denver Police Department warned parents this past Halloween to be on the lookout for marijuana edibles masquerading as regular candy.
No incidents were reported, but the warning cast edibles in a negative light. Colorado and other states are also taking a much closer look at edibles, so the possibility of regulatory fluctuations is high. Trends to Watch Looking forward, keep an eye on these emerging trends: Lower Potency Products As recreational marijuana began to stand on its own two feet inmany edibles manufacturers realized that highly potent products popular with heavy users are just too much for the newbies flooding the market.
Stories surfaced of tourists ingesting too much and having horrible reactions, increasing scrutiny of the industry.Cannabis Marijuana Edibles Company Business Plan Template 2. Cannabis Edibles is big business and continues to grow as more and more states are legalizing recreational and medical use of marijuana MORE INFORMATION AND PRODUCT REVIEWS AT: Cannabis Marijuana Edibles Business Plan.
This business plan reflects a desire to mine the wider legalization of recreational marijuana for the launch and growth of a cannabis-based business. The goal is to participate in and profit from activities in the various sectors of the industry—biotechnology, cultivation and retail and consulting services.
Cannabis Marijuana Edibles Company Business Plan Template 2. Cannabis Edibles is big business and continues to grow as more and more states are legalizing recreational and medical use of marijuana MORE INFORMATION AND PRODUCT REVIEWS AT: Cannabis Marijuana Edibles Business Plan.
The Cannabis Marijuana Edibles Business plan template provides a quick and easy way to create a full business plan for starting a company in the industry. When entering the Cannabis Marijuana Edibles Industry, having an excellent business plan can be key on realizing goals and success.
Hempgard University will teach you how to start a medical marijuana dispensary, as well as three other types of medical marijuana businesses through their online e-course -- a medical marijuana dispensary, an edibles business, a delivery service, and a commercial grow collective. Medical cannabis, or medical marijuana, tinctures, dermal patches, oral or dermal sprays, cannabis edibles, and vaporizing or smoking dried buds.
Synthetic cannabinoids, such as dronabinol and nabilone, including effects on the ability to plan, organize, solve problems, make decisions, and control impulses.


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"SMRP BV has completed acquisition of Reydel Automotive Holdings BV and Reydel Automotive Management BV on August 2, 2018, at Amsterdam upon receipt of all acquisition related approvals," Motherson Sumi Systems said in a regulatory filing.
Reydels interiors product portfolio includes instrument panels, door panels, console modules, decorative parts and cockpit modules.
The company's global presence spans 20 plants and 16 countries, and is supported by a workforce of around 5,500 associates.
Reydel's revenue for the year ended December 31, 2017, stood at USD 1,050 million.
Shares of MSSL were trading 1.10 per cent up at Rs 307.60 apiece on the BSE.
With a Rs 2,000-crore investment plan in tow, Hyundai landed in Gurugram with great fanfare, setting foot into the millennium city, which is known as much for its corporate buzz and urban culture as also for the Korean company’s archrival Maruti Suzuki, the company that set foot in the
Consequently Suman Mishra , sr VP ,Business transformation , Insight and Analytics , automotive sector will take over as chief executive of MEML and chief executive designate of Last Mile Mobility business with effect from August 14.


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Grand Theft Auto 5’s midnight launch was certainly an exciting affair for gamers residing here in the states. It also garnered a huge crowd of hungry fans at video game retailers in the UK.
Sadly though, one GTA 5 fan was met with an unwarranted assault just moments after he purchased a copy of the game. A 23-year-old man was stabbed and robbed by multiple unidentified individuals after leaving an Asda supermarket located in Collindale, London.
The International Business Times posted this description from a police spokesman in the UK:
We were called at 1:20 a.m. to Princes Avenue, Colindale. A 23-year-old man was shopping, then on his way back home he was hit with a brick and stabbed. He was robbed of items he had bought from a nearby Asda supermarket, including a copy of Grand Theft Auto.
Law enforcement officials noted that multiple suspects were involved in the beating. Each of those unknown suspects still remain at large. As for the victim, he remains in stable condition at a hospital in North London.
Stories like this one seem to pop up every year once a major video game is released. Check out the list below for some instances of robberies connected to video games:
– November 2010: Two handgun-wielding men robbed a video game store in Harford County (Baltimore) and made off with more than 100 copies of Call of Duty: Black Ops. Both assailants came armed with semi-automatic guns and came off with four cases full of the game, cash and game consoles.
– November 2011: Two masked men stole a delivery truck in France that contained 6,000 copies of Call of Duty: Modern Warfare 3. The delivery truck was traveling in Créteil, South Paris, but it was forced to stop after hitting a car on the road. While the driver was handling the crash, two masked men used tear gas to put down the truck driver. They proceeded to steal the vehicle.
– October 2012: A customer who just purchased Resident Evil 6 from a GameStop on Seminole Trail (Virginia) was robbed for his copy. Cops reported that two black men came up to the customer as he was getting into his car and threatened him with a gun. The customer was then forced to give up his copy of RE6.


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Launching new business opportunities on digital platforms
Digital platforms are two a penny and every business has one, if you believe the hyperbole surrounding this latest facet of the digital economy. Gartner Group describes them as the mechanism to bring together a clutch of subsidiary platforms, which enable organisations to interact with their customers, things, people, ecosystems and intelligence. In short they are the mother of all platforms and a must for digital success.
Not so easy to accomplish in reality, then, and they go way beyond a website that simply automates processes and makes these accessible by putting them online. Crucially, digital platforms entail collaboration, and the analyst group cites them alongside artificial intelligence and transparently immersive platforms in its briefing Three Megatrends that will Drive Digital Business into the Next Decade.
Digital giants aside, such as Amazon and Google, smaller players and entrepreneurs are recognising the opportunity and jumping on digital platforms fast. Sport:80 is a platform for international sports federations and unites the common interests of the community, explains chief executive Gary Hargraves. “It enables them to access commercial opportunities that wouldn’t otherwise be available, allowing a minority sport, such as fencing, to combine forces and pitch for major sponsors in the adidas league.”
Smaller players are jumping on to digital platforms, embracing the chance to play with the big boys
Some components of a digital platform, such as customer relationship management or CRM systems and IT infrastructure, have been around for a long time, while other technologies, including artificial intelligence, are grabbing mindshare in the boardroom. It’s little wonder that business chiefs have not yet clocked the urgency of acquiring or joining a fully fledged digital platform, says Don Scheibenreif, vice president and distinguished analyst at Gartner Group.
The biggest blocker to operating a digital platform is the mindset and an organisation must first identify its digital ambition, says Mr Scheibenrief. He asks: “Does it want to optimise existing systems to increase efficiency or wish to participate in ecosystems to create new kinds of value?” The next big question is how to actuate it. “CEOs need to work out whether they want to create their own platform or join one,” he adds.
Complicating matters further for those who opt to invest in a digital platform, the decision is often a leap of faith. “When we talk to companies, there is an assumption that they will know the services and returns it will yield in advance,” says Mr Scheibenreif. Often this is not the case, and value flows from the process of knowledge-sharing and the discovery of new ways of doing business.
Skywise, the open aviation digital platform launched by Airbus, is an example of how working together digitally can unearth hidden treasure. The platform was devised to enable Airbus engineers and maintenance crew from airlines to work together to improve fleet operational reliability through predictive maintenance. The parties stumbled upon extra value in the shape of reduced time to complete statutory forms.
Further evidence that being part of a shared digital platform can open up a fresh approach to problem-solving comes care of Amazon, DHL and Audi. For the past two years, Audi owners have been able to request that their Amazon package is delivered by DHL to the boot of their car. A one-off security token allows the courier to pop open the boot, one of the surprising outcomes of companies sharing their capabilities.
Audi Connect Easy Delivery is a neat example of players from disparate sectors joining forces on a shared digital platform, but many current endeavours come from vertical sectors. Germany is spawning several digital platforms in an attempt to capitalise on its lead in Industry 4.0, a connected manufacturing initiative that joins factories, supply chains and the internet of things.
Virtual Fort Knox (VFK) is one such initiative, a secure manufacturing marketplace that was created as part of an open federated platform by the Fraunhofer Institut in partnership with DXC. Johannes Diemer, Industry 4.0 adviser to the German federal government was a protagonist in the prototype and flags up the technology and governance issues that must be addressed to ensure broad participation in platforms.
“We have built an ecosystem secure enough to reassure and attract potential users who are asking questions such as, ”Why should I use the platform Virtual Fort Knox?” and “Is my commercial knowledge and intellectual property sufficiently protected within the framework of co-operation?” A design principle of VFK is the strict separation of data shared for the purpose of collaboration from data that the company wants to keep confidential.
Mr Diemer points out that such questions need to be satisfied not only in a technically sound manner, but also answered by taking into account socio-emotional aspects. “Achieving acceptance calls for a clear value proposition for each participant, a convincing security approach, including the organisational set-up, and finally trust. We call it the triangle of acceptance and trust is an essential third factor, built upon transparency,” he says.
Mindset and governance certainly have a part to play in validating digital platforms, but it’s a big integration job that calls for enabling technologies too. Application programing interfaces (APIs) enable capabilities to be cobbled together in building blocks, rather like LEGO. APIs are driving the Google Venture-backed Currencycloud’s payment platform, giving companies the building blocks to create payment innovations for their clients.
Blockchain is another technology that promises to secure and democratise digital platforms, with its ability to provide an immutable ledger of public record. Its authentication of large-scale small-volume transactions appeals to entrepreneurs and social enterprises, but has not been embraced yet. “Blockchain could verify transactions between ecosystems on a digital platform,” says Mr Scheibenreif.
As with many emerging models in the digital economy, wait and see is a risky posture for large enterprises. While they sit on the fence, smaller players are jumping on to digital platforms, embracing the chance to play with the big boys.


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Masaya Nakamura, the founder of video game company Bandai Namco – which released cult game Pac-Man, has died at the age of 91. Mr Nakamura established Nakamura Manufacturing, which went on to become the Nakamura Amusement Machine Manufacturing Company (Namco) in 1956. He started out installing two electric horses on the roof of a department store in Japan as amusement rides.
Pac-Man was released in 1980. The game was developed by Toru Iwatani and in 2016 was named the highest grossing arcade game of all time by US Garner. Masaya was known as the ‘father’ of Pac-Man due to the game being released by Namco.
Mr Nakamura was an honorary advisor at Bandai Namco until his death last week. In 2007 he was awarded the Order of the Rising Sun, a Japanese government honour, and was inducted into the International Video Game Hall of Fame in 2010.
www.bbc.co.uk/technews (30th January 17)