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August 6, 2019
For several years AT&T employees were bribed to unlock subsidised smartphones so they could then be resold.
The corruption lasted for at least five years from 2012 and has only come to light thanks to court documents being recently unsealed. ZDNet was the first on the scene and it reports that a couple of baddies called Muhammad Fahd and Ghulam Jiwani were charged by the US DoJ with shelling out more that a million bucks in bribes to AT&T employees in order to get them to unlock phones identified by specific IMEI codes.
Apparently this direct approach was soon uncovered by AT&T, which fired those involved, so the defendants then switched to a more indirect approach. They bribed a new lot of AT&T employees to install malware on the network, which they then used to acquire credentials that allowed them to unlock phones directly themselves. Apparently one AT&T employee alone trousered over $400,000 from all this naughtiness.
It’s not clear exactly how the baddies profited from unlocking all these phones but a couple of methods are suggested. One is that they simply ran an unlocking service for other people and another is that they effectively stole the subsidised phones by unlocking them and then bailing on the postpaid contracts that doubled as hire purchase agreements.
It should be noted that there is no suggestion that any of this corruption of AT&T employees involved access to customer data and it certainly seems to have come to a stop now.
As the Editorial Director of Telecoms.com, Scott oversees all editorial activity on the site and also manages the Telecoms.com Intelligence arm, which focuses on analysis and bespoke content.
Scott has been covering the mobile phone and broader technology industries for over ten years. Prior to Telecoms.com Scott was the primary smartphone specialist at industry analyst Strategy Analytics’. Before that Scott was a technology journalist, covering the PC and telecoms sectors from a business perspective.
Follow him @scottbicheno
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BEIJING — President Xi Jinping renewed a pledge Tuesday to open China’s markets further for trade and investment, including its automobile sector, and said he would also work harder to boost imports, in what was seen as a conciliatory speech amid an escalating trade conflict with the United States.
Speaking at an annual economic forum 40 years after China began what is known as the “reform and opening up” of its economy, Xi pledged to begin a new phase of that process. The Trump administration has threatened to impose tariffs on $150 billion in Chinese imports over allegations of unfair trade practices.
But his speech was more a reiteration of existing commitments than any major new initiatives, and experts said it was neither concrete enough in itself, nor far-reaching enough, to defuse the trade dispute with Washington — especially after years of broken promises.
Addressing several concerns raised by the U.S. administration and business community, Xi promised significantly lower import tariffs for vehicles, an easing of restrictions on foreign investment in autos and financial services, and greater protection for intellectual property.
Only a few hours before, President Trump had tweeted about China’s unfair 25 percent tariffs on car imports.Speaking at the Boao Economic Forum on the southern Chinese island of Hainan, Xi pledged to “significantly broaden market access” for foreign companies, including a pledge to ease foreign equity restrictions in the automobile industry “as soon as possible” and “significantly lower import tariffs” for vehicles.
“China does not seek a trade surplus,” Xi said. “We have a genuine desire to increase imports and achieve greater balance of international payments under the current account.”
Jake Parker at the U.S. China Business Council said Xi addressed some key concerns but fell short of offering “paradigm-shifting announcements” on ending the joint venture and licensing requirements that give China leverage to force technology transfer in return for market access.
“Ultimately U.S. industry will be looking for implementation of long-stalled economic reforms,” he said. “Lack of action to date has greatly undermined the optimism of the U.S. business community.”
On Tuesday, Trump thanked Xi on Twitter for his “kind words on tariffs and automobile barriers” and “his enlightenment” on intellectual property and technology transfers. “We will make great progress together!” the president added.China made a similar promise to cut auto tariffs in November when Trump visited Beijing, and again at the World Economic Forum in Davos, Switzerland, in January.
U.S. officials have reacted with skepticism until now, saying it was time for action, not empty promises. Nevertheless, the fact that Xi made the commitment in a keynote speech at an important event, billed as China’s version of Davos, gave the promise more weight.
Alicia Garcia-Herrero, chief Asia Pacific economist at the Natixis investment banking firm in Hong Kong, said Xi’s pledges were insufficient to resolve the trade dispute. And Christopher Balding, an associate professor of business and economics at the HSBC Business School in Shenzhen, said Xi’s speech was largely a “re-rerun of previous speeches and previous commitments.”
“I suspect this is not going to go down as well with our friends in Washington as some people are hoping,” he said. Balding said it would be hard to find a way out of the mounting trade conflict that would not leave either Trump or Xi, “both men with very large egos,” feeling that he had backed down.
China has consistently promised to further open its markets since Xi took office but has largely failed to follow through on those promises. It has also ignored years of entreaties from the U.S. administration and business community to level the playing field for foreign companies and resolve problems through dialogue and negotiation.
While U.S. business leaders in China want to avoid a trade war, there is broad support for the idea that it is time to get tough with Beijing.
Xi has made it clear that his vision for a “socialist market economy” is one where the Communist Party and state remain firmly in control, while protecting and subsidizing key industries. That approach, a fundamental bone of contention with Washington, is not about to change, experts said.

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Keeping distributed families together through technologyMay 7th, 2009 - 6:15 pm ICT by IANS
Hyderabad, May 7 (IANS) Buddibot, a web applications company, has developed a web-based communication tool to keep distributed families connected.
This tool, comprising a mobile webcam, will help elderly people remain in touch with their children studying and working abroad through video and audio streams.
Buddibot Thursday launched the subscription-based communication tool, targeting non-resident Indians (NRIs).
The Buddibot 1.0 software comes with generic reminders, messaging service, playlist manager and memories manager. The software works with WowWee Technologies, Rovio mobile webcam and a Wi-Fi-enabled home explorer that can be controlled remotely from anywhere in the world using a web-enabled device.
The tool helps the younger ones to navigate and keep track of the needs of their parents or other elderly family members from any location, remind them about medicine timings, diet or important occasions and send a message or play a song for them.
“Utilising the Rovio mobile webcam’s omni-directional and built-in camera and microphone that stream video and audio, the Buddibot services will allow for remote companionship, support and entertainment,” said Subbu Machiraju, chief executive and co-founder of Buddibot.
The elderly people, not well-versed with technology, can also benefit from this tool as their children or other young family members can remotely control the mobile cam from their place.
The Rovio mobile webcams are available in India for Rs.14,850 at Reliance Digital and online at www.smartbotsdirect.com. The Buddibot subscription services are available for Rs.1,750 per year.
Subbu said the company, which has a tie-up with Montreal-based WowWee Technologies, was targeting the NRIs, estimated to be around 45 million.
He feels that the product had huge market opportunity as the number of the people of 65 years and above are around 500 million.
Buddibot plans to launch the service in other parts of the country in two-to-three months.
The company also has a presence in the US and Australia.
Tags: audio streams, chief executive, co founder, communication tool, companionship, elderly family members, huge market, hyderabad, indians, market opportunity, mobile cam, mobile webcam, mobile webcams, omni, reminders, rs 1, subscription services, web applications, wi fi, younger ones


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The cult watch brand among aviators is reinforcing its longstanding tiesBREITLING partners the Patrouille Suisse
Created in 1964, the Patrouille Suisse has established itself as one of the finest ambassadors of Swiss excellence worldwide – exactly like Breitling, whose flight path soon crossed that of this elite unit. In 1994, the brand with the winged B celebrated the 30th anniversary of the team by launching a limited edition of the legendary Navitimer pilot’s chronograph.
In 2014, it saluted half a century of airborne exploits by introducing a Chronomat 44 GMT limited edition. For more than 20 years, the pilots of the Patrouille Suisse have been testing Breitling chronographs on a daily basis, which currently means exclusive personalized versions of the Emergency, the first wristwatch with a built-in dual frequency personal locator beacon.
Breitling has now taken a new step by becoming the official partner and official watch of the Patrouille Suisse. As in the past, pilots will continue taking part in events organized by the brand, such as the recent inauguration of Breitling’s Geneva boutique. This cooperation will also lead to the launch of an exclusive model dedicated to the team.
Through this even closer association with the Patrouille Suisse, Breitling is strengthening its longstanding official ties with the world’s most prestigious flight teams, such as the Frecce Tricolori (Italy), the Red Arrows (United Kingdom), the Patrulla Aguila (Spain) and the Thunderbirds (United States). An array of elite units that pay Breitling the honor of testing its instruments on a daily basis, and for which the brand has created a number of versions flying their respective colors.


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Riverfest reports theft of thousands in food court revenue
06/13/2014 11:26 AM
08/08/2014 10:24 AM
Somebody stole Riverfest’s lunch money.
The theft of several thousand dollars in revenue from food court ticket sales was reported Thursday, Capt. Doug Nolte said. Two deposit bags were stolen sometime between May 30 and June 4.
Nolte said the loss was less than $5,000 and that it was discovered after the festival ended.
“We don’t have any suspect information to offer,” Nolte said. “We don’t have a lot of information.”
The theft was reported from 250 W. Douglas.
“Out of respect for the ongoing investigation, we will not discuss details,” Teri Mott, a spokeswoman for Wichita Festivals Inc., said in a statement. “We can clarify that the amount involved is not material to overall festival results.”
Final results aren’t in yet for this year’s attendance numbers, but the early indicators look good, festival officials said after the event ended last weekend.
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Massa Labs has designed a new blockchain architecture called Blockclique that can handle high transaction throughputs while maintaining decentralization and security. With Blockclique's transaction sharding in a multithreaded block graph, the system can scale up to 10.000 transactions per second. This capacity is comparable to traditional financial systems. Interested parties can also interact with the live testnet.
Current blockchains cannot handle high transaction throughputs similar to classical financial solutions. For instance, Bitcoin allows for only 5 transactions per second, while Ethereum allows for 15-20 transactions per second. In contrast, the VISA system processed 111 billion transactions in 2017 at an average of 3.500 transactions per second. That highlights the limitations of current blockchains stemming from their design, which makes consensus challenging. The Nakamoto consensus rule rates each chain of the block tree by assigning it a scalar fitness, and produces new blocks by extending the chain of maximum fitness.
Increasing the transaction rate in a naive way by increasing the block frequency or size is not effective. Increasing block frequency or size leads to nodes creating many incompatible blocks, resulting in high fork rates and consensus failures. However, Massa's Blockclique architecture offers a solution to this problem. Massa extended the Nakamoto consensus rule to the case of parallel blocks, enabling a secure and decentralized consensus using Proof-of-Stake.
Overall, Massa's new blockchain architecture can handle thousands of transactions per second, providing a viable alternative to classical financial solutions.


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For the reported period, the company's adjusted EBITDA increased by 0.7 per cent year-on-year to €42.0 million, against €41.7 million in Q3 16-17. Adjusted EBITDA margin was 14.0 per cent, against 14.6 for the same period last year.
Net cash flow from operating activities increased from €44.1 million in Q3 16-17 to €51.1 million in Q3 17-18. With 1,862 stores at the end of October 2017, the total number of stores increased by a net number of 14 stores compared to the end of July 2017.
"Overall, we are very satisfied with the company's performance over the course of this year, and we were able to develop the business very well in the third quarter. We expect this positive trend to continue," said CEO Arnold Mattschull.
In November, the company successfully completed the refinancing of its debt, ahead of the maturity date of the previous bonds. New notes amounting to €510 million have been issued in two tranches and used to repay the previous notes, securing financing for the next six years until 2023. "Given the improved terms on the new notes, we will be saving more than €20 million per year in interest payments," said Mattschull.
With the refinancing in November this year, Takko has successfully accessed the capital markets and secured attractive financing terms supporting its growth trajectory going forward. Takko will continue to explore all strategic financing options available to best shape its future, including potentially accessing public equity markets.
The smart discounter intends to expand its footprint, with more than one hundred new openings planned for the coming business year. Around one-third of these new openings shall be so-called 'Takko Express' stores, a new small-space concept that the company has been testing in some locations since spring and which it will now further roll out. (RR)
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A leading VAT recovery firm has announced plans to grow its business by creating 80 new jobs in Kilkenny.
Taxback International employs 1,200 people globally is recruiting to deal with increased demand from Irish and global clients.
Catherine Quirke, Chief Commercial Officer of Taxback International said: "It’s a truly exciting time for everyone in the company.
"“This announcement is a testament to our continued commitment to Kilkenny and Ireland as a place to do business."
Minister for Trade Pat Breen TD said he was "delighted" to celebrate the announcement at the Kilkenny headquarters.
Recruitment is already underway focusing on areas of sales, marketing and research and development.
The company are looking for people to fill roles from graduate level to senior-level executive positions.well as R&D roles to support their exciting product development roadmap.


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Asia rice: India rates spring to record highs on dwindling supplies, firm demand
Rates of parboiled rice exported from top hub India advanced to record highs this week on limited supplies and steady demand from Asian and African buyers, while prices eased in Vietnam and Thailand.
India’s 5% broken parboiled variety was quoted at record $533-$542 per ton this week, up from last week’s $525-$535.
“Supplies in the market are limited since the government’s paddy buying is leaving little for private players. Additionally, rice milling of the new season crop is currently underway, further reducing the availability of milled rice,” said Nitin Gupta, senior vice president of Olam Agri India.
India’s rice output is expected to drop this fiscal year for the first time in eight years, raising the prospect of New Delhi extending curbs on exports of the grain to control food prices in the lead-up to elections.
Vietnam’s 5% broken rice was offered at $630 per metric ton, down from $653 per ton a week ago.
Traders noted that domestic supplies are accumulating, and that harvest has begun partially in the Mekong Delta, which is expected to peak in March.
“Trading activity is slow as buyers are waiting for prices to fall further in anticipation of stronger supplies from the upcoming winter-spring harvest,” a trader based in Ho Chi Minh City said.
Thailand’s 5% broken rice prices was quoted at $663-$665 per ton, down slightly from $665 last week.
Prices softened due a weakening baht, said a Bangkok-based trader.
However, there was domestic activity and a fresh order for 0.5 million tonnes from Indonesia, which helped buoy prices, he added.
Rice prices in Bangladesh stayed elevated after a sharp rise last week despite good yields and record reserves, prompting Prime Minister Sheikh Hasina to issue orders for immediate action against rice hoarders.https://www.brecorder.com/news/40285681
Published Date: January 25, 2024


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The economy may still be in recovery, but the indicators are good for Fortune magazine: this year's Fortune 500 has the most ad pages of any Fortune issue since 2004. With 193 ads (and a total 356 pages), the magazine's biggest franchise is up 36 year-over-year in ad pages, including 75 advertisers who didn’t appear in last year’s issue.
Jed Hartman, group publisher for news and business at Time Inc., said some of the issue’s biggest ad growth came from the automotive, travel, and fashion categories (auto was up 79 year-over-year, while fashion rose 21 percent).
Major ad buys came from clients like tech company Box, which bought banner strips across 26 pages in the print issue and on Fortune.com, as well as a custom mailing that went out to Fortune 500 CEOs and CMOs. The Hartford, CDW and Nationwide participated in a new series of branded advertorials called “company spotlights” that puts custom company profiles (written by Fortune’s marketing team) next to their regular ads.
Hartman said this year’s Fortune 500 issue will also look different from its predecessors, due to the oversight of Fortune’s new creative director Brandon Kavulla, who joined the magazine from Wired in March.
The issue, which ranks the top U.S. companies by gross revenue (the total for 2012: $820 billion), is being fêted with the second “Fortune 500 Day,” which includes a reveal on CBS This Morning and a special Empire State Building lighting in red, white and blue.


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YouTube has launched an updated version of its YouTube Mobile website (m.youtube.com ) designed for HTML5-capable browsers such as the iPhone's Safari and those on Android-based phones.
Product Round-upWell, the footy’s over and Wimbledon was the usual damp squib for the Brits, but at least the holiday season is here at last, so we can head for sunnier climes and drown our sorrows in cheap Sangria for a few days.
A Finnish blogging portal, Bloggen.fi has lost users' data from October 2009 to June 2010 because of an outage last week.
Infinity says it has a true carbon-neutral data centre at it's Infinity ONE site near Martleshan Heath in Suffolk, UK.
Small and medium sized (SME) companies do not face major anti-competitive barriers when trying to sell goods or services online, the Office of Fair Trading (OFT) has said.
BT and TalkTalk may go to court to try and overturn the Digital Economy Act - passed just before Parliament was dissolved for the election.
The VMware Cisco EMC (VCE) coalition has made its first Vblock sale in Europe.
The US National Security Agency (NSA) is embarking on a secret domestic surveillance project dubbed "Perfect Citizen", intended to monitor and protect important national infrastructure such as power grids and transport systems.
Germany is suing Facebook for obtaining and saving data from people who do not use the social networking site.
iRiver's Story e-book reader - which Reg Hardware rated as the best product of its kind for 2009 - is to reach a bigger audience. WHSmith has chosen it to spearhead its push into the e-book biz.
One in three UK women say they are gamers, according to the 2010 European gaming attitudes survey.
Sony is to bring the 3D panorama mode it recently added to its NEX micro four-thirds style cameras to its compact range.
Sysadmin blogI am supposed to crank out a set of articles about NTFS and Share permissions, but I'm changing the topic: user experience management.
Lucasfilm has issued a cease-and-desist against Wicked Lasers - the manufacturer of the Spyder III Pro Arctic which has created quite a stir among wannabe Jedi worldwide.
A moral panic around childhood sexualisation and the dangers of the internet is closing down important channels of debate and making the internet a more dangerous place for adults and young people alike.
PCs have gotten more expensive over the last quarter, with average selling prices up three per cent to €457.37.
Sony is to revamp its PlayStation 3 TV tuner, the PlayTV, for the 3D era.
BT is encouraging local authorities in rural areas to consider subsidising faster broadband installations, after a village Parish Council in Kent agreed to stump up part of the cost of fibre-to-the-cabinet.
Nokia has formally requested the return of prototype phones from off-message Russian website operator Eldar Murtazin. Nokia says it doesn't want to close down the long-running site Mobile-Review, but ominously says it has asked the Russian authorities for assistance. Which means Eldar could be being getting ready for a swim in this season's least desirable fashion accessory - a concrete bathing suit.
BlogI read a good article from our pal Michael Feldman on Digipede, a ‘pure-play’ grid software company that focuses exclusively on Microsoft and their Windows/.NET products. It prompted some thoughts on my part about grid computing, and how it might play an increasingly large role in the future.
Microsoft scored yet another patent licensing deal yesterday, this time with automotive tech firm DENSO Corp.
UpdatedMobile malware that affects Symbian Series 60 handsets is being used to create a botnet.
Her Majesty's Revenue and Customs is demanding two convicted carousel fraudsters pay back £92m in cash, cars and properties or face an extra ten years in prison.
The Lads from Lagos have been keeping a low profile of late, so we're obliged to Reg reader Matt Summers for sharing this tempting get-rich-quick opportunity with fellow fans of Vulture Central:
HTML5 could take bites out of Apple's dominance of mobile applications today - provided developers target lucrative niches. A poll of over 4,000 punters points to the old regulars of email, IM and social networks as driving increased mobile data usage. 65 per cent of UK consumers and 74 per cent of US consumers polled said email tempted them to use data on a mobile phone. Just 15 per cent and 30 per cent (respectively) cite games.
The last space shuttle external tank rollout will take place later today in New Orleans, as Endeavour's STS-134 mission fuel beast is waved on its way to Florida by "hundreds of handkerchief-waving" Lockheed Martin Space Systems employees.
Hundreds of jobs have reportedly been slashed at Microsoft offices across the globe, but the company is keeping quiet about the staff cuts.
The Information Commissioner's Office has taken action against Barnet and West Sussex councils after the theft of IT containing sensitive data about children.
Online puzzle fiends are struggling to crack a "secret" cryptogram included in the newly-formed US military cyber command's official seal. Most of the confusion arises from an extra hyphen in the Command official mission statement.
Police are to be stripped of the power to stop and search anyone for no reason, the Home Secretary has announced.
ReviewYou can’t deny Motorola’s creativity – a square phone, huh? And if you find an iPhone just too big, the new Flipout is certainly compact - it's 66mm square - and will fit into the tightest pocket. This means the screen isn’t huge, but at 2.8in it’s certainly usable.
In his first outing in the minefield of internet politics, Minister for Culture, Communications and Creative Industries Ed Vaizey stuck firmly to the script.
The fanbois among you who haven't spunked all your wad on sex toys may be interested in flashing the cash on the iPhone 4G Diamond Edition - an absolute snip at £12,995.
Update: This story originally said that hackers had attempted to scam a US Senator. The target was actually an Iowa state senator.
So the clock hasn't struck 13 at St Stephens Church in the village of Ambridge, after all. Old maids will still bicycle to communion in their skirts, and the nation will continue to huddle around its Bakelite crystal sets, to hear some cheerfully delivered but inaccurate tripe about the weather.
A bald statement from Fujitsu Technology Solutions (FTS) says president and CEO Kai Flore is no longer in post. A search for a new President & CEO is already underway and Richard Cristou is keeping the seat warm until the new CEO is found.
UpdatedPCI certification has been withdrawn from two older PIN entry devices from Ingenico following concerns they were vulnerable to manipulation by cybercrooks.
Colt has claimed it can supply factory-built, 500m2 Modular Data Centre internal hall buildings for installation in warehouse-type sheds at a faster speed and lower cost than new-build data centres.
Humax will release its long-awaited Freeview HD DVR later this month.
The Pirate Bay has been compromised by an Argentinean hacker who made off with usernames, email and internet addresses of more than four million people signed up to the BitTorrent tracker site.
Asus has officially taken the lid off its latest Eee PC netbook, the 1005PX.
Climatic Research Unit director Phil Jones was being whisked back to his desk at the University of East Anglia by the University's Russell enquiry yesterday.
Claims that UK department store chain John Lewis today let slip what Apple is preparing for the annual September iPod refresh are bollocks... probably.
SCO has risen from the grave. Again.
As if to dispell all doubt that innovation is alive and well in Redmond, Microsoft has filed a patent application for – wait for it – the "Virtual Page Turn".
Facebook has acquired NextStop, a San Francisco-based startup that let netizens share advice on where to go and what to do.
Android's share of the US smartphone market surged 4 per centage points between February and May, according to research outfit comScore, putting Google on the verge of overtaking Microsoft for the number three spot behind RIM BlackBerry and Apple.
Scroogle has once again returned from the dead, continuing to serve up its privacy-friendly Google search results after another programming tweak from founder Daniel Brandt.
If killing the KIN after just two months was bad for Microsoft, what happened next is far worse – especially for its corporate captains.
Apple has filed a sweeping patent application for a technology suite designed to provide iPhone users with a broad range of real-time product information, special offers, sales opportunities, and related services in stores, restaurants, and other retail establishments.


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The great cash race is on. The employment-generating hub of Australia — small and medium business — is engaged in a desperate chase for money to cover the cost of labour the six weeks from March 30 to mid-May to qualify for JobKeeper.
As I will explain below a low-cost, new money-raising mechanism has emerged which has the potential to help many participants in the cash race.
But first the race needed rule clarification and late on Wednesday, in answer to a question from me, Treasurer Josh Frydenberg virtually fired the starter’s gun by clarifying the rules and keeping a vast number of small enterprises in the JobKeeper game.
Until the Frydenberg declaration there were sentences in the JobKeeper explanation that accountants believed might have excluded those filing BAS statements quarterly from selecting the monthly option.
That meant they would have to raise sufficient funds to fund their full staff from March 31 until June 30 – a virtual impossibly given that, at the same time, the business had to experience a 30 per cent fall in turnover to gain a JobKeeper entitlement.
Frydenberg, via a staff member, made this written declaration to me: “You asked whether the JobKeeper rules require a business to measure the decline in turnover for the same period that they measure their BAS (which for small business it’s a quarterly basis).
“As you point out the rules are very clear. Paragraph 8 (7) (a) of the rules sets out that the turnover test period must be:
(I) a calendar month that ends after 30 March 2020 (i.e. month ending March 31 is fine ) and before 1 October 2020 or;
(ii) a quarter that starts on 1 April 2020 or 1 July 2020.
“Likewise the explanatory statement accompanying the rules makes it clear that either a monthly or quarterly basis can be used.”
At this point, along with many accountants, I disagree that the explanatory statement was clear—double meaning sentences were included. But now it is now very clear and that’s all that matters.
When last night I phoned one medium-sized business person to reveal the Frydenberg declaration he almost broke down in tears because his accountant’s interpretation of the explanatory statement threatened to destroy his business. Many thanks, Treasurer.
The rules for the race for cash are now set—-if your March or April month revenue has fallen by 30 per cent you need to have paid your staff, including those already stood down, from March 30 to mid-May when the JobKeeper money is scheduled to arrive at rate of $1500 a fortnight—backdated to March 30. (You can backdate paying April wages by paying at the end of the month). Those using the month of April must issue a BAS statement by May 7 (not easy) and the JobKeeper money will flow for six months, hopefully starting a week or so later. You can clock in during later months but you will not receive the full six months JobKeeper payments.
The first port of call for businesses that need to borrow the cash will be the banks. They should help but unfortunately some are being tardy when they already have large exposures to struggling enterprises.
If your bank is playing hard ball try others or go to a non bank. Many are being very helpful. The trouble is that the banks and non banks are being deluged by small businesses wanting to fund the six weeks wages bill, which includes recalling stood down staff and higher payments for low-paid staff or casuals.
Unfortunately the total concentration on COVID-19 has delayed the government’s fast payment thrust. A large number of large enterprises want to pay faster but have downgraded the priority just when smaller enterprises most need help.
Many will be forced to pay money sharks interest rates of between 12 and 30 per cent to get the cash.
But I have discovered a service whereby small enterprises can gain quick payment at a discount rate of 0.3 oer cent a month—an annual interest rate of 3.6 per cent. It’s called Earlytrade and it’s a virtual marketplace started by Guy Saxelby and Piers Symons in 2016.
Earlytrade’s clients include 37,000 small enterprises supplying goods and services to operations like Coles, Beston Foods, Asahi, Steinlager, King Island Dairy, XXXX, Veolia, Schweppes, Dairy Farmers and Peroni. Demand has risen six fold in the last month
CEO Guy Saxelby told me: “We’ve not seen transaction volumes spike like this before. Forget toilet paper, everyone wants early payment.”
Earlytrade is not a lending operation but a marketplace. Each day operations like Lion, which cover many of the brands listed above, announce electronically that they have a sum of cash available to immediately pay debts that are owed in, say, 30 days. Registered small enterprise suppliers bid for immediate payment but there is a cap of a monthly discount rate of 0.3 per cent.
The Easytrade market makes the decision as to whether a enterprise is “small”. Large enterprises with cash in the bank are getting only one per cent on their money—if they are lucky. This way they get an effective annual rate of 3.6 per cent. Everyone wins.
Many large companies are looking around for ways to help their small suppliers get through the pandemic. Often small suppliers number thousands but in fact are a small fraction of total turnover.
This is one way large enterprises can help the employment generators in the community and solve the immediate administration complexities.


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COVID-19 couldn’t stop Washington’s cannabis industry from growing in 2020, but state data shows the rate of newcomers to the market lags behind other states.
Washington is one of 17 states to legalize cannabis, both medically and recreationally. Since 2016, all cannabis licensing is regulated and enforced by the Washington State Liquor and Cannabis Board (WSLCB), limiting the number of cannabis licensees in the state.
Every year, the agency votes to lift the cap on grower and dispensary licenses. In 2020, that number fell behind other cannabis markets.
WSLCB records obtained by The Center Square show the agency issued 70 new retail permits statewide, with 41 pending by the end of the year. That bumps the number of dispensaries in Washington to 1,005 or about 6.2 per 100,000 people. It also marks a 33% increase from the 334 dispensaries in 2015 when the WSLCB first began accepting applications.
Washington’s per-capita rate is the second-lowest among the states to legalize cannabis across the board, behind California, which boasts a per capita rate of 1.6 dispensaries per 100,000 people.
Based on data from cannabis industry tracker Verilife, Oregon leads the nation in dispensaries per capita. The state was the first in the nation to decriminalize the possession of cannabis in 1973 and fully legalized it in 2015. It boasts 660 dispensaries statewide. That’s despite the state’s 17% excise tax on retail cannabis sales or the second-highest in the country next to Washington’s, which stands at 37%.
Overtaxation remains a big issue in the cannabis industry, especially in Oregon, where state lawmakers tried to allow local governments to triple cannabis excise taxes. The proposal failed in committee before the state legislature adjourned in June.
In their analysis, Verilife counts 14.1 dispensaries in Colorado for every 100,000 people or the highest per capita rate of the states where cannabis is completely legalized. Colorado and Washington were both the first states to legalize medical cannabis in 2012.
As demand for cannabis surges nationwide this decade, the market continues to be competitive in Washington. The state also saw 190 dispensaries shut down for good statewide, according to WSLCB records. Another two retail establishments are closed temporarily. Under federal prohibition, cannabis entrepreneurs are ineligible for protection under bankruptcy laws, bank loans and other benefits accessible in other industries.
Washington’s cannabis industry continues to make up a significant slice of state revenue. This year, economists estimate it played a part in bringing the state’s balance sheets in the black.
The cannabis industry was invited to participate in Washington’s vaccine rollout through the state’s “joint for jabs” program. It allowed 500 cannabis retailers to set up COVID-19 vaccination clinics with free cannabis joints for patients as an incentive. However, most opted out for lack of space and a lack of interest from health care providers who were unwilling to risk federal funding by partnering with an industry that remains illegal at the federal level.
This article was originally posted on Washington added cannabis dispensaries in 2020, new licensees slow


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Opec oil prices IEA energy crisis – Sean Gallup/Getty Images
Major oil states including Russia and Saudi Arabia have been urged to ramp up production in a bid to bring prices down to “reasonable levels”.
Fatih Birol, head of the International Energy Agency (IEA), called on members of the Opec+ cartel to “make the necessary steps in order to comfort the global oil markets”.
Mr Birol took aim at Russia in particular, saying the country could “easily” increase output to Europe by around 15pc.
The US and other nations – including the UK – this week announced plans to release millions of barrels of oil from strategic reserves after Opec shunned repeated calls to speed up output to help tame prices.
The intervention is aimed at bringing down soaring prices at the pumps that are driving up inflation and eating into household finances.
Mr Birol said: “The rise in oil prices is placing a burden on consumers in these countries and also in several emerging countries. “It also puts additional pressure on inflation in a period where economic recovery remains uneven and still faces a number of risks.”
The move threatens to ignite a row between major consuming and producing nations as the two sides grapple for control of the increasingly turbulent global energy market.
The Wall Street Journal reported on Wednesday that Russia and Saudi Arabia were considering a pause to their planned production increases in retaliation.
The group is due to review its strategy at a meeting in December.
The coordinated move to release more oil reserves has so far failed to tame prices, with crude oil continuing to rise as the plans were deemed less ambitious than expected.
06:22 PMWrapping up
That's all from us for now. Thank you for following and we'll be back again tomorrow! Here are some of our top stories from today:
Germany faces winter of stagnation as Covid surge savages eurozone economy
New Zealand raises interest rates again as Jacinda Ardern battles to tame inflation
Jamie Dimon apologises twice for saying JP Morgan will outlast China’s Communist Party
Boss of French telecoms firm Orange given suspended sentence and €50,000 fine over fraud trial
Firms order food from new kitchens in bid to entice workers back to the office
06:19 PMStory continuesInstagram boss Mosseri to testify in Senate hearing on app's potential harm on young people
Instagram boss Adam Mosseri will testify before Congress in early December over concerns about the social media platform's influence and potential harm on young people.
It's the first time he has agreed to a hearing, which is scheduled for early December as part of an enquiry on protecting children online, the New York Times reported.
Adam Mosseri Instagram – Heathcliff O’Malley
The Senate panel has already questioned Antigone Davis, the global head of safety for parent company Meta, and whistleblower Frances Haugen.
Ms Haugen’s revelations about the tech giant, especially about Facebook, have sparked criticism and investigations from government officials.
06:02 PMBitcoin miner Griid Infrastructure mulls Spac flotation
Bitcoin miner Griid Infrastructure is mulling over a flotation through a merger with a special purpose acquisition company (Spac).
The other party would be Adit EdTech Acquisition Corp., with the pair valued at over $3bn combined, Bloomberg reported.
Griid says it uses low-cost, carbon-free energy for its US-based portfolio of bitcoin mining facilities.
Earlier this week, it secured a $525m facility from crypto-focused financial services group Blockchain.com.
Adit, instead, floated in January with a $276m initial public offering.
This content is not available due to your privacy preferences.Update your settings here to see it.05:39 PMJP Morgan won't give job back to former employee despite tribunal ruling
More from JP Morgan today, although it's not about boss Jamie Dimon.
The US investment bank doesn't want to give an ex-worker his job back despite a ruling imposing the contrary.
Earlier this year, the London employment tribunal ruled in favour of Bradley Jones, a former cash equities trader, who had argued that JP Morgan only fired him to prove a hard stance on a $1bn spoofing scandal.
But his former employer is saying that he doesn't actually want to work there again, and is merely trying to avoid the nearly £90,000 cap on compensation awards in UK employment cases, Bloomberg reported.
It also claims that Jones's jobs no longer exists and there aren't similar roles available.
05:16 PMNasdaq claws back losses
Let's have a look at Wall Street now, where some stocks erased earlier declines thanks to a rebound in the tech sector.
The S&P 500 was little moved while tech-heavy Nasdaq 100 ticked higher after a 1pc fall earlier in the day.
Forestry and heavy plant equipment group Deere and Co was a bright spot, jumping 6pc to $370 after shrugging off global supply chain delays and higher labour costs following a monthlong strike in the US.
The company expects record net income of between $6.5bn and $7bn next year, topping the average estimate of $6.6bn by 17 analysts.
Fourth-quarter profit also came in above analysts’ forecasts, though revenue for the period fell short of expectations for the first time in more than two years.
04:55 PMFTSE 100 keeps outperforming European indices
The FTSE 100 continued outperforming its European peers today, closing 0.2pc higher at 7,286.
Performance was again propped up by strong oil prices, lifting heavyweights BP and Shell.
The top riser was Intertek, up 6pc to 5,474p, after posting a 5.6pc jump in revenues to £2.2bn thanks to its products business, offsetting weaker performance in the trade and resources segment.
Johnson Matthey, instead, underwhelmed investors after warning that dropping its electric battery business will come at a cost of £314m. Shares dipped 2pc to 2,135p.
04:36 PMM&S receives approval to redevelop its historic Marble Arch store
Marks & Spencer has received approval to knock down and redevelop the site of its historic Marble Arch store.
Westminster City Council has greenlighted the plans, which will see it bulldoze the store to replace it with a nine-story site which include a smaller M&S store on its ground floor, alongside office space.
The retailer said that over 90% of the materials from the existing building will be reused and the project is first in a pipeline of redevelopments to generate extra value from its property estate, PA reported.
marks and spencer M&S marble arch – Evening Standard/Hulton Archive/Getty Images04:25 PMHanding over
That's all from me today, thanks for following! Giulia Bottaro will take over from here.
04:08 PMAstraZeneca boss: Europe's jab mistake was 'defining moment'AstraZeneca chief executive Pascal Soriot – Zach Gibson/Bloomberg
European leaders gave the "wrong impression" that the AstraZeneca jab was dangerous by only giving it to younger people more likely to suffer side effects, the drugmaker’s chief executive has said.
Hannah Boland has the details:
Pascal Soriot said a decision by countries including France, Germany, Spain and Belgium to only offer the AstraZeneca jab to younger people early on in their vaccine rollout has proved to be a "defining moment".
He said: "The wrong impression developed in Continental Europe. They didn't use our vaccine for older people initially, unlike the UK, and that may have some consequences even today.
“Younger people have a more active immune system, so they have more reactions like headaches, and for our vaccine you have [these reactions with] the first dose, for mRNA you have them at the second dose.
"Younger people complained and it created the impression that the vaccine was badly tolerated."
It comes a day after Mr Soriot suggested that AstraZeneca’s jab has helped the UK avoid a spike in hospitalisations which is being experienced by some countries in Europe.
03:56 PMSaudi Arabia and Russia mull pause to oil production hikes
In further signs of an escalating row over energy prices, Saudi Arabia and Russia are reportedly considering a move to pause their planned production increases.
The Wall Street Journal reports that the two nations are weighing up the move in response to a coordinated move by a US-led coalition to release millions of barrels of oil from stockpiles.
Other members of the production cartel, including the United Arab Emirates, are said to be unconvinced that a pause is necessary.
Big oil consumers like the US repeatedly called on Opec to accelerate its planned increases to output, but their pleas fell on deaf ears.
03:41 PMUS new home sales rise as prices hit record high
More from the slew of US data now, with figures showing new home sales edged up in October as climbed to record highs.
Purchases of new family homes increased 0.4pc to an annual rate of 745,000, though this was slightly behind forecasts.
Meanwhile, the average price of a new home jumped to a record $407,700 (£306,000).
Much like in the US, sentiment among housebuilders has been buoyed by low mortgage rates and demand for larger properties out of city centres as more people work from home.
However, higher materials costs and labour shortages have slowed the pace of construction and pushed prices out of reach for many prospective buyers.
03:21 PMUS consumer spending keeps rising as inflation heats up
US personal spending rose by more than expected last month as households kept splashing the cash despite another surge in inflation.
The Commerce Department said on Wednesday that consumer spending – which accounts for more than two-thirds of US economic activity – jumped 1.3pc in October after rising 0.3pc the previous month. Spending was partially boosted by higher prices as demand continues to outpace supply.
It came as the Fed's personal consumption expenditures index – which it uses as a key measure of inflation – rose 0.6pc month on month and 5pc from a year earlier, its biggest increase in three decades.
Following a slump in the third quarter, consumers are increasingly parting with their cash, with fears of empty shelves and paying even more scarce goods encouraging many to start their Christmas shopping early.
But economists have warned spending could begin to slow due to a resurgence of Covid cases and more acute shortages.
03:12 PMRed Bull billionaire pockets £570m paydayRed Bull Dietrich Mateschitz – REUTERS/Leonhard Foeger
Austrian billionaire Dietrich Mateschitz will pocket a €680.5m (£571m) dividend after his Red Bull empire continued to grow despite the pandemic.
Sales of the highly-caffeinated drink hit €6.3bn in 2020 – 4pc more than a year earlier – with growth in the US and Europe offsetting revenue declines elsewhere in the world.
The company also saved on marketing costs as some of the sports events it sponsors were cancelled due to the pandemic. This helped push up net profit by almost a third to €1.1bn.
Red Bull is paying out half of its distributable profit plus another half a billion euros to Mr Mateschitz, who owns 49pc of the company, plus Thailand’s Yoovidhya family, which controls the remainder.
Mateschitz gets an additional €165m extra dividend on top of his pro rata amount, while Chalerm Yoovidhya also gets an extra €3.2m, according to its annual report.
02:52 PMBulb seeks administrator with just £8.5m in cash
Collapsed energy supplier Bulb said it's got just £8.5m in cash left as it prepares to enter special administration.
Lawyers for the company said it's insolvent and faces a potential challenge from its largest lender, Sequoia, to which it owes £55m.
"It is unclear whether Sequoia will attempt to disrupt the process", the lawyers said in a court filing.
Regulator Ofgem has asked a court to appoint an administrator to Bulb, which has around 1.7m customers. If approved, the company will be run by administrator Teneo until a potential buyer can be found, or until its customers leave.
02:47 PMDollar jumps to highest level since July 2020
The dollar has leapt to its highest level in more than a year amid higher Treasury yields and a string of new economic data.
The Bloomberg dollar index was up as much as 0.4pc after figures showed jobless claims were at their lowest level in more than five decades, while GDP growth was revised upwards.
This took the currency past its high in September last year and to its best level since July 2020.
02:40 PMJamie Dimon apologises for China Communist Party commentJP Morgan Jamie Dimon China Communist Party – REUTERS/Yuri Gripas/File Photo
Time for a grovelling retreat by JP Morgan boss Jamie Dimon, who says he regrets quipping that the Wall Street bank would outlive China's Communist Party.
During a panel discussion on Tuesday night, the bank boss said: "I made a joke the other day that the Communist Party is celebrating its 100th year – so is JP Morgan. I'd make a bet that we last longer."
In an apologetic statement released this afternoon, Mr Dimon said he regretted the comment and should not have made it. A spokesman said the chief executive had acknowledged he should "never speak lightly or disrespectfully about another country or its leadership".
Read more: Jamie Dimon apologises for saying JP Morgan will outlast China's Communist Party
02:33 PMWall Street dips at the open
US stocks have lost ground at the opening bell as investors digest a slew of economic data and corporate results that paint a mixed picture of the economic recovery.
The S&P 500 opened down 0.3pc, while the Dow Jones fell 0.2pc. The tech-heavy Nasdaq dropped 0.6pc.
Data showed new jobless claims plunged to their lowest level since 1969, while GDP growth was revised higher. But other data showed a decrease in durable goods orders.
Markets were also rattled by some disappointing results, with retailers Gap and Nordstrom dropping 25pc and 20pc respectively after warning of supply chain troubles and rising costs.
Attention will now turn to personal consumption data for October – a key metric watched by the Fed to gauge consumer spending strength.
02:23 PMUS jobless claims fall to 52-year low as GDP revised up
Applications for US unemployment benefits plunged last week to their lowest level since 1969 in a major milestone for the country's labour market recovery.
Claims fell by 71,000 to 199,000 in the week ending Nov 20, according to official data. This was below the 260,000 claims forecast by analysts.
Unemployment claims hit a peak of 6.1m last year but have since declined as the economy reopens and Americans return to work.
It came as separate data revealed a slight upward revision in GDP estimates in the third quarter thanks to stronger than expected personal spending.
Economic growth is now slated at 2.1pc for the three-month period – up from previous forecasts of 2pc – with consumer spending up 1.7pc.
This content is not available due to your privacy preferences.Update your settings here to see it.01:50 PMKwasi Kwarteng dismisses fracking over 'earthquake' threat
Business Secretary Kwasi Kwarteng has dismissed fracking as an option for easing the UK's energy crisis due to issues linked to "earthquakes".
Sammy Wilson, a DUP MP, asked why the Government wasn't prepared to turn to fracking, saying there was "enough gas under the ground in the UK to have us totally supplied for the whole country for 150 years".
Mr Kwarteng replied that ministers had looked at fracking but there were "issues with respect to effects on the Richter Scale, earthquakes, that sort of thing, people objected to that and we imposed a moratorium on it."
The Business Secretary also denied a return to an "oligopoly" in the energy market despite the collapse of 22 suppliers.
He added: "What's happened is there's been a huge mismatch between the wholesale price and the retail price cap, and the retail price cap is there to protect consumers."
01:35 PMSnap to more than double London HQ sizeSnapchat London headquarters – Kirsty O’Connor/PA Wire
The parent company behind messaging app Snapchat has reportedly inked a deal that will more than double its office space in London.
US-listed Snap, which is led by Evan Spiegel, has agreed to take almost 115,000 square feet at a soon-to-be-completed building in Clerkenwell, the Evening Standard reports.
The development, called Bloom, features offices, terraces and a fitness studio. It's leased by CBRE and Compton and is situated next to Farringdon station.
Snap currently has around 400 employees in London, based in two locations in Soho. The new headquarters would allow it to house around 1,500 people.
12:56 PMBiotech firm Genus plunges on China pig troubles
Livestock genetics firm Genus is the biggest faller on the FTSE 250 today, dropping 15pc after it warned on profit for the full year.
The company said volumes had dropped due to volatility in the Chinese pig market – a key driver of its business.
Analysts at Peel Hunt said profit performance in China would remain a "rollercoaster" given unpredictable pricing and volumes.
12:41 PMLandsec 'in talks' to increase Bluewater stakeBluewater shopping centre Landsec – Gareth Fuller/PA Wire
Landsec is said to be in talks to buy Lendlease's 25pc stake in Bluewater shopping centre for around £200m.
Property Week reports that a deal would allow the FTSE 100 group to take majority control of of the Dartford mall, lifting its stake to 55pc.
According to the report, Landsec is also interested in increasing its holding further still, potentially taking full ownership if remaining shareholders were willing to sell.
12:15 PMUS futures dip ahead of data barrage
US futures have dipped as investors brace for a slew of economic data releases that will be pored over for signs of inflationary pressures that could prompt the Fed to lift interest rates.
Futures tracking the three main indices – the S&P 500, Dow Jones and Nasdaq – are all down 0.3pc.
Data on weekly jobless claims, durable goods orders and third-quarter GDP are all expected this afternoon, as are figures on personal consumption in October.
The numbers will give key a indication of the state of the economy as the US heads into the Thanksgiving holiday on Thursday.
12:04 PMCouncil-backed energy supplier races to find new funding
The threat of more energy supplier collapses is looming large, with one local authority-backed company said to be racing to find new funding.
Sky News reports that Together Energy, which is 50pc owner by Warrington Borough Council, has appointed advisers at Alvarez & Marsal to secure a cash injection.
The firm, which supplies more than 170,000 homes, is said to be pitching to prospective investors that it is well-positioned to acquire underperforming rivals once wholesale energy markets begin to stabilise.
It's not clear how big a funding shortfall Together Energy is facing.
More than 20 domestic energy suppliers have collapsed since the start of August amid an ongoing crisis in the sector. Bulb, the UK's seventh-largest supplier, is set to fall into insolvency later today, with the Government intervening to keep it afloat.
11:51 AMDarktrace hails 'tremendous' year despite FTSE relegation risk
Darktrace's chairman has struck a bullish tone over the outlook for his company, despite a recent slide in its share price that puts its status as a blue-chip firm at risk.
In an AGM statement this morning, Gordon Hurst said: "It's been a tremendous year for Darktrace and I am excited about the future for this business – we have a strong team and are uniquely positioned to continue our successful upward trajectory as we lead the way forward in cyber security and enter our next phase of strategic growth."
The cybersecurity firm said its revenue had increased 41pc over the year and described its stock market float as a "pivotal point" in its journey so far.
But Darktrace may find its stint as a blue-chip company is short-lived after seeing its shares slide almost 50pc since Peel Hunt issued a bearish note in late October.
It's now braced for possible removal from the FTSE 100 after only being promoted to the top-flight index last month.
11:34 AMECB must be patient amid bad bout of inflation, says PanettaFabio Panetta ECB inflation – REUTERS/Remo Casilli/File Photo
The European Central Bank (ECB) must not tighten monetary policy too early in response to sharp inflation driven by "purely temporary factors", executive board member Fabio Panetta has said.
The ECB official said withdrawing stimulus too early would risk damaging the eurozone economy and curbing domestic demand.
He said: “The data suggest the current picture is dominated by a bout of ‘bad’ inflation generated outside the euro area, whereas we are far from seeing abnormally large domestic demand.
“Monetary policy should remain patient. A premature tightening would restrain spending before demand has returned to trend.”
It follows a raft of more hawkish comments from other ECB officials warning that surging prices were becoming more structural.
11:24 AMMoney round-up
Time to check in on the Telegraph's Money team and some of their top stories of the day;
NS&I rescinds Premium Bonds prizes over decades-old technicality – Savers have unwittingly broken NS&I rules
‘My adviser’s mistake cost me £11,000, but he’ll be sacked if I complain – what should I do?’ – Moral Money: should our reader make a formal complaint even if it gets his friend fired?
Britons need another £150,000 in pension savings to fund care – Changes to Boris Johnson's care cap means everyone needs to save more
Buy shares in these banks to profit from rising interest rates – Higher interest rates should boost bank profitability
11:10 AMLira claws back some losses after record slump
The Turkish lira has clawed back some of its losses after it crashed 15pc to record lows on Tuesday as President Tayyip Erdogan defended a string of recent rate cuts.
The lira has hit new all-time lows for 11 consecutive sessions and its losses against the dollar this year stand at 40pc, with a 19pc decline since the beginning of last week alone.
On Wednesday morning it edged slightly higher, up 0.8pc on Tuesday's closing price.
President Erdogan has pushed for rate cuts to drive investment and yesterday vowed to win his "economic war of independence". But he's facing growing criticism from economists pleading for a reversal in policy as inflation surges and the value of the lira continues to slump.
10:57 AMHSBC poaches two top bankers from UBSHSBC UBS Asia tech – ISAAC LAWRENCE/AFP via Getty Images
HSBC has poached two senior investment bankers from rival UBS as it looks to expand its presence in Asia's tech sector.
Ajinkya Mukhopadhyay has been named head of technology, media and telecoms for southeast Asia and India at the British lender, according to a memo seen by Bloomberg.
He was previously head of TMT banking for the same region at UBS and has 20 years of sector experience in dealmaking and investing.
HSBC has also appointed Andrew An as a managing director covering TMT in China.
10:50 AMOlaf Scholz secures German coalition deal
Ifo's grim business confidence survey is casting a shadow over what should be a good day for Germany, where a deal has finally been reached to form a new government after months of fraught negotiations.
Olaf Scholz has secured an agreement that will see him success Angela Merkel as Chancellor. It will bring together his centre-Left Social Democrats, the pro-business Free Democrats and the German Greens.
Mrs Merkel is not standing down yet. She will remain as caretaker chancellor until the new government is formally approved in a vote by parliament and Mr Scholz is sworn in.
That is expected to happen in around two weeks' time, in the week beginning December 6.
Full details of the deal will be revealed at a press conference this afternoon.
Read more: End of Merkel era: Olaf Scholz secures coalition deal to form new German government
10:28 AMGoogle employees fight back against vaccine mandate
Hundreds of Google employees have signed a petition against compulsory coronavirus vaccinations for staff returning to the office and some of those working from home.
Matthew Field reports:
Google staff circulated a document laying out their objections to the tech giant’s vaccination policies, which will require its 150,000 employees to upload their vaccination status by December 3.
All Google staff will have to reveal their vaccination status to the company, whether they work from home or in the office, while anyone working on government contracts will have to be vaccinated.
At least 600 staff signed a manifesto within Google, although this represents just a small fraction of its workforce, asking the company to withdraw the policy, CNBC first reported.
The White House has ordered that all companies in the US with more than 100 staff must get their staff vaccinated, or implement a policy of regular Covid-19 testing, by January 4.
10:14 AMWater giant United Utilities cashes in on return to officeUnited Utilities water – Dominic Lipinski/PA Wire
The UK's largest listed water company has seen its revenues rise in the first half as the return to the office helped drive up consumption by businesses.
United Utilities posted a 4.2pc rise in revenues to £932m, as a rise in business consumption offset lower demand from households.
This contributed to a 4.5pc rise in operating profits. However, costs increased sharply as a large portion of the company's debt is linked to inflation.
09:56 AMGas prices hold steady amid Nord Stream 2 tensions
Gas prices have held their ground on Wednesday amid uncertainty around Russia's controversial Nord Stream 2 pipeline to Germany.
Prices had jumped the most in a week on Tuesday after the US imposed sanctions relating to the pipeline. Benchmark Dutch prices rose 0.6pc, while the UK equivalent was up 0.4pc.
Analysts at Alfa Energy told Bloomberg: "New sanctions from the White House on Nord Stream 2 look to have limited physical effect, but compound the political issues the European supply system is facing ahead of an uncertain winter."
09:46 AMJohnson Matthey slumps as it withdraws from battery market
Chemicals firm Johnson Matthey is one of the FTSE 100's biggest fallers this morning, as investors reacted to a downbeat set of results.
The manufacturer posted a pre-tax loss of £9m in the first half and said it will write down its battery materials unit valued at £314m.
It comes after Johnson Matthey announced plans to abandon its push into battery materials – a move that sent shares tumbling.
The firm also said it had sold its glass products division to Fenzi for £178m and was mulling the sale of its health unit. It's now planning to pump £1bn into the nascent hydrogen sector as it bets on rising demand as sector such as steelmaking look to cut emissions.
The revamp failed to impress investors, though, with shares dropping as much as 8.3pc in early trading.
09:36 AMGerman business confidence falls to seven-month low
German business confidence has taken another hit, as the looming threat of lockdown measures adds to the inflationary pressures weighing on manufacturing.
A closely-watched index from the Ifo Institute dropped for the fifth month in a row to 96.5 – its lowest since April. This was down from 97.7 last month and below expectations of 96.7.
German businesses have already been grappling with supply chain disruptions and rising prices that threaten its key manufacturing sector.
Fears of another lockdown now risk hitting demand for services, which have been a key driver of the recovery amid woes for factories.
Ifo President Clemens Fuest said: “Supply bottlenecks and the fourth wave of the coronavirus are challenging German companies. Sentiment in the service sector deteriorated noticeably.”
09:25 AMOrange boss convicted in €400m fraud caseOrange chairman and chief executive Stephane Richard – REUTERS/Albert Gea/File Photo
The head of French telecoms giant Orange has been handed a one-year suspended jail sentence after being convicted of complicity in misuse of public funds.
Stephane Richard was found guilty of helping the late Bernard Tapie cheat the government out of about €400m (£335m) in 2008. A judge also handed him a €50,000 fine after overturning a previous acquittal.
It's not clear what the conviction means for Mr Richard's future at Orange. His tenure as chief executive is due to end in May, and he's said he wants to stay on as chairman while splitting the top roles.
A top finance ministry official previously said the Orange boss must step down if he was convicted.
09:16 AMPound stagnates close to 2021 lows
Sterling is little changed on Wednesday, stagnating close to an 11-month low against a stronger dollar.
The pound is up a marginal 0.01pc at $1.334 – its lowest level since December 2020.
The dollar has gained ground on expectations of an interest rate hike by the Federal Reserve. Meanwhile, investors are focusing on whether the Bank of England will act on rates at its December meeting, as well as the rollout of fresh lockdown measures across Europe.
Against the euro, sterling is down 0.1pc at 84.13p after hitting its highest since February 2020 on Monday.
09:09 AMMulberry enjoys reopening boost despite tourism slumpMulberry sales tourist high street – Matthew Lloyd/Getty Images
Mulberry has enjoyed a boost in sales since shops reopened, though the luxury brand said it’s missing out on foreign tourists’ cash amid continued travel restrictions.
Sales jumped by more than a third to £65.7m in the six months to 25 September. It also swung to a pre-tax profit of £10.2m, compared to a £2.4m loss last year.
Mulberry improved its profit margins after cutting down on discounts, but the absence of tourists from British high streets took their toll.
This was offset in part by improved trading in Asia, with sales leaping 38pc in China amid heavy investment in the region.
But while store sales improved, shoppers turned away from its online business, with digital sales dropping 19pc in the period to £19.1m. By comparison, store sales were up 87pc to £36.m.
09:05 AMChipmaker IQE loses a fifth of value as demand slows
One of the biggest market movers this morning is IQE, the British chipmaker that supplies iPhone parts to Apple.
Shares in the London-listed company crashed as much as 21pc to their lowest level since June 2020 after it issued a profit warning. IQE said it now expects revenues to be down by around 8pc due to weak demand for smartphones and 5G.
Analysts at Peel Hunt said the "disappointment" of revenue forecasts highlights the important of the company's new chief executive. They also warned of continued strain on mobile-related orders until supply chain troubles ease.
08:58 AMBritvic fizzes despite cost pressuresBritvic soft drinks sales lockdown
Soft drink maker Britvic has seen its profits fizz following the easing of lockdown restrictions and offered a bullish outlook despite cost pressures.
The group, which owns brands including Robinsons squash and J2O, posted pre-tax profits of £143m for the year to September 30, up from £111m the previous year.
While sales slumped in the first half of the year, a strong rebound as lockdown lifted meant revenues ended 6.5pc higher at £1.4bn.
Britvic said that while out-of-home sales had not yet recovered to pre-Covid levels, demand had picked up in other areas such as multipack drinks, which it put down to a rise in staycationing over the summer.
The company acknowledged challenges from supply chain disruption and rising costs, but still forecast a rise in revenue, profit and margins in 2022.
Shares ticked up as much as 2pc following the update.
08:51 AMFTSE risers and fallers
The FTSE 100 has extended its gains this morning, pushing 0.5pc higher to its best level in a week.
The third consecutive day of gains is being led by oil majors BP and Shell, which are both up 1pc as the US-led release of strategic oil reserves underwhelmed investors.
Miners also gained ground on higher commodity prices.
The domestically-focused FTSE 250 is up 0.2pc, but asset manager Brewin Dolphin has slid 5.7pc after warning of market volatility ahead.
08:23 AMJP Morgan risks Beijing's ire
Jamie Dimon's eyebrow-raising joke that JP Morgan will outlive the Chinese Communist Party has so far been met by deafening silence in Beijing.
The lender has a lot riding on maintaining good relations with the country, so it's no wonder member of its government relations team and China offices are reported to have had internal discussions over the remarks.
Bloomberg reports that JP Morgan is stressing how Mr Dimon intended to highlight the bank's longevity, rather than criticise the Communist Party. So far, there's been no communication with local government officials.
Beijing has a long track record of punishing companies and individuals for anything perceived as a challenge or slight to its policies.
In 2019, UBS came under pressure to fire its chief economist, Paul Donovan, after he made a comment about a “Chinese pig” in a note about rising consumer prices. He later apologised, saying it was “innocently intended.”
China also broke off relations with Norway for several years after dissident Liu Xiaobo received the Nobel Peace Prize.
08:05 AMLidl to add 4,000 new jobs by 2025Lidl UK store openings – Geoff Pugh
Lidl has unveiled plans to create 4,000 new jobs over the next three years as its rapid expansion on the UK high street continues at pace.
Bosses said they expect the chain to hit its target of 1,000 stores by 2023 and set a new aim of 1,100 sites by 2025.
It came as Lidl’s latest annual accounts showed the German discounter benefited from a sharp sales boost during the pandemic.
Sales jumped 12pc to £7.7bn and pre-tax profits hit £9.8m, compared to a £25.2m loss a year earlier.
Christian Hartnagel, Lidl’s UK chief executive, said:
We delivered an impressive trading performance in the period which was supported by our continued investment in new and existing stores, product innovation and our people.
All of this contributed to growth in our revenue and profits and positions us well for further growth in the years to come.
08:01 AMFTSE 100 rises 0.2pc
The FTSE 100 has opened in positive territory this morning, building on yesterday's gains.
The blue-chip index is up 0.2pc at the open to 7,278 points.
07:56 AMDavid Cameron 'lobbied' Lloyds to keep funding Greensill dealDavid Cameron Lloyds Greensill lobbying – Leon Neal/Getty Images
Lloyds is said to have backtracked on its decision to withdraw support from a Greensill Capital project after David Cameron lobbied a member of the board earlier this year.
The Financial Times reports that Mr Cameron lobbied James Lupton – a director at the bank who was given a peerage by the former Prime Minister in 2015 – in January.
Lloyds had previously indicated it would withdraw its funding from Greensill's supply chain financing of NHS pharmacies.
The lender reconsidered its decision and agreed to continue its involvement, according to the report. Greensill collapsed in March.
A Lloyds spokesman said: "The decision to continue this facility in January 2021 was made on the usual commercial basis and in recognition of the importance of maintaining this facility for the NHS at the height of the pandemic."
The collapse of Greensill has sparked reviews in the the rules around lobbying, with Mr Cameron coming under scrutiny for his actions as a well-paid adviser to the firm.
07:43 AMElon Musk share sale hits half Twitter promiseElon Musk Tesla shares sale – AP Photo/Susan Walsh, File
For anyone keeping tabs on Elon Musk's share sale, the Tesla founder has now passed the halfway mark of the promise he made on Twitter a few weeks back.
After a brief interlude, Mr Musk has resumed selling shares in the electric vehicle maker, offloading a further $1.05bn (£750m) in stock.
This takes the total sell-off to 9.2m shares worth around $9.9bn since the billionaire conducted a Twitter poll asking whether he should sell 10pc of his Tesla stake. A chunk of that money will go to taxes.
To reach to 10pc mark, the world's richest person would need to sell some 17m shares, or about 1.7pc of the company’s outstanding stock.
07:34 AMGap hit by supply woes
We kick off the day with more supply chain troubles – this time for US fashion giant Gap.
The retailer booked hefty charges linked to supply chain constraints, forcing it to slash its forecast for revenue growth to 20pc from 30pc. It also cut its profit outlook.
Like many retailers, Gap has turned to air freight and is diversifying its use of ports in an effort to mitigate the impact of shipping delays.
5 things to start your day
1) Britain joins global challenge to Opec's oil stranglehold Countries commit to releasing 70m barrels in bid to lower prices following steep production cuts by Saudis and Russia
2) Outrage cannot make the web safer, warns Ofcom chief after criticism from Paul Dacre Dame Melanie Dawes lays out plans to tackle tech giants after firebrand Daily Mail editor abandons campaign to chair regulator
3) Firms order food from new kitchens in bid to entice workers back to the office Catering giant Compass sets up remote kitchens in London and Dublin for corporate clients without canteens
4) Daily Mirror publisher builds financial firepower for takeovers Reach doubles loan facilities to £120m as experts predict fresh wave of consolidation of regional titles
5) Which energy provider will go bust next? The collapse of Bulb brings the number of failures to 20, while Scottish Power warns of even higher bills to come
What happened overnight
Asian markets mostly rose Wednesday following a run of weakness but inflation worries and expectations of tighter central bank monetary policy continue to hold traders' focus as crude extended gains despite US moves to boost output.
The Nikkei 225 fell 1.6pc, while Hong Kong's Hang Seng index was up 0.5pc. The Shanghai Composite ticked up 0.1pc.
Coming up today
Corporate: Brewin Dolphin, Britvic, Town Centre Securities, Virgin Money UK (Full-year results); Johnson Matthey, De La Rue, First Property Group, United Utilities (Interims); Breedon Group, Rotork (Trading update)
Economics: GDP, jobless claims, new home sales (US); business climate (Ger)


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As another snowstorm blows through central Pennsylvania, PennDOT is urging residents to “avoid unnecessary travel, if possible.”
Those who do hit the roads will find some familiar restrictions in place.
Those Tier 1 restrictions are in force for all of Interstates 78, 83 and 283 and for I-81 from the Maryland line to I-80.
Banned from those roads are tractors without trailer, with empty of lightly loaded trailers, open trailers and tankers or unloaded or lightly loaded tandem trailers. Box trucks passenger vehicles towing trailers, and RVs and motorhomes aren’t allowed on those highways, either. The ban also extends to motorcycles and to buses without tire chains or other traction devices.


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In a new interview with CoinDesk, US Representative Steve Stockman explores the complex regulatory challenges facing bitcoin today.
This week, a Las Vegas mining convention is set for October and reports say BTC Guild could cease operations.
Timothy Coles, a 35-year gold mining veteran, tells CoinDesk why he is selling his Yukon interests for 3,200 BTC.
The National Assembly of Ecuador has created a new electronic currency, while banning bitcoin and other decentralized alternatives.
Gaming PC specialist Alienware, an independent company owned by Dell, is now officially accepting bitcoin.
A US district court has ordered Tibanne KK to cancel the auction of Bitcoins.com after a protest from CoinLab.
The battle between Israeli forces and Hamas has resulted in the closure of Ben-Gurion International Airport to incoming flights.
The Winklevoss Index, launched by Cameron and Tyler Winklevoss, is now enabling third-party application development.
Proposals on cyber management, information security and disaster management are aimed at stopping similar disasters for customers.
An altcoin presale fetched nearly $400,000, while two coin developers debated the vericoin block chain rollback.


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Railroad officers attending the JP Morgan Transportation conference in New York Wednesday expressed optimism that the slide in railroad traffic has been arrested, but in their presentations expressed deepening concern that re-regulation sentiment is growing in Congress and could slow railroad recovery.
U.S. freight traffic completed the first week of March with an estimated volume of 29.2 billion ton-miles, off 13.9% from the comparable first week of March 2008, the Association of American Railroads reported. U.S. carload freight declined 15.0% for the week ended March 7 compared with the comparable period of one year ago, slipping 11.9% in the West and 19.5% in the East. U.S. intermodal volume declined 12.7% compared with year-ago levels.
U.S. railroads reported that freight volume during the week ended Feb. 14 was once again down in comparison with last year, according to the Association of American Railroads. Carload freight fell 12.2% from the level achieved in the comparable week of 2008, though AAR noted carload volume for the week reached its highest level so far in 2009 and was up 6.2% from the previous week ended February 7.
Genesee & Wyoming Inc. Tuesday said its January traffic was up 12.2% compared with the comparable month of2008. The increase was attributable in large measure to GWI's rail acquisitions made during 2008, including CAGY Industries, Inc., the Georgia Southwestern Railroad, and the Ohio Central Railroad System.
Greenwich, Conn.-based Genesee & Wyoming Inc. Wednesday reported an 81% increase in fourth-quarter profit compared with the comparable quarter in 2007, helped by higher revenue and an income-tax benefit which boosted earnings per share by about 30 cents. Earnings rose to $25.3 million, or 70 cents per share, from $13.9 million, or 39 cents per share, in the same quarter last year. Revenue rose almost 11% to $149.2 million.


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Elementary raises $30M for AI that automates physical product inspections
Hear from CIOs, CTOs, and other C-level and senior execs on data and AI strategies at the Future of Work Summit this January 12, 2022. Learn more
While it might not be the first example that comes to mind when thinking of AI applications, AI systems are increasingly being used in the manufacturing sector. In industrial factories and warehouses, AI has the potential to improve equipment efficiency and production yields as well as uptime and consistency. According to a 2021 survey from The Manufacturer, 65% of leaders in the manufacturing sector are working to pilot AI. Implementation in warehouses alone is expected to hit a 57.2% compound annual growth rate over the next five years.
Many barriers stand in the way of successful AI manufacturing deployments, however. Both hiring and retaining AI technologists remain difficult for businesses, in addition to addressing the technological issues associated with AI systems. For example, in a recent report, 82% of data executives told Precisely that poor data quality was jeopardizing data-driven projects in the enterprise — including AI projects.
In recent years, platforms designed to abstract away the complexity of AI applied to manufacturing have emerged as awareness of the technology grows. One of these is Elementary, which uses AI to enable customers to inspect manufactured goods down to the individual parts and assemblies. The company claims that interest in its solution in particular has climbed at an accelerated pace as labor shortages worsen. As many as 2.1 million manufacturing jobs could go unfilled through 2030, according to a study published by Deloitte and The Manufacturing Institute.
Elementary was founded in 2017 by Arye Barnehama, who previously launched and sold wearable technology company Melon to Daqri, an industrial augmented reality startup. Elementary’s no-code platform and hardware allows customers to create routines and train AI models to inspect products for quality assurance by labeling data through a dashboard.
Elementary describes its product as a “full stack” robotic technology, with everything from motor controls to an API that keeps human inspectors in the loop to trace and train the models over time. The company’s robots can learn to perform monotonous tasks and leverage RGB cameras, depth sensors, and AI to perceive the world, allowing them to learn from processes they observe.
Elementary partners with companies like Rapid Robotics, a startup providing out-of-the-box automation products for manufacturers, to deliver turnkey automation solutions to manufacturers. Barnehama asserts that the combination of Elementary’s and Rapid’s products lets customers achieve greater levels of autonomy without sacrificing quality.
Above: One of Elementary’s robotic inspection products.
“Elementary performs use cases from cosmetic inspections (making sure finished goods are acceptable for the end consumer) to defect detection (making sure no critical issues are present in a product) to foreign material detection (making sure no foreign material or objects are present) to label verification (making sure the right label is on the right product),” Barnehama explained to VentureBeat via email. “[M]anufacturers can use the platform for a global view at their production yields, their most common defects, and full reporting to drive insights and improvements to the production line.”
Growth in automation
Elementary’s success — the company today raised $30 million in a series B funding round led by Tiger Global — reflects the surging demand for AI technologies in physical industries. Barnehama estimates that more than 10% of all open roles in manufacturing are quality- or inspection-related, making it among the hardest kinds of positions to fill.
Among other startups, Landing AI is developing computer vision-based technologies for various types of manufacturing automation. Cogniac and Seebo are other recent entrants in the field, as well as tech giants like Google, which offers a visual inspection product that spots — and aims to correct — defects before products ship.
The no-code nature of Elementary’s platform dovetails with another trend: the growth of tools that allow non-developers to create software through visual dashboards instead of traditional programming. An OutSystems report shows that 41% of organizations were using a low- or no-code tool in 2019/2020, up from 34% in 2018/2019. And if the current trend holds, the market for low- and no-code could climb from between $13.3 billion and $17.7 billion in 2021 to between $58.8 billion and $125.4 billion in 2027.
“During the pandemic, manufacturing and logistics have undergone major labor shortages … As companies look to continue to automate without having to rely on expensive and hard-to-find engineering talent, our business has scaled because we’re able to provide them with no-code AI solutions,” Barnehama said. “Not only do we enable them to automate a task that they cannot find enough labor for — quality assurance — but we make our system easy to use, removing the need for machine vision experts that are even harder to find today.”
Fika Ventures, Fathom Capital, Riot VC, and Toyota Ventures also participated in 50-person Elementary’s series B. It brings the company’s total raised to over $47.5 million.
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